When you purchase a new appliance, it comes with a limited manufacturer warranty. But once that window closes, you’re responsible for scheduling and paying for repairs. That’s where an extended warranty for appliances can come in handy. And there are plenty of options out there. But is one right for you?
Peace Of Mind
Modern appliances are loaded with high-tech features that improve efficiency and functionality. But these features can also introduce points of failure and increase the likelihood that a component will break down or require service. An appliance extended warranty protects consumers against these unforeseen costs by covering repair or replacement expenses when an appliance malfunctions. Aside from offering affordable and customizable coverage, appliance extended warranties often come with additional perks that add value to the overall ownership experience. For example, some plans provide priority service and expedited repairs. Others offer access to qualified technicians and a network of home service providers.
In addition, many of the best appliance extended warranty plans like CPS Central offer scheduled maintenance reminders and easy to follow procedures to help consumers keep up with routine appliance maintenance. Keeping up with the recommended maintenance schedule can help extend an appliance’s lifespan and improve its performance. This can also add to the resale value of a home when the time comes to sell.
Homeowners who buy extended warranties have the comfort of knowing they will be able to budget out and pay for appliance repair costs in a predictable way. Unlike a bundled home warranty plan, appliance extended warranties focus on just one or more specific appliances. Appliances, like any other piece of technology, are prone to breakdowns over time, due to wear-and-tear and normal use. Unfortunately, homeowners may not have the cash or credit available to cover hefty repair or replacement bills.
An alternative is to set aside money each month specifically for appliance repairs and replacements, but this takes dedication that not all homeowners are ready for. Additionally, home appliance extended warranties tend to have terms and conditions that outline what is and isn’t covered. This can leave homeowners paying for protection they don’t need. That said, it is important to read through the details of each warranty plan before making a decision.
Access To Qualified Technicians
Whether you’re new to the area and don’t know any professionals or aren’t as handy around the house as you’d like to be, a warranty can help you avoid having to pay for unreliable repair services. A protection plan usually covers professional repair and replacement costs by connecting you to technicians who have experience with your appliance type.
A good home appliance extended warranty provider will pair you with repair technicians who specialize in the specific brand and type of appliance you have. This makes it easy to find a technician who can quickly address any issues with your appliance. Additionally, some extended warranties require that the technician be authorized by the appliance manufacturer, and you may have to pay extra for repairs completed by an unauthorized service technician. Additionally, some warranties require you to follow routine maintenance schedules or risk having your coverage voided, which can be inconvenient. Some plans also offer different plan lengths, which can be useful for homeowners who aren’t looking for a comprehensive home warranty.
Many retailers offer appliance protection plans. They’re usually a separate policy that extends the manufacturer warranty for an individual appliance. For example, Lowe’s offers appliance warranties that cover reinstallation expenses, replacement coverage and haul-away services. Costco includes a home appliance warranty in the price of some appliances for members. These protection plans may not make financial sense for every major purchase. It’s important to carefully consider all the costs of owning and maintaining a particular appliance before purchasing a warranty plan.
Most protection plans have specific terms and conditions that limit their use. For instance, some warranty providers require you to pay a deductible per incident. This could be as high as $200 or more. This can add up and increase the overall cost of a protection plan. You can also reduce the cost of a protection plan by paying for it with a credit card that offers extended warranty protection. This will help ensure that you can get your money back if an appliance fails during the covered period.
Purchasing a home appliance extended warranty can offer valuable peace of mind and financial protection against unexpected repair costs. While the decision ultimately depends on individual circumstances, an extended warranty can be beneficial for appliances that are no longer under manufacturer warranty, for high-cost items, or for those seeking added security. To make an informed choice, consider the appliance’s age, repair history, the cost of the warranty, and your personal risk tolerance.
Do extended Warranties Cover All Types Of Appliance Breakdowns?
Extended warranties typically cover mechanical failures and malfunctions, which can encompass a wide range of issues that may arise with household appliances. However, they might not cover damages due to misuse, neglect, or cosmetic wear and tear. Reviewing the specific terms of the warranty will clarify what types of breakdowns are included.
Can An Extended Warranty Save Money In The Long Run?
In some cases, an extended warranty can save money by providing coverage for expensive repairs that could otherwise be financially burdensome. However, it’s important to consider the cost of the warranty itself and compare it with potential repair expenses. If the warranty cost is significantly higher than expected repair costs, it might not offer substantial long-term savings