Is it Worth Getting a Warranty for Your Home Appliances?

When you first buy a kitchen appliance, it usually comes with a short-term warranty that provides financial protection if the appliance breaks. After the warranty expires, you will have the option to extend it or continue without coverage.

Depending on the appliance and the manufacturer, the warranty period can last between 12 months and 5 years. An extended warranty adds extra time to the end of this period. For example, if your original warranty is just 12 months long, you can purchase an extended warranty for a further four years.

What is a Home Appliance Warranty?

An extended home appliance plan or warranty is an agreement between you and the manufacturer. It confirms the replacement or repair of your home appliances if they break during the warranty period.

Some warranty plans specify whether you can get either a full refund or a repair, or both options. The warranty will also specify certain repairs or deductibles that affect the level of coverage that you get.

Most kitchen appliances come with the option of an extended warranty, including washing machines, dishwashers, fridges, ovens, kettles, and toasters. For some people, having the extra coverage provides peace of mind, even for the smaller kitchen appliances.

Is a Warranty for Your Home Appliances Worth the Money?

The question on your mind is probably, is it really worth purchasing an extended warranty for my home appliances?

If you’ve bought an expensive appliance, it’s nice to know that you’ll be able to get a replacement or repair if it breaks in the near future.

However, some extended warranty plans can be expensive in and of themselves. Many people would rather risk it and pay for any home appliance repairs out of their own pockets if needed.

Below, we’ve covered the key benefits and drawbacks of getting extended warranties for your home appliances.

Benefits

1. Peace of mind knowing that you can get a replacement or repair if your favorite kitchen appliances break
2. Access to qualified third-party technicians for your appliance repairs
3. Clear information about pricing and fees that you’ll need to pay if your appliances break
4. Customizable plans with varying levels and lengths of coverage
5. Easier to budget for the future

Drawbacks

1. Sometimes, buying brand-new appliances can be cheaper than paying for the warranty, or the warranty costs just as much as the appliance itself
2. You may end up paying two warranties if you buy a new appliance during your current warranty period, and it might not be possible to combine them
3. You might never need to make a claim on your warranty if the appliance doesn’t break
4. Many manufacturers require you to purchase separate warranties for each appliance that you buy
5. Warranties don’t cover every type of damage. Many don’t cover the costs of repairs or replacements if the original appliance has been broken after an accident