Do I need boiler insurance?

Do I need boiler insurance?
- By Justin Elliott

Not everyone has boiler insurance and most will have very good reasons why they have either gone for it or not. This article will give you the pros and cons of boiler insurance and maybe point you in the right direction when it comes to making the decision for yourself.

Why you should buy boiler insurance

  • Boiler insurance offers peace of mind. For just a few pounds a month you can be sure that you will get the help you need should your boiler break down.
  • Boiler insurance often includes a yearly service by a professional. This can cost upwards of £75 so you will make an instant saving there.
  • If your boiler is old and more prone to break-downs, boiler cover is very sensible.
  • If you are elderly, have small children or have few savings or access to finance options, boiler cover is a good way to ensure quicker boiler repair or replacement.

Why you don’t need boiler cover

  • Boilers are very unlikely to break down or need replacing very often. In fact a new boiler may not need replacing for ten years, meaning you will pay premiums which will come to more than the replacement or fixing costs.
  • Some insurance policies come with terms and conditions which may not be favourable. This might include a no claims period, emergency cover which does not meet your expectations, or they may be allowed to leave you without a boiler for a certain number of days.
  • Your boiler may not be covered due to its age, make, model or condition.
  • Your boiler may already be covered under a manufacturers warranty, the Sale of Goods Act or your own home insurance.

The main things to think about is whether the boiler cover you have chosen will actually meet all of your needs. If all you want is a yearly service, you should find reasonable cover for a good price which supplies this. However if you want cover which will replace your boiler or which offers emergency repair at all times of the day and night, this will come at a price.

Always carefully compare the cover offered, the exclusions and the monthly cost with the price of getting the work done independently. You may find that the cost of the insurance is actually more than the cost of calling out an engineer once a year. You need to weigh this up carefully.

You can go online to find out where is the best place to buy your cover. Don’t always go with your energy supplier or boiler installer. Their deals may not compare to that of an independent insurance broker.