Appliance Extended Warranties: Why They are NOT Worth it?

[@tstahler5420]

In 2012 I purchased a LG 55 inch from Best Buy, I also purchased the extended warranty. FF to 2017, after years of heavy use the tv died. I called Best Buy and they handled everything. They contacted the repair guys who called me and set a time. A week later, they came out, with a main board, stuck it in, it didn't work. They sent in a report, bad backlight. 2 weeks later they dropped off a new LG 55 inch. It was an amazing upgrade because of the years. I had to unpack and set it up because in 2012 I didn't pay for setup. In my opinion, extended warranties are most definitely worth it.

[@noone7138]

This is what I've always suspected. It's nice to hear it said out loud by a professional. Thanks for posting!

[@YaleAppliance1]

You bet!

[@ler3968]

Your comments are 100% on point. I got a policy from a major dept store. Everything you said happened to me on my deceased fridge. It took 89 days and two repair service techs (who ghosted me). Finally, due to my almost daily follow-up, emails, and the BBB the Florida insurance company provided about 90% payout for me to purchase a new one. I think they could not find any local repair techs willing to accept the rates for my extensive repairs. All these warranty policies have more non-covered items than covered items.

[@bjmurray1842]

I just bought 3 appliances from Yale, and got the warranty, too. The salespeople were not pushy at all, and I know that, since Yale is the owner of the warranty, they will be out to fix anything that goes wrong. As always, Yale videos supply great information, whether you buy from them or not. So, thanks!

[@ldodom]

Thank you for always being so transparent, helpful, and honest, Steve. A prime example is Asurion. It is a disingenuous organization that masquerades as an extended warranty company. They have no intention of honoring their warranties. It’s why the Home Depot broke ties with them.

[@YaleAppliance1]

I know them.....No comment

[@summerallen5820]

No. Home Depot still uses them and I'm currently having trouble with them, that's why I'm on youtube trying to do research.

[@DLFfitness1]

Thanks for the reminder. I just purchased a range and am getting pitches from both the store and the vendor. I had my last range for 18 years, and had no issues.

[@Quince828]

My LG range malfunctioned within a few weeks of the five year warranty expiring. The service company is an affiliate or owned by the major appliance and furniture retailer where I bought it. Rather than repair my stove the technician arrived with a whole new control circuit board and replaced it. That would have been a very expensive repair.

[@fredrmitchell]

Or if your fridge goes out, will you wait weeks for service? Appreciate your honesty

[@YaleAppliance1]

Its possible. We put a priority on dead refrigerators since you don't have any other options to keep your food cold. That said, the parts need to be available in order for us to fix them. Most of the time we are able to get what we need.

[@Trish.Norman]

Thank you! I truly appreciate your openness and transparency about extended warranties!!

[@YaleAppliance1]

You're welcome

[@billsheehy1]

Could not agree more. Great advice and I appreciate your video’s.

[@YaleAppliance1]

We appreciate that!

[@anthonylandi5603]

I bought an 5 year extended from Lowes for a refrigerator. They would not fix or replace it. Lowes is a scam.

[@psfgtech]

Agreed

[@golfinnewengland8256]

Buy from Yale, buy the ex coverage, best service department anywhere.

[@YaleAppliance1]

Thank you

[@bobryan3752]

I work in the industry and will say they are definitely worth it. Average life expectancy of a household appliances is 6-8 years. This isn't because they just die on you, it's because people end up paying into service way earlier than they expect. Having a non-limited warranty to protect your appliance years 2-5 will actually save you money 9/10 those first 5 years for any service, so you aren't digging into your wallet early on. Defective parts are a thing in this business and the number of parts in these appliances nowadays shoots the percentage of defective parts way up compared to just 20 years ago. We sell a non-limited warranty that is fix or replace at 100% of the cost of the product but if the warranty is never used, you get half the warranty cost back. Yale just wants to sell you more appliances and make more money off servicing your products without a warranty company covering it (they don't get paid for their trip charges under extended warranty) Then get to sell you a brand-new product when you are done paying for their service after 3-4 years. Having that 5 year protection will extend the lifetime of your appliances as after the first 5 years you're dealing with more wear and tear issues that pop up way later.

[@YaleAppliance1]

Oh man....You are asking for it. I normally take it easy on trolls for their wayward comments because they are uninformed. You on the hand, are different. You know better. You know that warranties without service are just pieces of paper, yet you perpetuate (look it up) the notion that warranties are "good" You are part of an industry that believes the relationship ends when you sell something and have invested nothing on actual...wait for it...service. Before you respond with some comeback that will only make it worse, 2/3 of Yale is in service....and oh BTW the way, we do sell warranties. We just don't jam down the customers throat. Your "Non Limited" warranty. is laughable without service. You should be embarrassed. One last thing: We pay for food loss, and give 50% off if it is not used. Thank you for making my morning......now run along

[@countyboy2874]

How are the warranties sold directly from the manufacturers website? I was curious about this since I bought from a local dealer with its own service department. Would this local dealer do the service for an extended warranty purchased from the manufacturer, or would the manufacturer send out the warranty service they are affiliated with?

[@YaleAppliance1]

Good question.....It depends on the manufacturer and retailer. We self insure, others do not. GE and Whirlpool have their own service. Others do not. The industry seems to be driven by hope.....That is hoping your appliance never breaks

[@WhittyPics]

My last 2 refrigerators only lasted 4 years each. Both had leaking evaporators. This is totally UNACCEPTABLE. Lowes extended warranty advertises "fix or replace" but I found their definition of "replace" means refunding my purchase price which left me $300 short of actually replacing my appliance.

