Tesco is set to shake up the extended warranties market by undercutting high street electrical giants by up to 58%.

The retailer will offer a three-year warranty on a washing machine at £59.99, compared with £129 at Currys, and a five-year warranty on a Samsung TV at £99, compared with £159.99 at Comet. There will be similar deals on iPads, cameras and Blu-Ray players.

The warranties, which will be available in 358 stores by Christmas, are being offered in partnership with SquareTrade.

“We are always looking to give our customers value for money, and that’s true of our protection policies as well as our products,” said Tesco commercial manager for aftersales and services Karen Brindle. “We chose SquareTrade because of its focus on giving customers hassle-free service at a great price.”

The retailer will hope the move will kickstart its ailing non-food offer.

CEO Philip Clarke admitted at Tesco’s half-year results earlier this month that Tesco Direct was yet to make a profit, despite the launch of Tesco Marketplace in April, which enables third party manufacturers to offer products for sale via Tesco’s website.