4th March 2020
4th March 2020
Which is better for your household, appliance warranty or home appliance insurance? Are they different? Yes, but sometimes it’s not easy to make the distinction.
Broadly speaking, an appliance warranty is offered by the manufacturer of a product. It guarantees that a product is free of defects that would inhibit or stop its efficient operation. This is normally for a finite period, often one year, on a new product.
This may be extended up to five years under the manufacturer’s extended appliance warranty package. This extended appliance warranty differs from the initial appliance warranty or guarantee. The extended appliance warranty provides for repairs to a product that becomes defective, in the extended warranty period, by covering the costs of parts, and sometimes labour and call out charges. Appliance warranty is product specific.
Home appliance insurance offers protection against unforeseen damage or repairs to domestic appliances. Home appliance insurance cover can be for one specific appliance. An example of this is washing machine insurance, which will protect you against repairs to your washing machine in the event of a breakdown. Or, it is possible to cover multiple appliances under domestic appliance insurance policies, commonly found when conducting an internet search under the headings of white goods insurance, electric appliance insurance, or kitchen appliance insurance.
This appliance cover is usually offered for a period of one to five years. The length of the insurance policy cover is dependent on the age of the domestic appliance you are covering. Many insurers offer a range of time scales for your appliance cover. The cost of these will vary, with discounts offered for policies greater than a year.
Remember, if you have an appliance warranty for your domestic appliance because you have purchased from new, or have extended your appliance warranty on an older product, with its manufacturer, you probably won’t need domestic appliance insurance or home appliance cover.
Appliance insurance policies will not pay out in event of breakdown if the domestic appliance is also covered by an appliance warranty.
There are pros and cons for both of these:
Appliance warranty provides the purchaser with a guarantee that the product is defect-free. If this proves to be wrong, the manufacturer agrees to repair or replace the product free of charge to the consumer.
Home appliance insurance provides protection for one or more domestic appliances when they are out of their initial warranty period. Unless the extended appliance warranty offered by the manufacturer is free of charge, it is worth considering a bespoke domestic appliance insurance policy. This will generally be wider in coverage, competitively priced and can be used for more than one domestic appliance, usually at a discounted cost.
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