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Save Money On Extended Warranties: Here's How

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Save Money On Extended Warranties: Here's How

Old 01-03-03, 05:02 PM
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Save Money On Extended Warranties: Here's How

I currently run two digital photography websites and a digital photography forum. My other hobby is home theater. I've kind of put a hold on my home theater impulses for the past year and a half, and got into photography. But whether it be a digital photography or home theater, I notice the same thing: Extended Warranties and should I buy them. Here are a few words of advice.

1) In most cases, you don't need or will never need, those extended warranties that are sold in the store at the point-of-purchase.

2) Talk to your homeowners insurance agent and ask for a separate personal article policy on your home theater equipment. This will cover everything beyond the normal coverage, with the exception of Acts of God and just recently, Terrorism incidents.

3) In most cases, damages to your equipment are caused by you and your negligence, and not because of defective equipment.

Your equipment can be covered even if YOU or someone else damage it accidentally (i.e., spill your drink on your amplifier, the dog runs through the house and rips a hole in your $5000 speakers, etc.) Your equipment can also be covered if you transport it anywhere in the US--such as taking your DVD player over to grandma's to watch the Odd Couple over the holidays. You are not limited to your home. If your DVD player has a problem at grandma's or grandma accidentally mistakens your DVD player for a VHS player and crams the VHS tape into the cd slot, you can still be covered under article policy (be sure to ask your agent for the hypothetical examples so they will know what kind of article policy is for you).

The cost of an Article Policy? Very cheap.

When considering how much you would normally pay to have all of your equipment "covered" under a very limited extended warranty and how often you buy equipment, it will cost you maybe $10 a month extra for $10,000 of coverage. That should take care of most people on this forum.

Remember, the limited warranties that are sold at the store are generally not done by the store itself, and the company that does the repairs might even go out of business, and you're SOL and your special extended warranty isn't worth the cost of the paper it's written on. I know, because it's happened to me, and that's why I go with a personal article policy from now on. Extended warranties are very risky. Many companies outsource their service to other companies for repair. So, if the repair company goes out of business, you have a problem. And I have rarely seen a business take over the repairs and offer customers an alternative for the life of their purchased warranty. What I have seen, is a temporary fix for a few months to let the public know the extended warranties are void, and then after the few months have expired, no obligation to repair your equipment exists. And this is the best that can happen.

What's really nice is that I don't have to keep track of all the extended warranties I have for all of my equipment. I have a policy that is covered by an amount. The only obligation I have, is to inform my insurance agent of new equipment purchased, and old equipment sold or no longer in my possession.

So, get on the phone and call your insurance agent and ask if you can get a policy like this, and give them hypothetical examples so they know what kind of policy is for you.

I would also strongly recommend at this time that you get Renter's insurance. I bet a lot of people on this forum have expensive equipment, live in an apartment, and don't have insurance. Well, take my advice and get some. If anything, get Renter's Insurance. It's cheap too.

P.S. For you guys who just bought one of those delicate Plasma TVs that can break if someone sneezes too much or breaks wind a little too loud, get an article policy.

- DVD Polizei

Last edited by DVD Polizei; 01-03-03 at 05:04 PM.
Old 01-03-03, 08:34 PM
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I'll have to check this out. Thanks for the heads up!
Old 01-03-03, 09:23 PM
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Very good idea.

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