I'm a director of an insurance broker (UK) and one of my jobs is to give advice on risk and the appropriate insurance policy to remove the risk.
I can never recommend to any client the purchase of guarantee insurance on new electrical products. Its so expensive on items which are relatively reliable and if you've done the job right in the first place, most will have come with a five year guarantee. You can buy cheaper without the guarantee, but add up the cost of insurance over 4 years and its not worth it
You can insure a £200,000 house for All Risks cover for £150
You can insure a 42inch plasma for guarantee insurance for £80pa and its worth £1,000 max (won't even mention excess)
We are regulated by the FSA and one thing we hae to adhere to is the principle of TCF - Treating the Customer Fairly
PPI (Payment Protection Insurance) has just been banned by the FSA at the point of sale - the sales chap can only contact you after 7 days after purchase to offer you this cover
Guarantee insurance is likely to go this way albeit the point of sale often is a year after purchase
We get commission on all guarantee policies we sell, but we can't recommend it due to cost, restriction in cover, reliable products and taking my professional hat off for a moment, we have seen many claims where accidental damage was the cause for the tv to breakdown as opposeed to the electrics ( claim went through last week when someone spilt tar on their 13 month tv as they were re-doing their drive !!!!!!!!)
They got a new TV costing £100 - their excess!!!
I never buy this insurance and they reckon I'm an expert on insurance (and I'd like to think I am)
Don't do it folks