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I've moved around a lot and have bought LOADS of appliances for our residences and rentals. This has not been the case with us. The extended warranty would have paid off exactly zero times.
Lucky you. Just because it hasn't happened doesn't mean it won't happen. Appliance mfg's only give 1 stinking yr on their warranty, that should tell us all something about the quality & it's a damn shame consumers need to purchase extended warranties on products in the 1st place. If you would take the time to read the complaints on Amazon, youtube, consumer affairs, BBB, my3cents, you'd have to agree there are some legitimate complaints. Appliances are not cheap, people have a right to expect a minimum of a 15 yr lifespan from them, but not so anymore. Refrigerators that leak, stop cooling altogether, catch on fire, icemakers that don't last 1 yr........stoves that the glass door on the ovens just explode for no reason even when not in use with shards of glass flying across the room......... over the range microwave ovens that don't last 1 yr that cost $400-$600.............and don't get me started on the pure junk washers & dryers especially the "HE" (high efficiency) one's with all the bells & whistles, computer error codes, vibrations, leaks, floods, clothes ripped, knotted, unbalanced loads, bearings shot, too little water & clothes don't even get wet consequently they're still dirty, mold & mildew, & worse of all washers exploding (see video's on youtube)!! The complaints are horrendous & endless. The only brand I've read where customer's were well pleased was for Speed Queen washers & dryers, everything else seems to suck.
You are missing the point. There are many many people who have had endless problems with their appliances. As suggested do some research......customer complaint boards are endless. When a consumer is spending many thousands on appliances for their home, it makes sense to consider purchasing extended warranties...at least on the more expensive items.
We bought appliances with lots of extras and I think there is more potential for problems with all the bells and whistles than there is for rental grade appliances. Had you bought our appliances without an extended warranty, you would probably be one of those unhappy people on those customer complaint web sites.
Quote:
Originally Posted by SassySpice
Lucky you. Just because it hasn't happened doesn't mean it won't happen. Appliance mfg's only give 1 stinking yr on their warranty, that should tell us all something about the quality & it's a damn shame consumers need to purchase extended warranties on products in the 1st place. If you would take the time to read the complaints on Amazon, youtube, consumer affairs, BBB, my3cents, you'd have to agree there are some legitimate complaints. Appliances are not cheap, people have a right to expect a minimum of a 15 yr lifespan from them, but not so anymore. Refrigerators that leak, stop cooling altogether, catch on fire, icemakers that don't last 1 yr........stoves that the glass door on the ovens just explode for no reason even when not in use with shards of glass flying across the room......... over the range microwave ovens that don't last 1 yr that cost $400-$600.............and don't get me started on the pure junk washers & dryers especially the "HE" (high efficiency) one's with all the bells & whistles, computer error codes, vibrations, leaks, floods, clothes ripped, knotted, unbalanced loads, bearings shot, too little water & clothes don't even get wet consequently they're still dirty, mold & mildew, & worse of all washers exploding (see video's on youtube)!! The complaints are horrendous & endless. The only brand I've read where customer's were well pleased was for Speed Queen washers & dryers, everything else seems to suck.
It's not luck, it's simple math. No one gets into the business of selling appliance warranties by paying out more than they take in. Mathematically the odds of your warranty paying out more than what the warranty cost are poor at best. The internet is full of people complaining about things because that's what people do on the internet. No one gets online to rant about how their appliance functions correctly and as expected, but give someone the opportunity to complain and they will.
The appliances in the rentals aren't basic stuff - it's mostly Frigidaire, Maytag and some GE profile here and there. In our residences it's largely been LG. Zero calls for repair.
MissNM has it figured out. Save a bit for a replacement budget instead of paying for an appliance warranty, and do your research upfront.
Those warranties are generally accepted as a very bad deal for the consumer. However we still buy a home appliance warranty from teh electric company. We pay about $3 a month I think. We have used it quite a bit, but then we made the mistake of buying CR's top rated dishwasher (A Bosch). It breaks more than our worn out cars do, so we get more than our moenys worth out of the warranty. Thanks to all those people who pay for the warranty and have no problems (since that is most other people). It is nice of you to pay for our appliance repairs.
I generally think extended warranties on electronics are a waste, but a few years ago I upgraded my kitchen appliances to fairly high end and got a 5 yr extended warranty on the fridge and dishwasher, because from reviews it seemed like those were the most prone to issues. I got a decent deal on the warranties so I just did it for peace of mind. Well recently the fridge had issues and needed the circuit board replaced, so it ended up working out. The cost of that would've exceeded what I paid for both warranties.
