When purchasing an appliance, you most likely have to decide whether or not to take advantage of the extended warranty that you will undoubtedly be offered. In some situations, an extended warranty is necessary, but in others, it might not be the best decision. Before making a decision on whether or not to opt for the extended warranty, here is what you need to know.
When Should You Buy an Extended Warranty?
There are several factors to consider when determining whether or not you need an extended warranty. For instance, the type of appliance you purchased and the overall price of the item. Appliances that are expensive and high-end might have costly repair expenses. If they are not covered by the manufacturer's warranty, you could end up paying the bill.
The cost of the warranty is also important. Logically, you should never purchase a warranty that is more than half the value of the appliance. If a repair is needed down the road, it might make more sense to simply replace the item if the repairs are too expensive.
If you are concerned with damages beyond wear and tear, you should consider the warranty. Manufacturer's warranties typically only cover wear and tear. Damage that results from failing to properly clean or maintain the appliance is also usually not covered. By opting for the extended warranty, you have a better chance of having your items repaired.
What Should You Look for in a Warranty?
If you do decide to purchase the extended warranty, it is important that you take time out to shop around before selecting one. There are many third party companies that offer warranties with varying terms and conditions. Carefully review the terms and conditions of the warranties you are considering to ensure that you are fully aware of what is covered.
You also need to pay attention to all of the charges associated with the extended warranty. Some companies add in service fees and additional costs that can take away from the value of the warranty. For instance, you might face a charge for shipping your appliance in for repair, if necessary.
In addition to watching the fees, you need to be aware of the length of the warranty. If the warranty is offering two years extended coverage, it is possible for it to overlap with the manufacturer's warranty. As a result, you would only have one year of coverage beyond the manufacturer's warranty.
Consult with your appliances dealer, such as Ray's Appliances, to determine what other factors should be considered when shopping for a warranty.
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