Don't get ripped off by boiler cover - video script

Rachel Robson takes a closer look at boiler cover and considers whether it's worth the money.

I'm Rachel Robson for lovemoney.com. And in today's Soapbox I'm going to take a closer look at boiler cover and why I think it's a bit of a rip-off.

As the weather gets colder, there's nothing worse than the thought of a boiler breakdown and the loss of heating.

As a result, the idea of paying out for boiler breakdown and heating cover might sound tempting.

But personally, I think it's a waste of money.

What are you paying for?

Typically, boiler cover costs between one hundred and two hundred pounds per year, depending on how much cover you want.

The cheapest policies will only cover the boiler itself and the controls, but you might have to pay a call-out fee of about fifty pounds on top of this.

If you'd prefer to have cover for your heating system included in the policy, as well as an annual service, your policy will be more expensive.

It's also worth noting that some boiler cover policies will limit the number of claims you can make per year, and some will only pay for costs up to a certain level. And if your boiler is over seven years old, most policies will not cover the cost of a replacement if it breaks down beyond repair.

Home Emergency Cover

In my opinion, a much better option is Home Emergency Cover, which is cover you can add on to your existing home insurance policy.

Typically, Home Emergency Cover will cover you for a boiler breakdown and heating failure, as well as roofing problems, plumbing problems and failure of the gas, electricity and hot water systems.

And the price you pay will be much lower - you can usually find home emergency policies for under one hundred pounds a year. And if you add it to your home insurance policy, it's usually about sixty pounds.

Should I bother?

If you want peace of mind over the winter months, and know that a boiler breakdown would be a complete disaster, opting for some kind of cover is probably right for you. And personally, I would favour home emergency cover over boiler cover.

However, I think an even better option is to simply put some money aside into a savings account each month. That way, you'll have funds to fall back on should anything happen to your boiler or heating system. And if you're lucky enough not to have a boiler breakdown, you won't have lost any money!

Don't forget that you can compare savings accounts right here at lovemoney.com.

That's it from me today. Thanks for watching and see you next time.

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