{"id":630,"date":"2026-06-07T10:42:27","date_gmt":"2026-06-07T10:42:27","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=630"},"modified":"2026-06-07T10:42:27","modified_gmt":"2026-06-07T10:42:27","slug":"think-twice-about-extended-warranties-expert-opinion","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=630","title":{"rendered":"Think twice about extended warranties | Expert opinion"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>Buy a phone, TV, computer, appliance, grill, or dozens of other products and you\u2019ll likely be urged to shell out for a \u201cprotection plan\u201d (also called an \u201cextended warranty\u201d). These plans are enormously profitable for the companies that sell them but usually terrible deals for consumers, according to research from Consumers\u2019 Checkbook.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=628\">How top NHL draft prospects fared at the final day of the NHL combine<\/a><\/p>\n<div><\/div>\n<p>To sell these policies, retailers prey on our \u201closs-aversion\u201d tendencies. Most consumers worry more about having a product fail than they do about the cost to replace it or pay for repairs. For some reason, losing $100 feels far more painful than spending $100. Stores offer a way to alleviate that anxiety by selling mini-insurance policies. <\/p>\n<div><\/div>\n<div>\n<h3>Big profits for companies, little value for consumers<\/h3>\n<\/div>\n<div><\/div>\n<p>Many analysts estimate that less than 20 cents of every dollar spent on extended warranties gets paid out in claims. Unfortunately, companies that sell these plans usually don\u2019t disclose how much money they make from them. <\/p>\n<div><\/div>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<p>Among large retailers, only Lowe\u2019s provides insight. In its 2024 annual report, it disclosed $1.27 billion in deferred revenue from protection-plan sales, with $561 million of that revenue converted as \u201crecognized as sales.\u201d Compare those earnings against the mere $210 million it paid in claims, and that means Lowe\u2019s paid out only about 16.6% of what it took in to fix or replace items for customers who bought protection plans. Lowe\u2019s total profit from extended warranties? More than 60%.<\/p>\n<div><\/div>\n<div>\n<h3>It\u2019s expensive insurance<\/h3>\n<\/div>\n<div><\/div>\n<p>While you should buy insurance to protect against risks that could be financially catastrophic, you shouldn\u2019t bother covering the risk of paying for repairs or replacing most items that you buy.<\/p>\n<div><\/div>\n<p>For most consumers, what AppleCare+, the company\u2019s optional, extended warranty, offers is overpriced. A base-model iPhone 17 costs $799 and comes with a one-year limited manufacturer\u2019s warranty covering repairs. Add AppleCare+ for $11.99\/month or $119.99\/year, and you\u2019ll get an extended warranty against breakdowns, plus coverage for accidental damage, theft, or a lost phone.<\/p>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<p>The problem? Even after those premiums, you\u2019ll still have to pay extra if you run into trouble. Cracked screen? AppleCare+ has a $29 deductible to fix it; you\u2019ll pay a $99 deductible if your clumsiness or a product defect necessitates a different type of repair. If you lose your phone or it\u2019s stolen, the deductible is $149 per occurrence, and you\u2019re limited to two losses per year.<\/p>\n<div><\/div>\n<p>So, if you\u2019ve insured your $799 phone with AppleCare+ and then your phone is damaged beyond an easily repaired cracked screen, you\u2019ll spend $219 (annual premium plus deductible) or $243 (monthly premium plus deductible) in just one year. Phone lost or stolen? You\u2019ll pay even more \u2014$269 or $293 in just one year \u2014 for both the premium and the deductible. <\/p>\n<div><\/div>\n<p>Even if you need a repair, its costs are often comparable to the price of the protection plan. Most retailers charge $100 for three-year extended warranties for major appliances. The odds of a breakdown in the first three years are low, and the average repair cost for appliances is less than $200 a visit. Why purchase a pricy insurance policy to cover an affordable repair?<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=626\">West Chester baseball falls short in winner-take-all game vs. Tampa in Division II championship series<\/a><\/p>\n<div><\/div>\n<div>\n<h3>Credit cards and Costco often provide similar protections for free<\/h3>\n<\/div>\n<div><\/div>\n<p>Many credit cards automatically provide free extended warranties when you use them to pay for products with manufacturer\u2019s warranties. If you shop Costco to snag a TV, computer, appliance, or another manufacturer\u2019s warranty-backed product, you automatically get a free one- or two-year extended warranty.<\/p>\n<div><\/div>\n<div>\n<h3>Still want a warranty extension? Wait to buy it<\/h3>\n<\/div>\n<div><\/div>\n<p>If you can\u2019t get a free warranty extension, you can usually add coverage up to 60 days after buying the product. Some stores allow you to buy coverage until just before the manufacturer\u2019s warranty expires. Take time to think it over \u2014 and to see whether the product you bought is prone to problems.<\/p>\n<div><\/div>\n<p>If you\u2019re set on an extended warranty, you don\u2019t have to buy the store\u2019s plan. Shop for the best warranty deal.<\/p>\n<div><\/div>\n<div>\n<h3>Check what you get<\/h3>\n<\/div>\n<div><\/div>\n<p>We found most plans offer decent coverage. But before you buy, check for exclusions and what happens if something can\u2019t be fixed. Some plans promise to replace a product if it can\u2019t be repaired or requires more than four repairs, but the replacement can be a refurbished or rebuilt unit. Most plans require an original store receipt to file a claim. <\/p>\n<div><\/div>\n<div>\n<h3>How long does it last?<\/h3>\n<\/div>\n<div><\/div>\n<p>Many stores advertise the total length of time you\u2019ll have coverage, including the manufacturer\u2019s warranty. If the product warranty lasts two years, and the store is selling a one-year extension, it might sell it as \u201cthree years of coverage.\u201d That means you could pay $100 or more to extend warranty coverage for just an extra year.<\/p>\n<div><\/div>\n<div>\n<h3>Is there a deductible?<\/h3>\n<\/div>\n<div><\/div>\n<p>As we\u2019ve mentioned, if you buy AppleCare+ and need a repair or replacement, you\u2019ll still have to pay a deductible for fixes or a new device. Do the math and you\u2019ll often find your total potential out-of-pocket cost for \u201cfree\u201d repairs makes the cost of coverage less sensible.<\/p>\n<div><\/div>\n<div>\n<h3>Which repair companies can you use?<\/h3>\n<\/div>\n<div><\/div>\n<p>Many retailers\u2019 warranties mandate repairs be performed by the seller\u2019s own shop or a designated facility. That\u2019s frequently bad news. For example, Best Buy\u2019s repair services get some of Checkbook\u2019s lowest ratings for computer repair. Ditto \u201cauthorized\u201d repair centers for major appliance brands. Having repairs done by these services might be a hassle \u2014 and could still result in a malfunctioning product. <\/p>\n<div><\/div>\n<p><i>Delaware Valley Consumers\u2019 Checkbook magazine and Checkbook.org is a nonprofit organization with a mission to help consumers get the best service and lowest prices. It is supported by consumers and takes no money from the service providers it evaluates. Until July 5, readers can access Checkbook\u2019s ratings and advice free at <\/i><i>Checkbook.org\/Inquirer\/warranties<\/i><i>. <\/i><\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=624\">Golden Tempo wins the 158th running of the Belmont Stakes after winning the Kentucky Derby<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The plans are enormously profitable for the companies that sell them but usually terrible deals for consumers, according to research from Consumers\u2019 Checkbook.<\/p>\n","protected":false},"author":1,"featured_media":629,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Think twice about extended warranties | Expert opinion - 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