Thinking about getting your first ever home appliance insurance? There’s a lot of variation between the different polices various companies offer and mistakes when taking out insurance can be costly. Here are a few pointers to consider that might help make sure you get the right product.
Ask before Buying Home Appliance Insurance
Try searching for your choice of insurer on the internet and check out their website. You can to gather a lot of information here, for example how many years they’ve been around? What do their clients and customers have to say about them and lots more?
It is also worth checking whether what they are offering is insurance which is underwritten and means your money is protected or a just a plan without the protection of the FCA? This is one of the most important things to look for.
Information like this will help you decide whether the company you are dealing with is professional and is interested in providing a worthwhile product that suits you, rather than one who is only interested in taking your money.
What is Covered?
When you are going through the website of the insurer, be certain to check out the items they cover. Any insurer worthy of your trust, and therefore your money, should be able to provide complete transparency which means information like this should be readily available on their website. It is surprising how many insurers do not make important information, such as which items they cover, readily available to the customer. Check the Insurance company will cover your appliances taking into consideration their age and value, to avoid confusion later on.
Often it is only when an issue arises that these things come to light and the product turns out to be a disappointment, resulting in a bad experience. Take time to read the website and insurance paperwork thoroughly, including the fine print, to ensure nothing is overlooked.
The Cost of Replacement
There are many things around our homes that we have spent our hard earned income on. Some we invested a lot in and others not so much. As a smart customer, it is your job to determine which things will cost you a lot to repair or replace. Take a look around your home and think about which you should consider insuring. You only really need insurance on those appliances that are high in cost; especially those you could not easily afford to replace but would miss the most. Finding out the levels of cover an insurance company can offer for these appliances will help you decide if the cover provided suits your needs and whether home appliance insurance is for you.
The Devil is in the Detail
All insurance companies produce an IPID (Insurance Product Information Document) for each policy containing key information. All IPIDs have the same format allowing you to compare products and contain the main features of the policy. The IPID is a quick guide but is not a substitute for reading the full terms and conditions thoroughly and understanding the detail is super important to avoid overlooking things that might be relevant to you.
Never overlook the small print! There is often a lot of small print where you will find many of the most important points. Insurance can be a complicated business but no reputable insurer wants you to make a decision you regret and this information is all there to help you avoid this. Take your time, read the documents carefully and only after you are satisfied, proceed to buy.
Customer Care is Important
You have purchased the home appliance insurance? Great! What about when you find you need to call them for help or advice or maybe you need to call the contractor for repair or replacement of an appliance? Call them up, did they answer quickly? Was the agent helpful and friendly?