There is a constant debate on whether or not you should extend your appliance warranties? Some consider it to be an additional expense. And, instead, opt for regular maintenance which helps you to keep appliances in good quality.
Regardless of all your efforts, home appliances demand repairs after a couple of years. This makes it essential for you to invest in extended warranties and save yourself from all the sudden unwanted expenses.
The check-list shared here helps you to decide whether or not to invest in extended warranties:
Before you start searching for or give your consent for an extended warranty make sure that you check the manufacturer’s warranty. At times, you are covered for 3-5 years under the manufacturer’s warranty.
Investing in the extended warranty for the same span as that of manufacturer’s will be a waste of money. Therefore, do your math before signing up for an extended warranty.
A short extension to the manufacturer’s warranty is yet another option. But, your manufacturer must have that provision and the extension must cover all the essential repairs.
Search for a Home Warranty
A home warranty plan is the one-stop solution for all your home appliance repairs. If you are unsure, then check whether you already have a home warranty contract or not. If so, do check that all appliances are included in it. For instance, some home warranty plans don’t offer a refrigerator warranty. A refrigerator is an essential home appliance and may need repairs in the short and long run.
There are instances where only the refrigerator is included but a deep freezer is not included in the home warranty. Simultaneously, the warranty must grant you permission to include new appliances for coverage.
The primary appliances that must be included in your home warranty plan are washer, dryer, refrigerator, interior electrical system, garage door, oven range, water heater, central air conditioner, and plumbing system.
Check your Credit Card Coverage
The financial institutions offer varied offers to credit cardholders. One such perk that credit cardholders have is to get discounts on the purchase of a new appliance. A few banks offer protection coverage to individuals using a single credit card. This card can also provide coverage for the appliance repairs. The cardholders enjoy a bonus package as well.
Individuals, therefore, prefer offers where the repairs are covered by the bank.
Estimated Repair Costs
The cost and frequency of the repairs are unpredictable factors. There are appliances that demand repairs within the first year itself. The repairs in the warranty period are managed by the manufacturer.
However, when it comes to repairing costs post the warranty period they can dig a hole in your pocket. You have to bear unexpected heavy expenses for home appliances.
But, you can simply convert these major costs into minor expenses by extending your warranty. When you extend your warranty, you are entitled to pay $20-$40 based on the damage.
Frequent repairs for home appliances can cost you hundreds of dollars if not covered under warranty. It is wise to save your penny and invest them in the right way.
Make sure that you research well about its features and the repairs before purchasing a new appliance. The online feedback can help you to choose a durable appliance.
For instance, a particular model of refrigerator functions smoothly only for 2 years and then it starts incurring huge repair costs. When you skimp through such kind of similar review you will save yourself from purchasing a defective model.
Someone you know has purchased a new model, ask them their experience and based on that and your preferences choose your option.
Invest in an Appropriate Extended Warranty
You are bound to come across a variety of extended warranty options. The manufacturing company itself might offer you an extended warranty once the actual warranty expires.
However, do check what is included and what not in the warranty. The duration of the warranty and monthly payments are also important. Besides, it is imperative to check the procedure for repairs and estimated costs.
The life of your appliance is finite and you don’t want to invest in life-long warranty for that particular model. Make sure that you know the effect on the warranty if one of the appliances stops working or has to be replaced.
Enquire about individuals who are likely to come for repairs. Whether or not experienced repairers will come to do the job. Does the company have a simple repair process? How can you get in touch with the company in case of emergencies?
Based on all these factors you can invest in a feasible and reliable extended warranty.
People have mixed opinions with regards to the extended warranty. Hence it is impossible to sight whether or not you should invest in it. But, it is always wise to protect yourself from expensive repair costs. The extended warranty acts as a protection plan for your home appliances.