Thinking should I pay for the extended warranties on appliances? Whenever you buy a new appliance, it comes with a warranty in most cases. Nevertheless, sometimes we feel that the warranty period of the appliance is too short. Most of the companies offer an extended warranty at an extra cost, which leads us to the question that is extended warranty on appliances is worth the expense or not?
The truth is that the extended warranty on the appliances is worth the investment. The warranty covers the entire cost of replacing or repairing the damaged appliances. You might consider yourself lucky if the appliance gets damaged just after the ending of the original warranty and you have extended warranty. With an extended warranty, all the cost of appliance repair or replace stays covered under the warranty coverage even after the ending of the original warranty.
Nevertheless, there are also possibilities that your appliance will work fine even during the period of the extended warranty, in such case you might feel that the extended warranty is simply a waste of money. You might think that the extra money could have been used for other better things. So how would you know that extended warranty on appliances is worth the investment or not?
Before making the decision to buy an extended warranty, you should consider some crucial factors like the home warranty, credit card coverages, and manufacturer’s warranty.
Check the Warranty Offered by the Manufacturer
Before buying the extended warranty on an appliance, always keep in mind to check the warranty offered by the manufacturer. If the extended warranty covers the time period similar to that of the manufacturer’s warranty, then you definitely do not require the extended warranty.
In many cases, the extended warranty on appliances like refrigerators, televisions, or microwaves might be only a bit longer from the manufacturer’s warranty; in such a situation, a short extension might not be worth the cost.
You are also required to make sure that if the manufacturer is also providing an extended warranty. It would be a better choice to buy an extended warranty on the appliance from the manufacturer after ending of the original warranty as it would help in avoiding double coverage.
Check the Offers Covered by Credit Card
In some cases, extended warranty on appliances is a type of insurance policy that covers the repair cost of the appliance after ending of the manufacturer’s warranty.
When you purchase a new appliance using the credit card, then the credit card might also render you coverage for appliance repair from the best appliance repair companies in the world as a part of its bonus package. Therefore, always check the offers on your credit card before buying the television, mobile, or refrigerator extended warranty or the same on any other appliances.
Check Your Home Warranty
If you have a home warranty, consider going through it before buying the extended warranty on the appliance. In many cases, a home warranty may cover the expenses of appliance repair from the best appliance repair companies. Therefore it is always better to check the home warranty contract and see if the new appliance is also covered under it.
In many, a refrigerator might be included in the coverage, but the second refrigerator might not be covered. In such cases, it is better to buy refrigerator extended warranty. You should also check if the home warranty allows you to add the new appliance at a lower cost. If it allows you, then it would be the perfect deal as it would allow you to buy an extended warranty on the appliance at a cheaper cost.
Make Sure that the Extended Warranty is Adequate
Before purchasing an extended warranty on appliances, do appropriate research on when your appliance would need repairs. If you find out that a specific brand of refrigerator or washing machine requires repair in ten years, then the five years warranty of the manufacturer won’t cut it. Purchasing an extended warranty for three years would also not cut it. In such a case, it would be better to get an extended warranty for an extra five years.
Prior purchasing warranty makes sure that the extended warranty is appropriate and worth buying.
Go through the Repair Cost of the Appliances
In computing the worth of extended warranty on an appliance, always consider the cost and frequency of the repairs. If during the period of extended warranty on the appliance, you randomly require repair, and the cost for the same is only $20, then it is better not to buy an extended warranty. In such cases, you might find out that it is better to pay for repair rather than buying an extended warranty. Repairs are not always expensive. Moreover, the financial risk of requiring a repair without extended warranty is comparatively small.
On the other hand, if you find out that you would require appliance repair frequently, and the cost of repair is also high, then it is better to purchase an extended warranty. In such cases, purchasing an extended warranty would be a wise choice.
Purchase High-Quality Products
Do proper research on appliances before purchasing them. Understand the manufacturer’s warranty that comes with the products. The price of high-quality products might be high, but they are less likely to counter any issue, which makes it easy to decline the choice of extended warranty.
Also, opt for buying appliances from reliable retailers. Look for retailers who are ready to take back the defective products. Stores having generous return policies accept the broken products, or they provide appliance repair service from the best appliance repair companies.
Worth of Extended Warranties
Offering protection for expensive products and expanding the length of the original warranty of the products has become the norm for most of the retailers. When you are purchasing new appliances like a refrigerator or big-screen television for your home, it is quite difficult to resist the decision of not buying an extended warranty. But before buying these warranties, always consider whether these warranties are worth the price.
Overall, it can be concluded that extended warranties for appliances can be a great choice if there are chances of expensive repairs. If you are unable to buy an extended warranty from a credit card, home, or manufacturer’s warranty, then it is better to get the warranty from the company providing an adequate extension period.