When you choose to purchase an appliance like a washer, fridge, or oven, your retailer will convince you to buy one extra thing—an extended warranty for your appliance. An appliance extended warranty protects you in case one of your appliances breaks down all of a sudden. Besides, extended appliance warranties extend the protection provided by your manufacturer’s warranty, thus providing more coverage for your expensive appliances. In addition, an extended warranty on an appliance helps to pay for repairs at a cheaper price, than you would pay if you didn’t have the warranty.
Most homeowners find it hard to resist buying an extended warranty for their appliances. What they don’t know is, it can increase the cost of your appliance by a few hundred dollars. However, it’s essential to ask yourself one question—is it worth getting an extended warranty for your appliances?
Mostly, the importance of an extended warranty on appliances starts to fade when you consider their cost, the reasonably small possibility of redeeming your extended warranty.
Because of this, there has been a debate about the importance of having extended warranties on appliances. While some technicians recommend extended warranties for larger appliances, others believe that regular maintenance is all you need to keep your appliances in a good condition.
What does an extended warranty on appliances cover?
Most appliances come with a typical manufacturer’s warranty for free. Most of these warranties have a lifespan of 24 months, and they become void after that. Thus, getting an extended warranty helps you to get extended protection for your appliances. However, this can be unnecessary because you might need it.
Even if your appliance might have a short manufacturer’s warranty, the extended contract that you purchase might not provide the coverage you expected it to. Professionals from Tampa appliance repair, Hartman say that one problem with extended warranties on appliances is that they have a lot of details—and most customers don’t take their time to read and understand these details before registering. Mostly, they limit the parts covered or have conditions limiting where your appliances can be serviced.
For example, independent stores might demand customers to take the appliance to the store or to a specific place for servicing or repair. This can be a challenge for anyone who has moved to another state.
Important things to consider when buying an extended warranty
In case you decide to buy an extended warranty, there are a few important things that you should know to understand what you are getting. The following 5 important questions to ask before registering:
- Is there a possibility for the appliance to need repairs? Some appliances rarely cause issues within the first few years of purchase. Therefore, it’s important to research the dependability and durability of the appliance before purchasing an extended warranty. This should allow you to determine whether the risk is high to warrant the cost of the extended warranty.
- What does the extended warranty cover? Appliance consumers are mostly surprised to realize that an extended warranty on an appliance doesn’t have the parts that are most likely to break down. Besides, some manufacturers will insert clauses that make the warranty void in case the consumer modifies the appliance in one way or another, or if they fail to take the appliance for routine maintenance. This shows the importance of taking your time to read the details of the warranty—this can save you unwanted stress in the future.
- What should I do to make a claim? Depending on the terms of the warranty, repairs might be done by the store, a third-party company, or the manufacturer. Thus, you should seek to know these details before purchasing the warranty. Will you need to take the appliance to the same store you bought it from, or to another store or repair shop within your neighborhood?
- Does the warranty require a deductible? Even if the extended warranty covers your repairs, you might need to incur some costs in the process. Therefore, check to see if the terms in the contract require you to pay some fee or it provides free service work.
- How reliable is the repair company? The effectiveness of a warranty depends on the company charged to repair the appliance. While consumers buy extended warranties from the store where they purchased the appliance, some companies will convince customers to buy extended warranties from them. Now, if you don’t know the reputation of the company or you feel uncomfortable with the whole thing, avoid purchasing the warranty from that company.
So, is an extended warranty on appliances worth your money?
Generally, an extended warranty on appliances is beneficial for homeowners who need to protect one-off appliances. However, it only benefits consumers who want more comprehensive coverage on their appliances.
With that said, you should understand that extended warranties are designed to benefit the companies that provide them—regardless of the benefits they offer to the consumer. Thus, it’s important to consider the possibility of your appliance failing as well as the repair or replacement costs before deciding whether or not to purchase an extended warranty.
