Purchase a warranty?

Started 9 months ago | Discussions thread
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Re: Purchase a warranty?
In reply to lysiajoy, 9 months ago

Extended warranties are a good deal for the store. Not so much for the customer.

My rule of thumb is that the extended warranty is not worth the money if it costs more than 2-3% of the purchase price per year of extension. That's for a warranty that covers everything: defects, damage, loss.

I got under that target once and bought the insurance. I didn't need it.

I needed a water heater once. I went shopping and the plumbing department in the local store had 3 levels of water heater. $200, guaranteed for 2 years, $350, guaranteed for 4 years, and $550, guaranteed for 8 years.

I talked to a friend of mine who does plumbing. He told me that they're all the same water heater. You pay for insurance.

I expect that sort of thing is common to most all extended warranties.

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