Are extended warranties on appliances worth it?

[Goldendoodle1969]

Extended Warranties are a cash cow for retailers. They are almost NEVER worth it.

This is a fabulous read...Unwarranted

[NJGOAT]

I generally opt out of the warranties, but did buy them on the washer and dryer we got a year ago. We got them at Sears and if we financed with them (were offered 0% for 12 months) the cost of the warranty was only $99 for the pair, which extended the warranty with full coverage for 5 years. It may have ultimately been wasted money, but it worked out to be less than ANY repair would be on the machines and I figured it was worth it as it also included a free annual service trips for cleaning duing the warranty period.

So, I think it ultimately comes down to a cost-benefit and the cost and coverage of the warranty is the main decider. I felt much like bradykp that the $99 was a small price for peace of mind on a $1,700 washer/dryer pair.

[msulinski]

Warranties are basically insurance policies on your appliances. Generally, you don't buy insurance on something you can afford to lose. So if you can handle replacing one of your appliances after the manufacturer's warranty expires, don't by the extended warranty.

[davenj08]

Originally Posted by CaptainNJ

has anyone used a warranty successfully? i never buy them. im willing to risk it and i feel like if i ever needed to take advantage of a warranty i would be denied for whatever reason.

I just recently used my extended warranty from American Express (which fortunately is free on all purchases). My 15 month old Sony camera's touch screen stopped working over the weekend and Amex processed the claim and refunded the full price within 48 hours. This is the first time I ever used their extended warranty and was amazed by their promptness.

[vacoder]

If you have a dog that sheds I would buy one on the fridge especially if it is a bottom freezer style.