[@YaleAppliance1]

They must self-fund. They're not absorbing price increases.

[@psfgtech]

Lowe's is worse I ever dealt with. It's manufacturer or nothing

[@lisamay4376]

I feel for you. I had a Maytag fridge that lasted 2 years and have since been buying extended warranties. Doesn’t sound worth it.

[@richardrybarczyk1143]

I don’t believe in extended warranties, mainly because I see them as revenue enhancement tools for the store selling the appliance. They say you get a three year warranty but the manufacturer gives you one year so the money you paid is really for a two year warranty. Now I’m no expert who knows all the answers and maybe there are times to get an extended warranty, I just don’t care for them. Thanks again for your opinions on different appliances I do watch them. God bless, have good day.

[@YaleAppliance1]

Appliances are failing at escalating rates due to new suppliers to manufacturers. So there is a need. However, you'll find little or no service available.

[@johnb7221]

Most extended warranties don't start until the manufacturers warranty expires. I agree though that most of the time they are not worth it. I got a 5-year extended warranty on our Kenmore washer and dryer when my wife and I bought our first home in 2009. I want to say it cost ~$300 but not 100% sure. We didn't start having issues with either unit until late in 2015 which was a couple months after the extended warranty expired. Ended up having 3 service calls on them over the next few years that cost ~$800. On the third one it was going to be another $350-$500 to fix the dryer. After including the cost of the extended warranty I could have just purchased a new washer and dryer. After that experience I decided to never buy an appliance extended warranty again. Especially if they contract with a third party for the repairs. I would get an extended warranty from a store like Yale that does the service themselves and gives store credit if you don't ended up using the extended warranty.

[@jonathanposin4613]

What about a manufactures extended warranty, such as a Miele warranty for five years ? Sold by Miele, serviced by their service techs. And the higher end vendors usually extend their one year warranty to two years if you need to use a factory certified installer. And the Wolf/Subzero group is offering a special five year factory warranty plan if you buy a package.

[@YaleAppliance1]

GREAT question. The answer hinges on the level of service offered in your area. Google Miele service. Look at their reviews. If there are none in your area, then look at other areas. You can always call for service before buying to understand how you will be treated. Service is a big black hole in our industry. So be careful

[@quadsnipershot]

the washer spider bracket, appliance control board, compressor's, and a few other parts will make you buy a new appliance be careful when you just get the manufactures warranty for 1 year. Shits expensive to repair.

[@YaleAppliance1]

Yes....No question, but what's the point if the contract has no actual service. Whats with spider brackets? Bens Junk and other prominent KZbinrs talk about these and we don't see that as a problem....and we have logged over 100,000 service calls in under 3 years.

[@JC-jk3kl]

I purchased all KitchenAid appliances and when I registered them online it gave me an option for a extended KitchenAid warranty for each one "small monthly fee" for each.. i.e. $9.00 for dishwasher $5.00 for microwave, etc. which serviced by Domestic & General. So once the KitchenAid warranty expires D&G take care of it from that point. D&G does cover accidental damage day one of purchase. I'll try to remember and post here when the day comes that I need to use it.

[@jonathanthink5830]

No company will sell you extended warranty if they know you will use it. They will lose money. In most cases, my appliances either last a long time or they break after the extended warranty period.......

[@YaleAppliance1]

Unless that company has a service department

[@dontdomeboo81]

i got extended warranties on my appliances from lowes and they allways come through

[@YaleAppliance1]

They self insure....

[@psfgtech]

What state is your Lowe's? I same, always bought one, and found service to be bad in Tampa FL, could be lack of workers

[@janmead5896]

I bought a front load GE from Lowe's and have had 3-4 service calls. They first sent someone from Dr. Appliance and they fixed it for short times. Then today they sent Sears out and this man seemed more knowledgeable and has to order parts for this $1,500.00 piece of junk. I am hoping that this time they fix it. I am worried that they will fix it just long enough for the 5 year warranty to expire. I have called the Lowe's managers where I live and they were no help in fact angry when I called because once they sell the warranty, it all goes to Filipino operators to file claims of which I could not understand what they were saying. Never again Lowe's for me. No service warranty either on their cheap made products that they stick the public with. I wish we could get back local appliance stores that sold American made products not mainly Chinese made which fall apart.

[@lindsayhengehold5341]

❤

[@nate3976]

My local appliance dealer is quite odd in that they have their own service department and technicians, but still farm out their extended warranties to a 3rd party company. Trying to decide whether to purchase their +3 year extended warranty for a $8K Thermador induction cooktop. Any suggestions?

[@YaleAppliance1]

Probably because they want the revenue without the liability. Smart except for upsetting your clients.

[@stephenshaw5733]

What about a warranty that gives you store credit back if you don't use it?

[@YaleAppliance1]

Like us? Its better, unless you need service.

[@johnb7221]

@@YaleAppliance1 Yale gives customers back store credit if they don't end up having to use the extended warranty they purchase from Yale? That's crazy (in a very good way). It would be nice if all retailers that offered extended warranties did this. Heck it doesn't even need to be the full amount. When is Yale going to expand to Texas?

[@jonathanthink5830]

The only extended warranty I tried to claim was from Costco since it was built into the cost. Unfortunately, the service agency is a 3rd party and they work very hard to deny the claim. I believe costco can provide lower cost if they can just cut off this extended warranty joke.

[@YaleAppliance1]

Doubt that...you need a service department to repair an appliance

[@robertwhite9898]

Those extended warranties stores make a profit off them .

[@YaleAppliance1]

Definitely....long on profit, short on execution