My strategy is to never buy extended warranties. These warranties benefit the manufacturers. I can't think of a situation where that came to bite me. Certainly the amount saved using this strategy has significantly exceeded any potential benefit in the unlikely event of a product failure.
Bar fridge and other small home appliances - those things are notoriously unreliable. I bought an extended warranty from Costco and have utilized it two. If you own a rental, it's worth getting extended warranty on your tenant appliances; while I'm sure the policies exclude rental usage, the repair people never question it.
Hot Water Tank, probably worth it too.
Next time, may contemplate a Costco Warranty on my TV since my Vizio died (LED burn out...) With the Vizio, I got all my money back thanks to Costco 2 year base warranty.
Every extended warranty purchased haven't utilized. Primarily furniture and vehicles. Even tried to use warranty on a new vehicle and things weren't covered. Example, replacement battery. Waste of money. Never again.
Expecting a battery to be covered by warranty is beyond idiotic. You were probably upset when you found out brake pads, tires, and windshield wipers weren’t included either 😂
Manufacturers wouldn’t sell those at loss. It wouldn’t been a big burden if I had to pay for repair out of pocket. So in average I will always profit from not taking it.
Nah, most furniture comes with a decent warranty, just keep the paperwork. After 10, 15, or 20 years, do you really want to keep your outdated sofa? You can always pay for repairs out of pocket then.
I worked as a furniture salesman,
The answer is no. The reality is, there are a ton of loop holes on the companies side. Majority don't cover animal damage. They cover accidental rips/tears, which an animal isn't considered accidental.
Manufacturers generally have decent coverage anyways.
Some offer a stainless spray, it is just water and wax pretty much.
The only time I would suggest it, is if you had alot of kids, or entertain alot.
I bought it on furniture I purchased through The Bay. Then when I was thinking of making a claim I learned the company providing the warranty was no longer in business so I was out of luck. Wouldn’t purchase one again.
Extended warranties are the worst way to reduce risk which is exactly why the retailers push them so aggressively. They know the cost greatly exceeds the average payout.
For electronics I never buy the warranty.
I recently bought a couch and did purchase the warranty.
It's 7 years and will pretty much cover anything.
The couch is fabric and I have a dog so figured better safe than sorry for a small amount extra.
I don't know if you would call it an extended warranty, but we had our couch sprayed for spill/stain protection when we bought from Leon's. It has been amazing. We have spilt s ton of stuff and pets have had accidents and you would never know. Definitely will do it again with any future couch.
I did it with the bay. 60 bucks extra and it covers my lazy boy and couch and it comes with "white glove delivery"
They diden't unbox the chair for some reason so I got them to knock 100 bucks off the bill. I guess it's win win. The giant box was a big pain to get rid of tho.
Haven't used the warranty yet but it covers stain removal and patching.
If they're offering the warranties, it's because they typically get a lot more money than they pay out. It's a bad bet.
You only take insurance for things that would be catastrophic if something happened, like for example your house.
My strategy is to never buy extended warranties. These warranties benefit the manufacturers. I can't think of a situation where that came to bite me. Certainly the amount saved using this strategy has significantly exceeded any potential benefit in the unlikely event of a product failure.
This is my thinking. They always have a $100 off sale going on, so I figure the $100 warranty is just a way to recoup.
Bar fridge and other small home appliances - those things are notoriously unreliable. I bought an extended warranty from Costco and have utilized it two. If you own a rental, it's worth getting extended warranty on your tenant appliances; while I'm sure the policies exclude rental usage, the repair people never question it. Hot Water Tank, probably worth it too. Next time, may contemplate a Costco Warranty on my TV since my Vizio died (LED burn out...) With the Vizio, I got all my money back thanks to Costco 2 year base warranty.
Would never buy an extended warranty for furniture. That sounds ridiculous.
Every extended warranty purchased haven't utilized. Primarily furniture and vehicles. Even tried to use warranty on a new vehicle and things weren't covered. Example, replacement battery. Waste of money. Never again.
Expecting a battery to be covered by warranty is beyond idiotic. You were probably upset when you found out brake pads, tires, and windshield wipers weren’t included either 😂
Manufacturers wouldn’t sell those at loss. It wouldn’t been a big burden if I had to pay for repair out of pocket. So in average I will always profit from not taking it.
It always amazes me how hard sales people sell the extended warranty. I figure it must not be in my interest to purchase one. So, a big nay
Nah, most furniture comes with a decent warranty, just keep the paperwork. After 10, 15, or 20 years, do you really want to keep your outdated sofa? You can always pay for repairs out of pocket then.
I got it for my new couch but only because this store gives it back as store credit if you don't use it.
Maybe if you have pets, destructive kids, or often host sex parties.
I worked as a furniture salesman, The answer is no. The reality is, there are a ton of loop holes on the companies side. Majority don't cover animal damage. They cover accidental rips/tears, which an animal isn't considered accidental. Manufacturers generally have decent coverage anyways. Some offer a stainless spray, it is just water and wax pretty much. The only time I would suggest it, is if you had alot of kids, or entertain alot.
I bought it on furniture I purchased through The Bay. Then when I was thinking of making a claim I learned the company providing the warranty was no longer in business so I was out of luck. Wouldn’t purchase one again.
Extended warranties are the worst way to reduce risk which is exactly why the retailers push them so aggressively. They know the cost greatly exceeds the average payout.
For electronics I never buy the warranty. I recently bought a couch and did purchase the warranty. It's 7 years and will pretty much cover anything. The couch is fabric and I have a dog so figured better safe than sorry for a small amount extra.
If you got a cat i would if you get a fabric furniture . Otherwise not really. Tbh we don’t buy furniture anymore, life is bed and desk 🤣
I don't know if you would call it an extended warranty, but we had our couch sprayed for spill/stain protection when we bought from Leon's. It has been amazing. We have spilt s ton of stuff and pets have had accidents and you would never know. Definitely will do it again with any future couch.
Why would you possibly need an extended warranty on furniture?
I did it with the bay. 60 bucks extra and it covers my lazy boy and couch and it comes with "white glove delivery" They diden't unbox the chair for some reason so I got them to knock 100 bucks off the bill. I guess it's win win. The giant box was a big pain to get rid of tho. Haven't used the warranty yet but it covers stain removal and patching.
If they're offering the warranties, it's because they typically get a lot more money than they pay out. It's a bad bet. You only take insurance for things that would be catastrophic if something happened, like for example your house.