Are Extended Warranties Worth It? The Pros and Cons to Consider

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Extended Warranties

If something terrible happens to your car, computer, or console, you will lose a huge amount of time and money getting them replaced. Buying an extended warranty could save you a lot of frustration and unnecessary expense.

You will find that an extended warranty might help or it might cost you extra money with no added benefits. If you find yourself wondering are extended warranties worth it, check out this simple guide.

What Extended Warranties Are and What They Cover

Whether you are buying a car, a new refrigerator or the latest laptop, you will certainly be offered the chance to buy an extended warranty. Extended warranties work by allowing you to extend the coverage provided by the store or manufacturer for an additional fee.

In theory, an extended warranty also covers your product more thoroughly than the regular warranty will and give you a greater sense of security. However, you will need to put your warranty claim information in a safe place to make use of it.

Depending on the item being purchased, it may not make sense to go for the extended warranty. For example, buying an extended warranty for a five-figure car makes more sense than buying one for a fifty dollar Bluetooth speaker.

Extended Warranties

Not all extended warranties are created equal and do not provide the same levels of protection for your purchases. Unless the warranty provides total coverage, you may have an issue with wear and tear only to learn that kind of damage isn’t covered.

Another thing to consider is whether your extended warranty comes through a third party. If so, you may have to pay upfront for any damages and have to submit a claim for reimbursement.

This process can take weeks or even months before you get your money back. You should make sure that you understand the terms of the extended warranty before buying it.

Do You Need an Extended Warranty and Are You Getting the Best Price?

One important factor to consider before you spend money on an extended warranty is how likely you are to need the additional coverage. If you have a history of getting flat tires or are always cracking your phone screen, getting the warranty makes sense. If you can’t recall the last time you needed to have your item services, it doesn’t make sense to spend the extra money.

Before buying an extended warranty, you should also make sure that you are getting the best available price. It can be tempting to get the warranty at the same time you make your purchase. However, shopping around for an after-sale warranty could save you a lot of money. Warranty management software can help you keep track of your warranties,

Depending on whether you purchase with a credit card, you might not even need an extended warranty. Many cards offer coverage on your purchases for a year or more, depending on your provider. A quick call to your credit card’s customer service line could save you a lot of time and money on extended warranties.

Extended Warranties

Are Extended Warranties Worth It?

Whether buying an extended warranty makes sense depends on many factors. These factors include the product purchased and the individual purchasing them when determining are extended warranties worth it. This helps you know the exact extent of your coverage and know you’re protected when you need it most.

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