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Why you should self-insure your appliances

tap 791172 640My dishwasher has packed up. It is about six years old and for some reason it won’t even turn on let alone wash stuff. To be honest, I’m not sure I miss it too much – yet. First of all, aren’t dishwashers the needy males of the appliance world? They need salt, rinse aid, dishwasher powder, regular cleaning with a bottle of expensive liquid just to perform one single task. Then you have to stack them, wait ages for the stuff to be cleaned then take all the stuff out again. How much easier is it to fill the sink up with hot water and Fairy Liquid? Quicker too. Then there’s the cost: my little energy monitor speeds up when it’s on. As for all that water...

But then again, a dishwasher does a much better job than I can (as it would, it’s the only thing it’s meant to do). And I have noticed that I’ve avoided any multi-pan cooking since it started working: scouring pans isn’t my idea of fun. So I need to have it repaired. First call is my brother – if he can’t fix it, then I will get an engineer out. A quick Google search finds a local workman who has a call out of £25 which includes 30 minutes work – after that, it’s £15 an hour on top. Of course, it could end up much more expensive than this.

But I bet it is cheaper than having a warranty or appliance insurance. I found home appliance insurance – which is the kind of cover you buy after you’ve bought the appliance rather that at the point of purchase – for my dishwasher for £6.58 a month. Over a year that’s more than £80. If you don’t claim, then that’s lost money. I reckon I am better off self-insuring – that is, putting the amount you would spend on cover in a savings account and withdrawing it if you need to pay for a repair. And if my dishwasher exploded or damaged my house, then I assume my contents insurance would step in (minus an excess). And if the worst comes to the worst, a new dishwasher would cost me around £300: or four years’ worth of appliance insurance premiums. I think I can clean up on this...

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Saturday, 20 April 2019