Purchase a warranty?

Started Apr 2, 2014 | Discussions
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lysiajoy Junior Member • Posts: 36
Purchase a warranty?

Hello!

I'm about to buy a new camera from Amazon and since it's a chunky investment I want to make sure I'm covered. The manufacturer's warranty is pretty skimpy (1 year for defects) and Amazon's is kind of pricey. I know Square Trade is supposed to be a good company. Any input on what to look for in terms of best coverage for the least amount of money? Like, incidents to make sure are covered? I'm very careful with cameras and don't do super crazy stuff but I do use it outdoors and around kiddos.

thanks!

darklamp Senior Member • Posts: 3,567
Check if your househol insurance will cover it
1

I personally regard these warranties are something of a con in the sense that you spend a lot for something that's very unlikely to happen. But if you're going to go that route anyway at least check if your household insurance will provide cover.

Richard Veteran Member • Posts: 4,858
Reason to buy a Canikon DSLR
2

lysiajoy wrote:

Hello!

I'm about to buy a new camera from Amazon and since it's a chunky investment I want to make sure I'm covered. The manufacturer's warranty is pretty skimpy (1 year for defects) and Amazon's is kind of pricey. I know Square Trade is supposed to be a good company. Any input on what to look for in terms of best coverage for the least amount of money? Like, incidents to make sure are covered? I'm very careful with cameras and don't do super crazy stuff but I do use it outdoors and around kiddos.

thanks!

Consumer reports and others have said these warranties are a waste of money, and that is absolutely true unless you have a problem that requires you to use the additional warranty.

All the cameras I have owned Canon/Nikon far exceeded the manufacturer warranty period and the extended warranty period. Same with same with other electronics. The only problems that many people have been with things that neither warranty would cover anyway (abuse) . But I have only owned DSLRs, and they are very durable, but don't take my word for it.. I have not seen any test like the ones below done by an Oly mirrorless or any of the other expensive mirrorless cameras, Though it is possible they would hold up as well. Personally, I think the Canon is more durable than Nikon from the problems I have seen documented on the web and some of the quality control issues Nikon has had but I wouldn't hesitate to buy either.

http://youtu.be/RCT-YMgjm9k

http://youtu.be/D1tTBncIsm8

http://youtu.be/FWzsXeXCwuc

I wouldn't buy a warranty from Square trade, too many complaints over 200. If you read through, many say after the initial response..

(The consumer indicated he/she ACCEPTED the response from the business.)
thank you for the follow-up. I am disappointed I had to file a complaint to get resolution, but thank you. -

Seems you have to complain to the BBB a lot to get a resolution, many do, and some don't. But I never had to complain because my DSLRs have not broken, My D70 is still working since 2005, almost 10 years ago. Good luck to you.

http://www.bbb.org/greater-san-francisco/business-reviews/extended-warranty-contract-service-companies/squaretrade-in-san-francisco-ca-35878/complaints

(unknown member) Senior Member • Posts: 5,590
Re: Check if your househol insurance will cover it
2

darklamp wrote:

I personally regard these warranties are something of a con in the sense that you spend a lot for something that's very unlikely to happen. But if you're going to go that route anyway at least check if your household insurance will provide cover.

Don't confuse warranties with insurance.  A household insurance may provide cover if the product is stolen, lost or damaged.  It is unlikely to cover you against defects and breakdowns.

hotdog321
hotdog321 Forum Pro • Posts: 16,401
Re: Reason to buy a Canikon DSLR

I agree with the others. Extended warranties are generally a waste of money. Think about it--do you think a store would offer an extended warranty if they LOST money on the deal? Good gear almost never fails or is covered in the extended warranty period.

Solution? Buy quality and have insurance. I'm a pro and use a simple rider on my State Farm Insurance policy for my camera gear. I only insure my high-dollar items (300 f/2.8 and other expensive lenses, camera bodies) and pay about $75 per quarter.

 hotdog321's gear list:hotdog321's gear list
Canon EOS 5D Mark III Canon EF 70-200mm f/2.8L IS II USM Canon EF 24-70mm f/2.8L II USM Canon EF 16-35mm f/4L IS USM Canon EF 11-24mm F4L +1 more
Richard Veteran Member • Posts: 4,858
What do you think?

hotdog321 wrote:

I agree with the others. Extended warranties are generally a waste of money. Think about it--do you think a store would offer an extended warranty if they LOST money on the deal?

Very true

Solution? Buy quality and have insurance. I'm a pro and use a simple rider on my State Farm Insurance policy for my camera gear. I only insure my high-dollar items (300 f/2.8 and other expensive lenses, camera bodies) and pay about $75 per quarter.

While I think this is wise for you do you thing this is good for a beginner or amateur? That is 300 dollars a year. Most of them might have a crop camera and a couple lenses. 2 or 3 thousand for the lens and 1 thousand for the body? I have never had insurance on my stuff since 10 years ago when I bout the D70. That would be 3 thousand dollars. I have never lost anything.

I am not your average non pro, I have a 400 2.8 is so if someone stole that the insurance would have paid out more than I paid it, but I would guess my insurance premium would go up.

I have always second guessed what I should do with insurance, I have no comprehensive on any of my cars or motorcycles, I pay 60 dollars a month for 4 vehicles. I have never made a claim.

