Extended Warranties On Appliances Are They Worth It

Here s why an extended warranty on electronics is a waste of money.

Extended warranties on appliances are they worth it.

Treat extended warranties with caution know what you re buying. Dealerships offer extended warranties to supplement reduced prices on the showroom floor to push people into high interest low payment deals at the last second and to ensure that people go to dealerships. Are extended car warranties worth it. Before you buy an appliance warranty check to see if you already have cover.

For example the cost of an extended warranty on one 260 washing machine was 170 more than half the cost price. It costs just 26 more to repair the items without a service plan see consumer reports extended. Here is more information about claiming on your extended warranty. Manufacturer s or retailer s warranty.

If this is the main question going through your head right now we have some good and bad news. Choice home warranty chw is another reliable home warranty company that offers two service plans basic and total at an average price between 36 44. Extended warranties cost an average of 126 for large appliances and 21 for small appliances. Of course if you don t buy the warranty the worst case scenario is that your new appliances require repairs within three years and those repairs cost more than the 660 warranty.

The consensus among consumer protection agencies and advocates is that extended warranties are often not worth it. Manufacturer and retailer guarantees last 1 5. Chw doesn t restrict coverage based on the age of your home or the age of systems and appliances as long as the items have been properly maintained and also has a 90 day repair guarantee. According to consumer reports buying a service plan aka extended warranty is usually money down the drain reasons why an extended warranty may not be required.

The good news is there is an answer. Extended warranties are offered with most devices smartphones laptops tvs home appliances but are they worth the money. They also found that extended warranties for everyday appliances from some suppliers were expensive. The debate continues over whether extended appliance warranties are worth the cost some appliance technicians recommend them for today s larger more expensive appliances while others suggest regular maintenance is enough to keep appliances in top running order.

If you re offered a cheap extended warranty for a car with a lot of mileage for example it might be worth going over the pros and cons. If your appliance is still under guarantee there is no need to take out separate cover.