If you’ve ever spent time shopping for a car, an appliance, or an expensive furniture piece, you’ve probably heard of the term “extended warranty”. Extended warranties are one of several ways that you can protect your purchases. But what do they cover, how do they work, and are they worth it for you? In this article, we’ll take a look at extended warranties, including what they are, how they work, and when they’re the best option to protect your purchases.
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What is an extended warranty?
When you buy a big-ticket item such as a car, tech product, appliance, or furniture piece, most retailers offer some type of promise or guarantee that they’ll back up your purchase if something goes wrong. This is known as a product, or manufacturer's, warranty.
For customers who would like to purchase extra protection, many retailers offer another plan known as an extended warranty. Extended warranties are designed to lengthen the period of time for the product warranty coverage, and add additional coverage that wasn’t included in the standard product warranty.
For example, if you’ve purchased an appliance from a home improvement store and want extra protection after your product warranty ends, you can purchase an appliance extended warranty to extend the time of coverage and protect your product against extra incidents.
When should you buy an extended warranty?
So when should you buy an extended warranty, and when is it better to skip it? Here are some factors to think about:
What is your financial situation?
First, it’s important to think about your financial situation. If the product in question breaks down, are you prepared to replace it, or will it cause financial problems in your life? If you’re living on a tight budget, it might be worth buying the extra protection so you don’t experience as much of a setback if something happens to your purchase. Even if you don’t end up filing a claim, the money you’ll have lost on the cost of the extended warranty is likely much less than the cost of replacing or repairing the product.
On the other hand, if you’re on less of a tight budget, you might not feel like an extended warranty is worth the trouble, especially if you're already keeping track of other warranties and don’t want to add another one to the list. (If this is something that worries you, keep Mulberry Unlimited in mind–you can protect almost all of your online purchases for one small monthly fee).
How necessary is the item?
Next, it’s helpful to think about how essential the item in question is to your life. For example, if you’re trying to decide whether or not to purchase protection for a washer, dryer, or another frequently-used appliance, this answer will likely be different than if you’re deciding whether or not to purchase an extended warranty for a TV that you don’t use as often.
Do you need peace of mind?
For some people, purchasing an extended warranty is worth it just for the peace of mind. If you’re someone who will likely feel stressed if your purchase is not protected, this is also important to consider when deciding whether or not to purchase an extended warranty.
How will you use the item?
Finally, it’s important to think about your own lifestyle and how you’re planning to use the item. Do you have kids or pets that will be using the item? Is the item fragile and easily breakable? Is it an item that will get a lot of use? The answers to these questions can help you determine whether or not an extended warranty is worth it for you.
Are extended warranties worth it?
At the end of the day, whether or not an extended warranty is worth it depends on several factors, including your personal preferences and the type of item you’re buying. However, if you’re on the fence about purchasing an extended warranty, an unlimited product protection plan might be perfect for you.
With Mulberry Unlimited, you can protect unlimited purchases for only $9.99 per month. You’ll have access to unlimited claims, up to $2,500 per year with no deductibles or hidden fees, ever. It's the ultimate peace of mind for all your favorite products.
