A number of people on here have off the shelf low water alarm systems fitted to their cars and swear by them.  I would suggest that the false alarms on the system you mentioned was simply because of poor installation.  
The $160-$200 spent on these - modified if deemed necessary would be appropriate.
Oh - low water alarms will not protect a 1.8 petrol from the primary cause of failure which is thermal shock to the engine caused by the thermostat not opening until the engine is far too hot and allowing cold water from the radiator to enter the engine causing engine damage.
Garry
				
			 
			
		 
			
				
			
			
				REMLR 243
2007 Range Rover Sport TDV6
1977 FC 101 
1976 Jaguar XJ12C
1973 Haflinger AP700
1971 Jaguar V12 E-Type Series 3 Roadster
1957 Series 1 88"
1957 Series 1 88" Station Wagon
			
			
		 
	
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