Brits spend £750million a year on appliance insurance / warranties – but they are on the whole a total waste of of your money
a study found that five-year extended warranties — sold to cover the cost of repair or replacement should the item break — can come to more than TWO THIRDS the price of an appliance. And some brands only have a one in 33 chance of ever breaking down.
Which compared five-year warranties for washing machines, TVs and fridge-freezers being offered by major UK electrical stores. They also discovered the likelihood of each brand's different products breaking down by quizzing 10,000 members on the reliability of their appliances.
A Bosch washing machine at Comet costs £342 and a five-year warranty £170. Yet only one in eight of the manufacturer's products has packed up within five years.
A Sony Bravia 40in LED TV costs £799 at Currys with a five-year warranty priced at £269. After five years just three per cent of Sony devices will have broken down.
on the whole --- poor value, most extended warranties are.
The Financial Ombudsman Service said it had received 895 complaints about warranties over the last year, with 69 per cent of those being upheld.