As the temperatures drop and the nights draw in, most of us have probably been putting the heating on a little more often. But you may be spending more money than you need to
As the chill sets in, we’re all nudging up the thermostat.
It’s a grudging move but often essential. Yet, an expert has recently suggested you could save money by doing a quick check.
A WhichUK money saving expert pointed out that many might be forking out for boiler cover that’s not needed. He highlighted that some households shell out up to £100 annually on unnecessary boiler cover.
In a TikTok clip, he said: “An annual boiler package costs, on average, £180 every year.
“But, since the average service costs just £76 per year, then if you pay as you go, year by year, and you don’t need any repairs – well, you’re saving over £100 a year by not having cover.
“Of course, if your boiler needs repairs, then that insurance policy provides peace of mind. But, unless your boiler is particularly faulty, you’re really unlikely to make the money back on those policies over a long term.”
To figure out if boiler cover is a must for you, he advises asking a few straightforward questions. For instance, if your boiler is still under warranty, repairs should be free courtesy of the manufacturer. Keeping up with annual services is key, though.
Also, checking whether your boiler is covered under your home insurance could be worthwhile, as it may feature as a bonus within your policy, and prove a “cheaper option”.
He also mentioned the concept of “self-insuring”, which is essentially setting aside savings specifically for boiler emergencies. This ensures you have a financial cushion should any issues crop up with your heating system.
It’s crucial to keep this money separate from other savings to avoid the temptation of using it for other expenses. Familiarising yourself with a reliable local tradesperson can be beneficial too, especially if you value having someone to turn to for advice.
WhichUK offers a “trusted traders” tool that helps you find reputable traders in your area. The video discussing these tips has been viewed hundreds of times since its release, sparking mixed reactions among viewers.
One viewer commented: “If you get a decent new boiler, it will come with a 10 year to 12 year warranty which, if you get about 15 years out of a boiler that you’ve not had to fix – just service – you can’t go far wrong.”
Another added: “Boiler cover doesn’t just cover the boiler, so it’s worth it.” A third person also suggested: “If your boiler is old, and at an increased risk of breaking down, you might need boiler cover.”
When deciding on whether to opt for boiler cover, experts suggest considering several factors. These include:
- The age of your boiler. If it’s older than seven to 10 years old, it’s usually a good idea to get cover.
- Warranty status. When the boiler’s warranty expires, it’s wise to start thinking about cover.
- Home ownership. Only those who own property need to worry about boiler cover, not tenants.
- Sometimes it’s good to have it for peace of mind. Even if your boiler is quite new, having cover can cause people less worry about having to cover costs of repair in case of a breakdown.