Purchasing and extended warranty on appliances

amother

Fri, Nov 15 2019, 12:26 am

I just bought a few new appliances and trying to decide if and what is worth it to take out an extended warranty on. I'm thinking to take one out on my Washing machine, oven and fridge but its quite an expense and wondering if its worth it. If I take out a 3 yr warranty is it worthwhile?

any experience with this and is it a must for specific appliances or really unnecessary for specific appliances?

Sunny Days

Fri, Nov 15 2019, 1:51 am

amother [ OP ] wrote:

Yes. Pretty important in our families experience

Amarante

Fri, Nov 15 2019, 9:05 am

It depends on your financial condition.

Keep in mind that insurance is always going to be structured to be profitable for the company which is why extended warranties are pushed since they are profit centers.

In my opinion, you only insure against expenses which would be catastrophic. I insure my car and my home because replacing them is a huge expense. I don't insure against the cost of repairing a washing machine or refrigerator because I can afford the expense of hiring a repair person. I don't insure a car against the costs of repairs/maintenance so why would I do so for a refrigerator or washing machine?

You are far better off taking the money you would have spent on premiums and saving it to use for any repairs.

Chayalle

Fri, Nov 15 2019, 10:20 am

I think you also have to know how reputable the company doing the warranty is.

I moved two years ago and I purchased a warranty for my fridge and oven range....but didn't bother with the microwave and dishwasher, which are less expensive to replace.

But I was talking to a friend of mine (who talked me into buying those warranties) and she bought a new washing machine with warranty...and had trouble with the machine, and it seems lots of people are having trouble with that same machine (myself included, I have the same and have already called the repairman.....) and the warranty company is giving her trouble, claiming she must be misusing it (which she isn't) and trying to get out replacing her machine, which is what they really need to do, as it seems she got a lemon....

So I hope the warranty on my fridge and stove are worth it....or that I don't ever need it. They were quite costly. I think they are like a certain amount for 5 years, and some things for even 10 years.

I have to say, for some things I've found the warranty to be great. Like I bought my printer/fax/scanner from Best Buy with a warranty, and had some trouble 2 years down the line...they didn't even want to know what the trouble is, they just handed me a new machine (newer model), prorated the remaining part of the warranty, and all I paid was a few dollars to restart the warranty on my new machine.

My vacuum cleaner started making a funny noise...and Amazon's warranty place just issued me a gift card for the full price, one month before the warranty expired. I used it for a brand new one of same.
The price had slightly increased so I paid the increase plus the price of the new warranty. In essence, I had an almost-free vacuum cleaner for almost 2 years. I'd call that fair enough. And the warranty isn't very expensive.

amother

Fuchsia

Sat, Nov 16 2019, 6:55 pm

Chayalle wrote:

Yes.
I will never again purchase an extended warranty for an appliance bln.
Especially from a frum company.
The warranty company plays every trick in the book to avoid a repair on an appliance.
The appliance technician found some debris and a coin in my washer, claimed this damaged the machine, and thus refused to pay for a repair.