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Home » Jobs & Money » Frugal Ideas » Should You Insure Your Appliances? What About Extended Warranties?

Should You Insure Your Appliances? What About Extended Warranties?

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I am an appliance salesperson’s worst nightmare. I will relentlessly haggle the price on a refrigerator, washer, dryer, or other appliance until I get the price I want.

This is not very hard to do. Salespeople at appliance stores tend to give in on the price of appliances because they expect to make money on the additional service warranty.

warranty-appliances-home-service-plan

If you want to see a really upset salesperson, refuse the warranty after getting an excellent price on the appliance!

 

Why I Don’t Purchase Service Warranties

First of all, products are automatically covered for the first year by the manufacturer — sometimes longer.  Therefore, if I felt I needed a warranty, I would wait until that time was almost over, and then accept the offer of an extended warranty that you tend to get in the mail.

Secondly, an appliance warranty is not necessary if you have a home service plan.

According to Bob Vila:

With home service plans you can insure your appliances for repair or replacement even when they’re past their prime.

A home service plan will protect you if your hot water heater suddenly gives out, or your dryer stops drying.

The cost of such a plan is about $400 a year at most, and carries small deductibles ranging between $35 to $100.  If you carried a warranty on each of your home appliances, you might find that a home service plan warranty would be cheaper.

Regardless of whether you choose individual warranties, or one service plan warranty for your home, be sure to read the fine print before you sign any policy.

 

More About Extended Warranties

  • 6 Things You Need To Know Before Buying A Home Warranty
  • Should You Buy The Optional Extended Warranty Or Service Protection Plan?
  • What Is A Home Warranty Plan?
  • Auto Extended Warranties: You May Be Entitled To A Refund
  • Should I Buy The Extended Warranty For Electronics?
  • Pros & Cons of Buying The Technical Service Agreement On Electronics
Andrea
Andrea

I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.

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Filed Under: Frugal Ideas, Jobs & Money Tagged With: Appliances, Insurance

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LynnetteAlways on the lookout for a good bargain, I consider myself a frugal person -- but not cheap. And not afraid to spend money on the things that matter. I like to share good deals with others when I find them. One of my favorite ways to save money is to reuse items in ways other than their intended purpose -- so I write a lot about outside-the-box ideas that most people wouldn't think of! When I'm not saving money or looking for good deals, you'll find me at the corner of Good News & Fun Times as publisher of The Fun Times Guide (32 fun & helpful websites).

Lynnette: View My Blog Posts

AndreaI have been a certified tightwad striving for financial freedom since I became pregnant with my first child -- and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future -- which will include sending 2 kids to college and early retirement.

Andrea: View My Blog Posts

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