Boiler cover is rarely worth it, consumer champion Which? has found.
Most people buy it for peace of mind, and that’s impossible to put a value on, but Which? found you can get five annual services and three repairs for less than the average cost of an insurance over five years.
Emily Seymour, Which? energy editor, told the Money blog: “A well-maintained boiler shouldn’t need frequent repairs; our research finds that 59% of people with boilers up to six years old haven’t needed any boiler repairs since it was installed.
“So, unless your boiler is particularly fault-prone, you shouldn’t need to spend a fortune on its maintenance. An annual boiler service is a much better and cheaper way to ensure your boiler runs smoothly and safely for a fraction of the cost.”
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There are also examples of cover costs rising dramatically after the first year.
“If it’s not covered already, you may find that you can cheaply add boiler cover to another insurance policy, such as your home insurance, or bundle it into other offerings rather than as a standalone policy,” said Which?.
“Alternatively, try self insuring by putting aside some money each month into savings, instead of paying for a policy.”
Of course, if you’re particularly worried about your boiler needing to be replacing or it is fault-prone, you may wish to ignore all of the above.
If you do get insurance…
- Remove any extras you don’t need;
- Switching and haggling are key to getting the best deal;
- Pay annually if you can;
- Consider paying an excess fee to reduce your premium – a 0% excess is rarely worth it; and
- Still get an annual service – many insurance providers require this and it will prolong the life of your boiler.
