Are Appliance Repair Plans Worth The Money?

In Blog, Real Estate on July 21, 2015 by Community Expert Team
Are Appliance Repair Plans Worth The Money?

Home appliances are expensive–and the cost to repair them can be a small fortune. That’s where extended warranties and appliance repair plans aim to help.

The idea behind these plans is that you sign up for a one-time or small monthly fee to protect yourself from the unexpected breakdown of a major appliance, and by doing so you’ll save time, headaches and money. Honestly, these sort of plans are not practical for every person. (And many would say that about the only thing these plans offer is a little peace of mind.) So, if you’re considering an extended warranty or appliance repair plan, here are a few things to consider and know before buying.

Find Out What’s Covered

Finding out what is and isn’t covered under an appliance repair plan or extended warranty is some of the first bit of research you should do to determine whether you’re a good fit. According to an article on Lifehacker, “extended warranty” can mean different things depending on where you’re purchasing the plan at what type of appliance (or device) you’re trying to cover. Investing in a protection plan and then finding out something wasn’t covered when it comes time to use it is probably the No. 1 consumer complaint. So, make sure you do your research.

Existing Warranties

This one seems like a no-brainer, but it’s something that can be forgotten. Make sure you know about any existing warranties–especially if you’re buying new.

Cost vs. Appliance Reliability

When it comes to many home appliances, some are more reliable than others. And the real question you need to ask is whether or not your appliance will break before the standard warranty is up. Consumer Reports releases reports every year on the most reliable (and unreliable) appliances.

Credit Card Protection

According to HouseLogic, many credit card companies offer extended protection on purchases that come with a manufacturer’s warranty. Not all are created equal, so this is another thing to research early on.

Third Party Warranties and Plans

Often times, third party companies may be able to offer you a better protection deal than manufacturers. For devices such as laptops or TVs, SquareTrade is an option to consider. For major appliances, Minnesotans have appliance repair plans options through HomeSmart from Xcel Energy and CenterPoint’s Home Service Plus.

Can You Afford a Major Appliance Repair?

For those who simply can’t afford to shell out hundreds of dollars when an appliance goes down, extended warranties and repair plans can be really helpful.

The Bottom Line?

Do as much research as you can to see if your needs and concerns can be helped by an appliance repair plan or extended warranty. Generally, these sort of plans tend to be the most helpful for people who cannot afford to pay for a repair on their own or for those who have really expensive, high-end appliances.

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This local update courtesy of your Chanhassen Community Expert.

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