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Are extended warranties worth it?

-Poughkeepsie NY

Sometimes they are. We frequently buy extended coverage on equipment from pumps to washers and machines. Frequently these devices fail and the labor for a repairman is upwards of $150 per hour to fix these seemingly simple devices.

Most recently a washing machine failed and the extended warranty covered the $150 per man hour fees to fix it, then it failed again - a different part, Samsung provided another visit and found a couple more worn things requiring replacement. Then again it failed! A bearing wore out.

In just 5 years that $170 warranty paid off almost 10 times over! Totally worth it. So just like extended warranties on new tires otherwise known as Road Hazard coverage - its totally worth it.

For as little as about $10.95 a tire this coverage offers protection where tire companies draw the line - a damage from something you cant control - debris in the road, potholes, the sorts of driving hazards that are not quite insurance accidents but also are not defects.

Why is it that insurers dont cover or exclude these events? Because they happen often! Your insurance company would not make money covering road hazard tires, thats the bottom line. But you can!