Home Appliance Warranty - any recommendations?

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Elysium
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Home Appliance Warranty - any recommendations?

Post by Elysium »

Are there any decent providers of Home Appliance Warranty for all the appliances in the house - just the normal ones for everyday use. We had one with one company that was working out well with a couple of replacements in last 2-3 years which more than paid off, but this company has been under bankruptcy for sometime now, and the service has dropped in quality. Looking to either getting a new warranty or go without one.
runner3081
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Re: Home Appliance Warranty - any recommendations?

Post by runner3081 »

Appliances are pretty cheap, I can’t imagine buying warranties for them.
bob60014
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Re: Home Appliance Warranty - any recommendations?

Post by bob60014 »

Never had the need to.
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cheese_breath
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Re: Home Appliance Warranty - any recommendations?

Post by cheese_breath »

What price appliances are you referring to?
I hope you don't want to insure your electric can opener. :D
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jco
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Re: Home Appliance Warranty - any recommendations?

Post by jco »

Warranty for how long? Costco has a great warranty program for appliances if you pay for it with their Costco Visa. At least 4 years total.
adamthesmythe
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Re: Home Appliance Warranty - any recommendations?

Post by adamthesmythe »

NOT buying appliance warranties is the kind of gambling I like. The risk is low and the odds are in my favor.
squirm
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Re: Home Appliance Warranty - any recommendations?

Post by squirm »

Personally I always thought these warranties were a joke, but maybe not for everyone.
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willthrill81
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Re: Home Appliance Warranty - any recommendations?

Post by willthrill81 »

Rather than pay for a warranty, we save every month into an account designated for home repair expenses. It's worked perfectly for seven years and counting.

IIRC, around half of Best Buy's profits in recent years have come from selling extended warranties. They tend to be extremely profitable products and a bad deal for consumers.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
seawolf21
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Re: Home Appliance Warranty - any recommendations?

Post by seawolf21 »

Generally it is not worth it. But it could pay off for certain items known to have issues. Samsung French door ice makers are known to have issues but ice makers aside, certain models keep accurate temperature throughout so it worth buying it with warranty.
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BogleFanGal
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Re: Home Appliance Warranty - any recommendations?

Post by BogleFanGal »

I was always a "NEVER buy the extended warranty" person - but caved on my recent fridge. All my credit cards discontinued extended warranty coverage benefits in 2019, costco and sam's were completely out of stock on fridges fitting my space (thanks covid) and just couldn't stand the idea of spending 1400 and getting 1 year's guarantee, knowing how problem prone most new fridges tend to be. (Think I'm still PO'd over my LG...2 problems in year 2 , before finally giving up the ghost with a failed compressor at year 3.)

I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
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Re: Home Appliance Warranty - any recommendations?

Post by willthrill81 »

BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
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Elysium
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Re: Home Appliance Warranty - any recommendations?

Post by Elysium »

I will checkout Costco appliance warranty, thanks. Just to clarity, this isn't the extended warranty you purchase with a new product, instead a total warranty for all home appliances you buy in secondary market. As for whether it is worth or not, it has worked in our favor so far last 5 years we had this warranty. I paid cumulative less than $3000 over this period, and had two replacements so far with brand new equipment worth $3500, and another machine that had replacement parts that makes it almost new. Per visit cost have been very low, with one time fee of $75 per case with repeat visits for same case at zero cost. I think I would have spend way more with insuring on our own. As it stands we got back everything we paid, plus two new machines. That said there have been few issues related to delays, holdups, poor service etc. Given everything I think it is certainly something that has worked for us.
Jags4186
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Re: Home Appliance Warranty - any recommendations?

Post by Jags4186 »

I used to be a no warranty guy but now on select appliances I think it makes sense.

I bought a refrigerator at Costco in January this year:

LG manufacturer warranty: 2 years
Square trade 3 years extended warranty: $79.99 (very cheap for appliances under $1000...our fridge was $999.99 :wink: )
Costco Visa extended warranty: 2 years

7 years of coverage...not too bad.
seawolf21
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Re: Home Appliance Warranty - any recommendations?

Post by seawolf21 »

BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I was always a "NEVER buy the extended warranty" person - but caved on my recent fridge. All my credit cards discontinued extended warranty coverage benefits in 2019, costco and sam's were completely out of stock on fridges fitting my space (thanks covid) and just couldn't stand the idea of spending 1400 and getting 1 year's guarantee, knowing how problem prone most new fridges tend to be. (Think I'm still PO'd over my LG...2 problems in year 2 , before finally giving up the ghost with a failed compressor at year 3.)

