From your white goods and kitchen gadgets to your TV and sound systems, our appliances are what make home, home. And, if these appliances should ever break or become damaged, you could be prevented from watching your favourite TV show or even cooking dinner. That’s why multiple appliance insurance is such a highly recommended insurance policy.
Washing machines, tumble dryers, fridges and games consoles can cost hundreds, if not thousands, to replace; multiple appliance insurance can provide financial coverage for the repair or replacement of items so that your life remains as uninterrupted as possible.
In this article, we’ll discuss multi-appliance insurance in further detail, assess the cost implications of purchasing a policy and try to answer the question, is multiple appliance insurance worth it?
Read on or jump to a specific section:
- What is multiple appliance insurance?
- What appliances are covered by a multi-appliance insurance policy?
- How much does a policy cost?
- Is multiple appliance insurance worth it?
- Where can I buy multi-appliance insurance?
What is multiple appliance insurance?
Multiple appliance cover is a type of insurance that will provide a financial payout to help you cover the cost of repairing or replacing your insured appliances when something goes wrong.
Typically, you’ll pay a monthly or annual premium to retain this type of policy and you’ll also usually pay an excess fee on each successful claim (unless your provider offers a zero-excess option).
As the name suggests, multiple appliance insurance lets you insure multiple appliances under one policy, which often works out much cheaper than taking out individual policies for each appliance. However, while you can insure more than one appliance, most providers limit the number, for example, you might be able to insure 10 appliances at a time.
What appliances are covered by a multi-appliance insurance policy?
Most policies enable customers to insure a range of electrical home appliances, including kitchen equipment, home entertainment systems and more.
To give you an idea of the kind of the kind of appliances covered by a multi-appliance policy, here is a list of some of the devices commonly covered:
- Cooker
- De-humidifiers
- Digital radios
- Dishwasher
- DVD Player/Blue Ray players
- Food processor
- Freestanding cooker
- Freezer
- Fridge/freezer
- Halogen oven
- Hob
- Home entertainment equipment
- Microwave oven
- Oven
- Refrigerator
- Satellite/Freeview boxes
- Slow cooker
- Smart speakers/wireless speakers/sound bars
- Televisions – OLED/LCD/LED/Plasma
- Tumble dryer
- Vacuum cleaner
- Washer/dryer
- Washing machine
- Wine cooler consumer electronic product(s)
However, policies can differ depending on the provider, so you’ll need to check the policy wording for any exemptions.
See also: What is multiple kitchen appliance cover?
How much does a policy cost?
There’s no set price for a multi-appliance policy. Therefore, the provider you choose, the appliances you opt to insure, how many appliances you add to your policy and the value of your appliances will all have an impact on the cost of your premiums.
However, to give you an idea of the monthly premiums you could expect to pay, multiple appliance insurance policies from Save More Money start from £1.31 per month (Save More Money, 2024).
Is multiple appliance insurance worth it?
Determining whether an insurance policy is worth it is specific to every individual scenario and what might be considered worth it to one person, isn’t to the next.
To decide whether multiple appliance cover is worth it for you, you might want to consider a few things. Firstly, is some of your expensive electronic equipment out of warranty? If your warranty has lapsed but your appliances should still last for years, multiple appliance insurance might be something to consider.
Secondly, consider the cost implications of an essential appliance breaking down when you don’t have insurance or a warranty to cover it. Some appliances, like cookers, fridges, freezers and TVs can cost thousands of pounds to replace. And, even if you opt to repair your device rather than replace it, you could still find yourself forking out hundreds.
Alternatively, if you have multi-appliance cover, you could very well find that the bulk of the cost is covered by your insurer.
That being said, if your appliances are mostly new and still within their warranties, you might decide that this type of insurance isn’t something you need. However, it’s good to keep it in mind for future reference.
See also: What’s the best insurance for washing machines?
Where can I buy multi-appliance insurance?
You’ll be glad to hear that multiple appliance cover is an easily accessible insurance policy sold by dozens of online providers. Therefore, finding a policy to suit your needs shouldn’t be too difficult.
To make shopping around for a policy a little easier, consider these factors before you start. That way, when you come to make a decision, it’s more likely to be the right one.
- How much you’d like to spend
- The type of appliance you’d like to insure
- The value of your appliances
- How many appliances you need to insure
- The type of damage you’d like to insure against (i.e. malfunctions or fire damage)
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