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Many appliance companies offer extended warranties on their products. Salespeople may push these service plans, which cost a flat up-front price and cover wear-and-tear after the manufacturer’s warranty has lapsed. These plans can save homeowners from hefty repair costs. However, they are not the best choice for everyone. These appliance protection plans vary by plan length and specific parts coverage, but the benefits include: In-Home Service Calls, Dedicated Service Technicians, and Peace of Mind.
In-Home Service Calls
No matter how well you care for your appliances, they are bound to break down. Fortunately, most major appliance manufacturers and third-party companies offer extended warranties to protect consumers beyond the manufacturer warranty period. To find out if your appliance is still covered, check the manufacturer’s website or call the store where you purchased it. The retailer may also have customer reward programs that can jog your memory about whether you bought an appliance extended warranty with your purchase.
Appliance protection plans typically cover in-home service calls for repairing or replacing your appliance. Most companies provide several plan lengths to choose from, with longer warranties offering better value. If you’re on a tight budget, consider purchasing your appliance with a credit card that offers an extended warranty as a standard benefit. Or, you can set aside a small amount each month into a savings account to cover the cost of unexpected repairs.
Parts & Labor
When assessing whether an extended warranty is worth the money, it’s important to consider its coverage for parts and labor. These are expensive purchases that deserve to be protected for the long term. Many warranties include no-lemon guarantees, food spoilage protection and surge damage reimbursement to take the sting out of these unexpected expenses. Some even provide perks such as a network of experienced service technicians and in-home repair services, which minimizes the hassle of dealing with breakdowns.
However, it’s also important to review the fine print and terms of an extended appliance warranty, as some have restrictions such as specific maintenance requirements or a requirement that you only use specified providers for repairs. This can limit the utility of a warranty and could be a deal-breaker for some consumers. It’s also important to consider your risk tolerance and your budget before committing to an extended appliance warranty plan. It may make more sense to simply save a small amount each month and pay for repairs out of pocket if an appliance does break down.
Replacements
Home appliances are big investments, and they can break down or fail unexpectedly. An appliance extended warranty offers a safety net to prevent unexpected repair bills. A manufacturer’s warranty comes standard with a new appliance and typically lasts one year. An extended appliance protection plan can extend this coverage for years, covering a wider range of issues. It also provides in-home service repairs to simplify the process of addressing any issues that might arise.
Many extended appliance warranty plans offer a low, upfront cost and a fixed price for repair services. This budget-friendly approach makes them ideal for homeowners who don’t want to risk large out-of-pocket expenses. In addition, the warranties provide access to pre-screened repair technicians to ensure a quick and professional repair. Moreover, some home warranty plans cover the replacement of a covered appliance if it cannot be repaired. This is a valuable feature for those who are planning to sell their home in the future.
Convenience
The perks of an appliance warranty protection can help make them worth the purchase for many homeowners. These warranties provide customers with access to authorized technicians who specialize in their brand of appliance. This can save you time and money by reducing the number of steps you need to take to get your appliance repaired or replaced. It can be difficult to decide whether or not an extended warranty is right for you. Consider the age and quality of your appliances, as well as how comfortable you feel with potential out-of-pocket repair costs before making a decision.
Some people may argue that the benefits of an extended warranty aren’t worth it because newer appliances don’t break down as quickly as older ones do. However, it’s important to remember that it only takes one expensive appliance to break down for the extra coverage to pay off. In addition to repair and replacement costs, an appliance warranty can also cover a range of other services, including food spoilage and laundry reimbursements.
Conclusion
Appliances are significant investments and can be costly to repair. An appliance protection plan can reduce the risk of unexpected expenses straining your budget. Manufacturer warranties typically cover replacement or repairs for a limited time period. Extended warranties, also known as service contracts or protection plans, can be purchased separately.