I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
In case you are not aware, Lowe's warranty also partial reimburse certain maintenance items such as water filters. If no service calls at all during the life of the plan, I believe they provide a partial refund on the plan.

willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
Agree on a macro level that insurance would be a net loss for consumers collectively.

But have to disagree that it is not worth it on an individual consumer level no matter what happens.

As I posted earlier, it makes sense on certain items/model. My fridge is Samsung french door with ice maker with Lowes warranty. Warranty is $230. 1 month after manufacturer warranty expires, ice maker no longer works. Lowe's outsourced repair rep took care of it and he mentioned a call out would have been $150 just to come out. Parts replaced was $350. Total cost would have been $500.

I wouldn't buy warranty on a vent or a stove or even a Bosch dishwasher but for certain models it can make sense. Buyer should do research before purchasing.
armeliusc
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Re: Home Appliance Warranty - any recommendations?

Post by armeliusc »

willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
This, 100%.
Rule of thumb: never buy insurance for anything unless not having the insurance will result in a financial catastrophe if the insured risk occurs.

So if an appliance malfunction results in a financial catastrophe, a much larger financial issue needs to be addressed first.
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Re: Home Appliance Warranty - any recommendations?

Post by willthrill81 »

seawolf21 wrote: Mon Sep 14, 2020 11:38 am
willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
Agree on a macro level that insurance would be a net loss for consumers collectively.

But have to disagree that it is not worth it on an individual consumer level no matter what happens.

As I posted earlier, it makes sense on certain items/model. My fridge is Samsung french door with ice maker with Lowes warranty. Warranty is $230. 1 month after manufacturer warranty expires, ice maker no longer works. Lowe's outsourced repair rep took care of it and he mentioned a call out would have been $150 just to come out. Parts replaced was $350. Total cost would have been $500.

I wouldn't buy warranty on a vent or a stove or even a Bosch dishwasher but for certain models it can make sense. Buyer should do research before purchasing.
I didn't say 'no matter what happens'. Obviously, if you knew the future, then the decision would be easy. But we don't. It's a bad decision, like playing the lottery, even though a few will 'win'.

If it was a good deal for consumers, then nobody would sell extended warranties. The very fact that they do and obviously don't lose money (very much the opposite) is evidence that warranties work in their favor and not consumers'.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
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BogleFanGal
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Re: Home Appliance Warranty - any recommendations?

Post by BogleFanGal »

willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
eh...this one is more a psychological risk - the mental aggravation of paying $1400+ after just paying $1500 3 years ago....and by next Nov/Dec, the idea of junking another fridge way before it's reasonable lifespan and blowing another 1500..and so on in an endless loop. Fridges are really junk these days and just getting someone out to assess is $135-150 in my area, not counting repairs that run 1/2 or more the cost of the appliance.

Does it make it any better that they refund 30% of the $120 warranty cost back if you don't use it after 3 yrs? lol
I still have a few days to cancel....I'm pondering.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
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BogleFanGal
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Re: Home Appliance Warranty - any recommendations?

Post by BogleFanGal »

seawolf21 wrote: Mon Sep 14, 2020 11:38 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I was always a "NEVER buy the extended warranty" person - but caved on my recent fridge. All my credit cards discontinued extended warranty coverage benefits in 2019, costco and sam's were completely out of stock on fridges fitting my space (thanks covid) and just couldn't stand the idea of spending 1400 and getting 1 year's guarantee, knowing how problem prone most new fridges tend to be. (Think I'm still PO'd over my LG...2 problems in year 2 , before finally giving up the ghost with a failed compressor at year 3.)

I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
In case you are not aware, Lowe's warranty also partial reimburse certain maintenance items such as water filters. If no service calls at all during the life of the plan, I believe they provide a partial refund on the plan.
Yup...30% back if you don't use it...half off on water filter replacements (although water in our area is fine and I'll probably bypass the filter anyway.) It's so stupid to obsess over this and as I've said, I NEVER buy extended warranties and talk others out of them usually. But having just been burned big time by a ripoff LG fridge, I guess I have recency bias. Sure do miss those credit card extended warranty benefits. :annoyed
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
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Re: Home Appliance Warranty - any recommendations?

Post by willthrill81 »

BogleFanGal wrote: Mon Sep 14, 2020 1:03 pm
willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
eh...this one is more a psychological risk - the mental aggravation of paying $1400+ after just paying $1500 3 years ago....and by next Nov/Dec, the idea of junking another fridge way before it's reasonable lifespan and blowing another 1500..and so on in an endless loop. Fridges are really junk these days and just getting someone out to assess is $135-150 in my area, not counting repairs that run 1/2 or more the cost of the appliance.

