Extended warranties on washer & dryer?

[North of Mouse]

One comment about extended warranties. Even if you are considering buying one, do not let the sales person talk you into one on the spot. Most retailers will give you up to 30 days to add the extended warranty. This gives you a chance to go home and "run the numbers". When making the purchase, ask the sales person how long you have to add the warranty.

I agree - also they tend to *down play* the fact that you DO have some warranty on the product without buying extra.

 

[ssawka]

Extended warranties rarely make sense. The plans are priced in order to be very profitable to the store.

Just like insurance! All insurance policies are designed to be profitable to the company. The company is basically making a bet. They know that a certain percentage of all policies sold will have a claim, but if a large percentage of the policies never have a claim then the company will be more profitable. Does that mean that the policy is not beneficial to the policy holders that do have to make a claim?

It's not like insurance. You buy homeowners insurance because you can't afford the cost to replace your home if it's destroyed by fire. We can afford to replace our TV sets and microwaves.

Maybe, maybe not! Many families have to save for a long time to afford that TV set or Major appliance. If it breaks, how long are they willing to go without the item while they save to replace it? At least with a long extended warranty, they can repair or replace the item fairly quickly.

That being said, we do not buy extended warranties on most items, but we do on some. We look at a number of factors: how much is the warranty in comparison to the cost of the item? How long are we willing to go without the item if it should break? Also, with a renewable warranty, how long have we had the item?

For example, we had an extended warranty on our refrigerator because you don't only have to worry about the cost of the refrigerator, because you can only go so long without a refrigerator. For us, the extended warranties have been a mixed bag. Some of the products we were really glad we bought the warranty, for others not so much!

 

[Tiger926]

AMEX is considered the best because it gives you an extra year on top of a mfg warranty up to 5 years and will generally cover mfg refurbished items. MC doesn't extend the warranty if the mfg warranty is more then 12 months.

You can make all the spreadsheets you want. Buy an item which is reliable and the warranties don't make sense.

Our Gold Visa does the same - but that is here in Canada.

We only buy reliable items, and yes, despite your disbelief, they still do have issues.

Tiger