That pause is when the customer debates; are extended warranties worth it? This holds especially true for parents buying tech for younger children that might break the devices, accidentally or not.
Are Extended Warranties Worth It For Tech?
An extended warranty is not always worth the money. Most warranties last for a set period of time and often times are not used. If something does break, it is often cheaper to repair it out of pocket than to purchase an extended warranty. ..
According to a newsletter sent out in September of 2017, the warranty industry is worth $23 billion. Do people have that many accidents in the span of the first few years of their product’s life? Not likely. ..
Extended warranties are not always worth the money. In most cases, you are better off saving the money and using it in the event of an emergency. If you know your device has a high risk of damage, such as a laptop or tablet for fieldwork where heat, condensation, and other risk factors are outside the norm, then an extended warranty may be worth considering. ..
Work-focused machines can be prone to damage from a variety of sources, so it’s important to make sure your warranty covers those types of issues. If your warranty doesn’t cover damage from specific sources, consider investing in a sturdy case. ..
Are Other Types Of Warranties Worth It?
While an extended warranty might not be worth your money, there are other types of protections that absolutely are. Your mobile carrier’s protections, for instance. According to a study from SquareTrade, roughly 5,761 smartphone screens break every hour in America. As a country, we are not gentle with our mobile devices. Of course, the study also revealed that the majority of these breaks come from a widespread case of butterfingers—74% of breaks are the result of dropping a device. If you’re worried about your phone breaking and you don’t have an extended warranty or insurance plan, consider using your mobile carrier’s protection plan. A study from SquareTrade found that in America alone, 5,761 smartphones break every hour - and 74% of those breaks happen because people drop their devices! ..
Almost every provider and carrier provides a protection plan that allows you to replace a cracked or broken screen for next to nothing. As the cost of screen replacements rise (the iPhone Xs Max averages around $330 to repair), carrier protections are a solid investment.
Laptops are more prone to damage due to their design, which is why they’re less common among people who use them frequently. People text and answer phone calls on laptops, which can lead to them not looking at the path in front of them.
There is a caveat to this, however. Before you agree to smartphone insurance, make sure the terms and conditions are favorable to you. If you’re spending $10 per month on the insurance and still have an out of pocket deductible of upwards of $100 or more, it’s not worth it. If you needed to replace a screen, you could do so with a replacement ordered from Alibaba and a few hours with YouTube. ..
Are Extended Warranties Worth It For Other Products?
If you’re buying a smart appliance, be sure to get the manufacturer’s warranty. If something goes wrong with the product, you can always return it and get a refund. There’s no need for an extended warranty on these types of products.
Don’t be fooled by game companies’ offers of extended warranties. They’re just a way to make more money off of you. GameStop is notorious for this—$3.99 or so for a year of protection. Companies constantly offer protection plans for game consoles, too. But they’re unnecessary. Any manufacturer-born problem will be repaired for little to no cost as game companies try to stay in the gamers’ good graces.
TVs are often the centerpoint of a home, and companies convince buyers to ensure it is protected all costs. So think about when was the last time a television broke in a way that an extended warranty would cover it? Getting too into a VR game and smashing the screen most likely falls outside of the protection of extended warranties.
Other Factors To Consider
The vast majority of warranties are not worth the money. In fact, most people don’t even realize they have them until something goes wrong and they need to use them. However, if you already have an extended warranty, it can be a very valuable protection. For example, if your product has a one-year warranty and you purchase it with a credit card, your credit card company will usually extend the warranty for an additional year. ..
When you buy something, be sure to ask the store if they offer automatic extended warranties on purchases. Many stores offer this perk as a convenience, and it can save you money in the long run. If your purchase falls within an automatic warranty period, be sure to ask the store about extending the warranty. Many manufacturers offer this option for free, so it’s worth checking with your favorite store.
Don’t buy an extended warranty; instead, save your money and invest it in a savings account or a reliable protective cover.
Did you find that the extended warranty you purchased was worth it? Let us know in the comments below. ..
