Electronics Extended Warranties
We don’t write about politics, mainly because the blood boils hot. Both sides of any aisle are typically adamant about their positions, and then there are those in the middle that fluctuate between the two, issue by issue. It can get nasty, but hey, that’s the system we’ve got. Electronics extended warranties should not generate that same fervent discussion. But believe it or not, it does!
There are people that swear by electronics extended warranties, and those that will tell you they’re a complete waste of time. Far be it from us to come down on one side or the other. Our job is to communicate what these warranties are, and then let you the reader decide if they’re worth it or not.
The extended warranty business is a big one. Analysts peg it at $40 billion dollars annually. That’s impressive it in itself, but the billion-dollar question is – do you need them? The first thing to do before even considering an extended warranty is review the manufacturer’s warranty that comes with your product. Did you know it’s a federal crime to deny you access as a customer to the manufacturer’s warranty upon purchase? These are your rights we’re talking about here!
With that said though, there is nothing more boring and tedious to read than a warranty. This is why when retailers push that extended warranty at the time of purchase, many buy it without having reviewed the original warranty. The reason why – nobody wants to read it! Most original warranties last for 90 days, but some stretch much longer. Extended warranties are designed to extend beyond that period, but some are not as comprehensive as you’d think. Coverage may exclude accidental damage, or a company could deny a claim based on you not following the routine maintenance of said item.
Second, carefully consider (before pulling the trigger on an extended warranty) if the electronic purchase will cost a lot to repair. For big-ticket items, a warranty might run in the $175 neighborhood, whereas for smaller ticket electronics, as little as $15. If you have read online reviews where a certain product fails a lot in specific areas, and the repair costs are exorbitant, then perhaps that pricey warranty is worth it. But again, every case is different.
Lastly, the most difficult question to answer – what’s the likelihood of you making a claim on your electronic device? We’ve all had devices that work like a charm. But some of us have experienced just the opposite. For TVs, roughly 3 to 7 percent will break down in the first four years. Cameras have a repair rate of 5 to 8 percent in the first two years, while gaming consoles fail over the first two years between 3 and 6 percent of the time. Computers have a very high repair rate in the initial years – 24 percent - and smartphones beat them all in terms of something going wrong. This is because we are on them constantly so it would make sense that they break more often. An astounding 30 to 50 percent of smartphones are broken over an initial two-year period.
With the stats in mind you can make a more informed decision. You also need to think about the user of said electronic apparatus and whether he or she is clumsier by nature. Extended warranties can be a rip-off, but in the right circumstances, they can also be a lifesaver as well.
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