Extended Warranty

Friday, December 3, 2010 - 10:42am

Should you pay for peace of mind?

It's one of the more common questions asked, especially this time of year but one many of us hate to to be asked: would you like to get the extended warranty? What should you say? And do you have any choice?

Bruce Leonard holds his electronic book reader. Like most people, when bruce bought it, he had a decision to make do you buy an extended warranty?

Bruce says "they usually want about a third of the price."

Many of those warranties don't come cheap and few of us know where or when we should buy them.

It's frustrating because you spend all this time shopping for that refrigerator or laptop computer only to be hit with the extended warranty at the last minute.

So Steve Abernethy started his own extended warranty service named Square Trade, a warranty you can buy online after you leave the store.

Steve Abernethy of Square Trade says "we're about half the price. so we've made pricing that's actually sensible."

Now that's not to say you should buy an extended warranty. It doesn't make sense for some products. Abernethy says the most common warranties through square trade portable items like cell phones and ipads.

Steve Abernethy says "obviously laptops are one of the most popular items because they both have a lot of moving parts and you move them around.

Which brings us back to Bruce Leonard. The price was right to extend the warranty on his Kindle so he sent in his $35 bucks. Nearly two years later, it broke. Square Trade talked him through a couple quick fixes over the phone but nothing worked.

Bruce says "and he said, ok, we'll send you a check in the mail. I'm going what? Like, am I hearing this correctly?"

Bruce spent the $289 to buy a new Kindle and a new warranty.

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