Insurance rip off on electrical equipment

[Annie.]

I have just agreed to pay £99.00 for two years of cover for my new iPad,I have been sent the document only to discover the two years cover includes the manufacturers guarantee,so in effect I am paying £99.00 for ones years cover from the insurers ,is it me,or am I being ripped off?

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[Rachael]

You may get some extra stuff on top of the manufacturer's warranty for the first year, such as cover for accidental damage but yes, probably a rip-off. You might be covered or get cheaper cover with your household insurance.

You should have a 14 day cooling-off period if you want to cancel that insurance. At £99 that's nearly a third of the price of a basic iPad.

Mechanical or electronic failure is rare after the first year - if there is something wrong with the hardware, it will usually show up when the thing is relatively new.

Protection against accidental damage is more important - if you get it wet, it can die on you, and if you drop it, the screen can get smashed up very easily. As I said, your best bet for that sort of cover is your home insurance. Give them a call and see how much they will charge to add it on to your policy.

[Annie.]

I have just cancelled the policy,I was expecting it to be covered for two years after the manufacturers guarantee had run out,it's quite shocking that they can give false information,it is advertised as two years cover for £99.00, nothing is mentioned about it only actually being one years cover.I think I will just take a chance on it,I do,nt normally bother with insurance except bricks and motar of course,and so far so good.(I will probably drop it now!)

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[Eagle]

I regret you have probably been ripped of.

Do not possess an i pod but have a number of electrical items and they always try to sell extended warranty.
Which has reported on these as being a rip of.

You normally have 14 days cooling of period for these policies .

[Annie.]

On this particular policy I have 60 days in which to cancel it,I have just E.mailed them to do that.

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[chrisj1948]

The general rule for insurance (unless legally required) is that you should only take it out if you cannot afford the loss. On average you will be better off because the premiums include a significant amount to cover administration and profit.

Regards
Chris

[Annie.]

That's what I normally do,I run the gauntlet,but I thought I would do " the right thing" but I won,t be fooled again,
I,m just surprised that it is allowed.

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[JulietP]

I must admit I only buy insurance for the house, the car and travel insurance. On the basis that these are the only losses I simply cannot afford to replace/ repair - and of course with car insurance and building insurance for a leasehold property I really have no choice!

I figure that once I've paid a couple of years of insurance for phone, gadgets, bike etc. I will have saved enough to replace one of them if I have to!

[Eagle]

Juliet
I agree only have house insurance. Do not have car but did have insurance when one did. Have not travelled outside UK for some time but if I did would take out health and theft insurance.