My experience has been that the appliance breaks down within the manufacturer's one year warranty or after the extended warranty period. For instance, the computer board on our range went out within the first 3 months. It went out again, 8 years later. An extended warranty wouldn't have helped with either repair. If I were to ever buy an extended warranty, it would be for a refrigerator or clothes washer. Most other appliance repairs can be a DIY fix for less than the extended warranty.
We bought over $6,300 in appliances almost 5 years ago....$500 to insure everything tor 5 years hardly seems to be a waste. Our warranty has paid for about $3700 worth of replacement parts, replacement appliance and service calls. We did look at customer service reviews before our purchase.....we don't spend $6300 without doing our research. That $500 warranty was money well spent. It was also comforting to know that for 5 years our appliances were completely 100% covered with a replacement and repair policy.
Also many appliances are not DIY repair items for the average consumer. They have complicated circuitry boards and computer chips.
It's not luck, it's simple math. No one gets into the business of selling appliance warranties by paying out more than they take in. **Mathematically the odds of your warranty paying out more than what the warranty cost are poor at best. The internet is full of people complaining about things because that's what people do on the internet. No one gets online to rant about how their appliance functions correctly and as expected, but give someone the opportunity to complain and they will.
The appliances in the rentals aren't basic stuff - it's mostly Frigidaire, Maytag and some GE profile here and there. In our residences it's largely been LG. Zero calls for repair.
MissNM has it figured out. Save a bit for a replacement budget instead of paying for an appliance warranty, and do your research upfront.
I did do my research that's why I know it's foolish not to buy a extended warranty for the cheaply made but expensive looking & costing appliances we have today. The stuff that's in apt rentals are "builder's grade" appliances, most are older models & lack bells & whistles, actually that's probably the way to go to tell the truth cause bells & whistles don't do anything but break eventually since they're not well made to start with. And what are you talking about ** before you make such a ridiculous statement you need to do your research, there are 1000's of people whose appliances broke down within the 1 yr mfg warranty, I paid $179.99 total for a extended warranty for a new gas stove & dishwasher, so how in hell does that exceed paying more than the appliances are worth? Take your own advice, do your research.
We bought over $6,300 in appliances almost 5 years ago....$500 to insure everything tor 5 years hardly seems to be a waste. Our warranty has paid for about $3700 worth of replacement parts, replacement appliance and service calls. We did look at customer service reviews before our purchase.....we don't spend $6300 without doing our research. That $500 warranty was money well spent. It was also comforting to know that for 5 years our appliances were completely 100% covered with a replacement and repair policy.
Also many appliances are not DIY repair items for the average consumer. They have complicated circuitry boards and computer chips.
I had to highlight that because it's the guts of the argument & they just don't get it. And I'll tell you what else they're ignorant to: repair cost, appliances that have "computer motherboards" cost equal to the purchase price!! Unfortunately the majority of appliances are run by computers from TV's, microwave ovens, stoves, washer & dryers, & dishwashers, there's not much to choose from without them. Your complaints of the problems you had are typical of some of the post I've read on other forums, some were heartbreaking & the majority didn't get the extended warranties yet they'd call the mfg crying who would inform them their appliance was out of warranty & more or less told the customer to go screw themselves, & this is all brands: Whirlpool & LG (both have a notorious reputation), Samsung, GE, etc. So I agree at least we have peace of mind for 5 yrs, after that...........God help us.
I did do my research that's why I know it's foolish not to buy a extended warranty for the cheaply made but expensive looking & costing appliances we have today. The stuff that's in apt rentals are "builder's grade" appliances, most are older models & lack bells & whistles, actually that's probably the way to go to tell the truth cause bells & whistles don't do anything but break eventually since they're not well made to start with. And what are you talking about ** before you make such a ridiculous statement you need to do your research, there are 1000's of people whose appliances broke down within the 1 yr mfg warranty, I paid $179.99 total for a extended warranty for a new gas stove & dishwasher, so how in hell does that exceed paying more than the appliances are worth? Take your own advice, do your research.
It's obvious you failed to read the entire post so go back and have another go at it. The appliances in the rental units are nowhere near builder grade appliances. Below upper-middle range wouldn't work for the market segment they're in.
Btw the big, bad scary computers have been in most appliances since the late '80s. Printed circuit boards are easy to replace. Keep on paying that warranty though. They're highly profitable on their end for a reason.
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