You arrive home to
find lights flashing and water spurting out of your washing
machine. Could you afford to live without it? Home
appliance insurance protects all of your brown and white goods
against accidental damage and mechanical or electrical breakdown.
Do I need home appliances insurance?
If a new appliance
breaks down within the first 12 months, you benefit from the
manufacturer's guarantee, so you shouldn’t have to pay for any
repairs or replacement. But if a fault occurs after the first year,
your manufacturer’s warranty won’t cover the cost.
Some people choose
not to pay for extended warranties or appliance insurance as policies
can be over-priced. However, to go without can be costly as bills can
mount up if you need to repair a household appliance, especially when
you consider call-out or labour fees and costs for parts.
When looking for a
new home appliance insurance policy, make sure to check the
following:
How many appliances can be covered under a
single policy?
Choosing the correct
level and type of cover is just as important as the price when it
comes to choosing home appliance insurance. You should compare levels
of cover and check the things you’re not insured for. Whatever you
do, don’t make assumptions about what is included, as for some
insurance companies, certain areas of coverage may be optional
extras.
What is the maximum amount covered?
When taking out a
new home appliance insurance policy, it is important to find out the
maximum amount that would be covered in the event of a claim. If your
item was damaged, would the maximum amount cover the cost of repair
or replace?
What is the monthly cost?
You should always
check the monthly cost of your insurance to ensure you can keep up
with payments. If you fail to do this, your cover will become void
and you will end up paying to repair faults.
Some companies offer
discounts for online applications, as well as a reduction if you pay
for your premium annually. You might also want to consider combining
cover for more than one appliance rather than taking out separate
policies.
For example,
dishwasher insurance cover and washing machine insurance may be
expensive if you take it out separately but by combining the two onto
one policy you could hack a chunk off your premium.
What is the limit per claim?
All
policies have set limits for how much you can claim at any one time,
and how many times you can claim over the period of cover. It is
important to check this as you don’t want to risk not being able to
claim within a close period, should you suffer a malfunction again.
For smaller claims,
you might want to think about the impact claiming might have and
whether it’s financially worth going through with it.
What is the customer services like?
A good insurance company provides
immediate advice and assistance, and should handle your claim
smoothly, efficiently and swiftly, providing they have all the
information they need.
From
your point of view as the insured, knowing the best way kick-start a
claim and assist your insurer in the claim process goes a long way to
ensuring the best outcome for you.
As you can see,
there are lots of things to look out for when renewing or buying a
new home appliance insurance policy. For further information, take a
look at our home
appliance insurance page to help choose your policy.
*The information in this blog is designed to provide helpful information on the subjects discussed. Please seek a professional for expert advice as we can not be held responsible for any damages or negative consequences upon following this information.