Does it make it any better that they refund 30% of the $120 warranty cost back if you don't use it after 3 yrs? lol
I still have a few days to cancel....I'm pondering.
If it was a good financial deal for you, then it would be a bad deal for Lowe's (or whoever is offering the warranty). The fact that they are willing to sell it to you is evidence that it's a good deal for them.

Yes, sometimes you can 'win' with these warranties. But on average, you will lose.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
seawolf21
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Re: Home Appliance Warranty - any recommendations?

Post by seawolf21 »

BogleFanGal wrote: Mon Sep 14, 2020 1:08 pm
seawolf21 wrote: Mon Sep 14, 2020 11:38 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I was always a "NEVER buy the extended warranty" person - but caved on my recent fridge. All my credit cards discontinued extended warranty coverage benefits in 2019, costco and sam's were completely out of stock on fridges fitting my space (thanks covid) and just couldn't stand the idea of spending 1400 and getting 1 year's guarantee, knowing how problem prone most new fridges tend to be. (Think I'm still PO'd over my LG...2 problems in year 2 , before finally giving up the ghost with a failed compressor at year 3.)

I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
In case you are not aware, Lowe's warranty also partial reimburse certain maintenance items such as water filters. If no service calls at all during the life of the plan, I believe they provide a partial refund on the plan.
Yup...30% back if you don't use it...half off on water filter replacements (although water in our area is fine and I'll probably bypass the filter anyway.) It's so stupid to obsess over this and as I've said, I NEVER buy extended warranties and talk others out of them usually. But having just been burned big time by a ripoff LG fridge, I guess I have recency bias. Sure do miss those credit card extended warranty benefits. :annoyed
Costco VISA still offers extended warranty. So does Chase - https://creditcards.chase.com/a1/freedom/CFD

willthrill81 wrote: Mon Sep 14, 2020 12:54 pm
seawolf21 wrote: Mon Sep 14, 2020 11:38 am
willthrill81 wrote: Mon Sep 14, 2020 10:29 am
BogleFanGal wrote: Mon Sep 14, 2020 10:06 am I got the Lowe's extended warranty. Was I a sucker? Still trying to decide that.
I regret to inform you that your decision was not a good one, no matter what happens with your fridge.

No company is going to sell you a warranty for less than it costs them to offer it to you. Generally, extended warranties are very profitable for those selling them. The expected value of an extended warranty to you is negative. The only time it makes mathematical sense to insure a risk (including buying a warranty) is if the manifestation of that risk would be financially detrimental to you. That shouldn't be the case with a refrigerator.
Agree on a macro level that insurance would be a net loss for consumers collectively.

But have to disagree that it is not worth it on an individual consumer level no matter what happens.

As I posted earlier, it makes sense on certain items/model. My fridge is Samsung french door with ice maker with Lowes warranty. Warranty is $230. 1 month after manufacturer warranty expires, ice maker no longer works. Lowe's outsourced repair rep took care of it and he mentioned a call out would have been $150 just to come out. Parts replaced was $350. Total cost would have been $500.

I wouldn't buy warranty on a vent or a stove or even a Bosch dishwasher but for certain models it can make sense. Buyer should do research before purchasing.
I didn't say 'no matter what happens'. Obviously, if you knew the future, then the decision would be easy. But we don't. It's a bad decision, like playing the lottery, even though a few will 'win'.

If it was a good deal for consumers, then nobody would sell extended warranties. The very fact that they do and obviously don't lose money (very much the opposite) is evidence that warranties work in their favor and not consumers'.
Maybe I misread but I interpret when you wrote "no matter what happens to the fridge" as it's a bad deal "no matter what happens to the fridge." I agree that collectively, insurer would profit as they set premiums but that's doesn't mean on an individual basis, it's always a bad deal.
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willthrill81
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Re: Home Appliance Warranty - any recommendations?

Post by willthrill81 »

seawolf21 wrote: Mon Sep 14, 2020 2:37 pm Maybe I misread but I interpret when you wrote "no matter what happens to the fridge" as it's a bad deal "no matter what happens to the fridge." I agree that collectively, insurer would profit as they set premiums but that's doesn't mean on an individual basis, it's always a bad deal.
As I said, some individuals will certainly 'win' with such a warranty, but most will lose. If they didn't, they wouldn't sell the warranty because it would be unprofitable.

Unless you know in advance that your specific refrigerator will break, then the correct decision is to avoid buying the warranty, knowing that you will probably 'win' but might 'lose'.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
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