About eight years ago, I bought an aftermarket mechanical breakdown warranty to cover our car and have had it ever since. Over that time it's probably cost me 2 grand in premiums, and I’ve claimed on two occasions, for different cars, a total of about 100 quid after deduction of the excess of £75. I understand the principle of insurance, in that you pay the premiums for peace of mind, hoping meanwhile never to make a claim, so it’s not meant to be an investment. The claims procedure on those two occasions was straightforward, and there was no quibble about the work.
As some on here will know, I bought a Ford B Max back in July; the one with the notorious Powershift gearbox. I’ve since discovered that Ford extended the warranty on the car and the gearbox to five years, so the car is covered for faults till next June. Additionally, the garage where I bought the car has given me 12 months parts and labour warranty up to a limit of 500 quid per claim.
Our finances are tight and the only bit of slack I could find in order to absorb other expenses was that after market warranty. So I’ve cancelled it, but somehow and despite having the other warranties it feels like I’ve just put my comfort blanket in the bin.
I have posted about this in the past, but the difference now is that I've made a decision and the warranty has gone.
The point of the above waffle is this: do fellow forum users think that after market warranties are worth the cost, or is it better, as some would have it, to put that money aside and save it towards any future expenses/ mishaps?
Edited by argybargy on 05/09/2017 at 10:56
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