Do you purchase appliance warranties?
ksoxgrl
10 years ago
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homeimprovementmom
10 years agonerdyshopper
10 years agoRelated Discussions
Seeking opinions about appliance warranty
Comments (5)While I just bought a washer and dryer and got an extended service plan (5 years on both for $199), I don't think I would spend the same amount on a fridge that hasn't given you any clues of being a problem. It is perhaps the simplest large appliance in your home and the one most likely to give you dependable service. I don't have service plans on my kitchen appliances, but I did just get them for the washer and dryer -- I'm also coming off owning a Calypso and am admittedly gun-shy about another bad experience. For $20 a year for each appliance with elctronic control boards, moving parts and 1300 RPM, it sounds like a reasonable insurance plan -- but I will read the fine print and cancel if it turns out to be less than I was lead to believe. Keep in mind that you are not in control with repairs made under these plans -- the repairmen answer to a big corporation with lots of rules and limitations -- not you. If these guys messed up a repair for me, I could deal with the repair company and refuse to pay for their incompetence and get them to do it right. Instead, I wind up on the losing side of a 2 against one deal. Whatever you do, try to read all the terms and conditions before you buy. If they send them to you after you buy, read them --- make a note on your calendar to contact them if you don't receive them (what happened to us), then read them and make a realistic assessment of what you are getting. There have been consumer articles that tend to say most appliance contracts are not needed and may be a waste of money. They do say that those with complex and expensive electronics or things more prone to breakdown might be worthwhile. That's why I'm going to get it for the new W&D -- that and having been burned twice on the Calypso. But we had already decided not to renew the agreement -- they wanted something like $650-700 for a renewal, and the value they put on the machines and repairs they would be willing to make would continue to decline. It's a losing propostion no matter how you slice it when you are talking about their renewal, but I wouldn't have known that without being able to read the fine print. I posted about service plans on the laundry forum yesterday -- if you want to read a bit more, it is linked below. Bottom line for me -- know what you are really getting and why. Here is a link that might be useful: Laundry Link...See MoreAppliances ordered - should I get extended warranties?
Comments (1)I think what Amex does is double the manufacturer's warranty. So if that warranty covers in-home service, so does your Amex extension... otherwise not. Same goes for which parts the manufacturer's warranty covers. Amex will extend coverage on those parts, but won't help at all on anything not covered by the manufacturer's warranty. So basically, you should do two things: (1) Call Amex to verify exactly how the warranty extension works; and (2) Call the manufacturers (or sellers) of every appliance to find out exactly what's covered (the entire appliance, or just certain parts? And what about labor? And does it cover in-home service? etc.). THEN you will be able to make a sensible decision. Oh, if you want, it might also be worth a few minutes on google to get an idea of how much replacement parts cost. I've heard that, for example, Aga range parts are much more expensive than replacement parts for other mid/high-end ranges. (Don't quote me on that, but I've heard it, and it's just an example of the fact that different brands may be more of a pain for you to fix without a warranty.)...See MoreDo most people purchase warranties
Comments (14)I did for our new range. I don't usually. Why? Really, I suppose gut instinct is what won the day, but the actual logical bit is like this. We cook, a lot. Full dinners, baking, dinner parties. From what I understand of the rest of the world, we're probably well above average on use of a range. Ergo, it's more likely to have things break (well, if there's any logic in breakages, of course!). Ergo...extended warranty--the cost is averaged across everyone, so if we're well above average in use, we're more likely to beat the system (aka, need it). I'd also figured out how much I was interested in spending, max, for the full purchase, and since we got a floor model, completely unexpectedly, and a floor model backsplash, I could afford the extended warranty & not go over my "budget". Won't know if it was a win or not for about 5 years, I suppose!...See MoreDo you purchase protection insurance on appliances etc?
Comments (20)Extended warranties are essentially just a form of gambling. The warranty purchaser is betting that the product will need more repairs than the warranty costs, while the company selling the warranty is betting it won't. Guess who's got the data on their side? That doesn't mean these warranties don't pay off sometimes. So does casino gambling. But the business model of both casinos and extended warranty companies is to be sure to take in plenty more than they pay out. That situation is not in the best interest of the consumer. Also, Kathy's post above illustrates one thing you can do to keep appliance repairs to a minimum: Don't buy appliances with excessive amounts of electronics in them. Touch-screen refrigerators and washing machines, for example. These have a far higher failure rate than simpler appliances that have electro-mechanical controls rather than computer motherboards. Appliances have abundant heat, moisture and vibration. These are the worst enemies of electronics, and it means the $2500 refrigerator in all likelihood won't last as long as the $500 one. Extended Warranty Buying Guide (Consumer Reports)...See MoreLE
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