I understand why you have insurance for your camera and lenses, you are out in the field a lot more than the average or enthusiast shooter, your gear is more expensive and you are under pressure to perform and you may need a lens that was stolen for your next shoot and insurance will help you get it faster if it was stolen, you also get a tax write off for insurance, but for the average Joe with a lot less gear and no real need other than to participate in a hobby do you still think it is worth it?

Brian in Montana
Brian in Montana Regular Member • Posts: 442
Re: Purchase a warranty?

In general, a manufacturing defect will show up relatively quickly once you start using the equipment. The manufacturer's warranty covers that. Don't waste your money. Brian

hotdog321
hotdog321 Forum Pro • Posts: 16,401
Re: What do you think?

The cost of the rider will vary according to the replacement costs of the insured gear. For a few thousand dollars of standard gear, the rider would be much less than the $75 I quoted. Personally, I just insure items over $1000 in case of catastrophe.

 hotdog321's gear list:hotdog321's gear list
Canon EOS 5D Mark III Canon EF 70-200mm f/2.8L IS II USM Canon EF 24-70mm f/2.8L II USM Canon EF 16-35mm f/4L IS USM Canon EF 11-24mm F4L +1 more
Aberaeron Senior Member • Posts: 4,979
Re: Purchase a warranty?

lysiajoy wrote:

Hello!

I'm about to buy a new camera from Amazon and since it's a chunky investment I want to make sure I'm covered. The manufacturer's warranty is pretty skimpy (1 year for defects) and Amazon's is kind of pricey. I know Square Trade is supposed to be a good company. Any input on what to look for in terms of best coverage for the least amount of money? Like, incidents to make sure are covered? I'm very careful with cameras and don't do super crazy stuff but I do use it outdoors and around kiddos.

thanks!

Square Trade and shop extended warranties tend to provide poor value for money. When I bought the Fuji, an extended two year warranty from Currys, the UK retailer, was something like £160 to give three years total cover. Fuji's own comprehensive warranty cost £60 for three years extra, four years total cover.

Search your camera manufacturer's website to see whether they offer an in-house warranty like Fuji do.

 Aberaeron's gear list:Aberaeron's gear list
Fujifilm X20 Sony SLT-A57 Olympus OM-D E-M10 Panasonic Lumix DMC-G7 Olympus 7-14mm F2.8 Pro +16 more
lysiajoy OP Junior Member • Posts: 36
Re: Purchase a warranty?

Thanks everyone! Quite an eyeopener. Here's some new info to consider... I'm going to purchase a NEX-6 through Amazon Warehouse - it's used in very good condition, has been repackaged. Amazon couldn't tell me whether the manufacturer's warranty would still apply. I called Sony and they basically said if you don't have the original purchaser's receipt they only cover it for 90 days. I asked if there's a way to extend the warranty and he quoted me $50 for 2 years. If I love & decide to keep the camera, I'd be nervous with only 90 days of coverage. Sooooo......

RedFox88 Forum Pro • Posts: 25,260
Re: Purchase a warranty?

lysiajoy wrote:

Hello!

I'm about to buy a new camera from Amazon and since it's a chunky investment I want to make sure I'm covered. The manufacturer's warranty is pretty skimpy (1 year for defects)

There's a good reason why most products come with a one year warranty: if the product is going to have a problem, it's usually within the first year due to a bad component. If it lasts a year it'll likely last a long time.  I do not recommend buying extended warranties because they are profit generators for companies and are rarely of benefit since your camera is going to depreciate rapidly.  That is unless you break things often, drop them, lose them and you'll then want to see what any extended warranty actually covers (theft? owner breaking them? accidental damage?  or only components inside stop working without external damage)

RUcrAZ
RUcrAZ Veteran Member • Posts: 4,587
Re: Purchase a warranty?

A couple of years ago, I did a numbercrunching exercise - without going into the details, extending the warranty for 2 years after the initial 1 year manufacturer's warranty it came out that, statistically, the break-even point was around 6% of the original cost of the camera.

But I also have a friend that buys extended warranties on most things he buys, and usually needs it!

So...

RUcrAZ

dwight3
dwight3 Senior Member • Posts: 2,378
Re: Purchase a warranty?

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.

 dwight3's gear list:dwight3's gear list
Nikon D200 Nikon D4 Nikon D800E Nikon AF-S Nikkor 70-200mm f/2.8G ED VR Nikon AF-S Nikkor 14-24mm f/2.8G ED +8 more
Ed B
Ed B Veteran Member • Posts: 7,823
Re: Purchase a warranty?

lysiajoy wrote:

Thanks everyone! Quite an eyeopener. Here's some new info to consider... I'm going to purchase a NEX-6 through Amazon Warehouse - it's used in very good condition, has been repackaged. Amazon couldn't tell me whether the manufacturer's warranty would still apply. I called Sony and they basically said if you don't have the original purchaser's receipt they only cover it for 90 days. I asked if there's a way to extend the warranty and he quoted me $50 for 2 years. If I love & decide to keep the camera, I'd be nervous with only 90 days of coverage. Sooooo......

$50.00 for a two year extended warranty from Sony, on a used camera?

I'd jump on that deal in a heart beat.

lysiajoy OP Junior Member • Posts: 36
Re: Purchase a warranty?

Yeah, that's what the cust svc guy said! Good to hear you think it's a good deal. I have no frame of reference! Thanks

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