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Is getting a warranty extension worth it?


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I'm considering getting an extended warranty but I've been getting mixed opinions about it from the people I've spoken to. Has anyone ever had an extended warranty, do you think it was worth it?

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If you look closely at what is, and more importantly what isn’t covered, and the procedure for making a claim (convoluted doesn’t come close)  I don’t think you will have much trouble making that decision. 

 

I did exactly that. I haven’t taken out the extended warranty, it’s costly, and looks like being a total nightmare to get any sort of payment. I have put the premium away in a separate account, and will do so each year. If I get a problem I should have (most of) the cost tucked away. If I don’t get a problem I will still have my money. 

 

 

Experience is something you acquire after you have an urgent need for it.

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Depends very much on what item the warranty is covering. I never take them on domestic 'white goods' or electronics because they are extremely reliable and generally replaced for other reasons before they become unreliable. I'm also prepared to accept the risk in that the cost of repairs or even total replacement if necessary is not very substantial. 

On the other hand I do buy an extended warranty on my Porsche for the simple reason that a failure has the potential to be very expensive e.g. a common problem requiring replacement of the transfer box (about £3-4k I think) which I have suffered and the warranty covered. 

I assume you are referring to some warranty on your caravan and in this case I probably agree with Mr Plodd.

Life is not a rehearsal . . .:)

Porsche Cayenne S Diesel & Knaus StarClass 695. Previously Audi S4 Avant & Elddis Super Sirocco

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3 hours ago, Mr Plodd said:

If you look closely at what is, and more importantly what isn’t covered, and the procedure for making a claim (convoluted doesn’t come close)  I don’t think you will have much trouble making that decision. 

 

I did exactly that. I haven’t taken out the extended warranty, it’s costly, and looks like being a total nightmare to get any sort of payment. I have put the premium away in a separate account, and will do so each year. If I get a problem I should have (most of) the cost tucked away. If I don’t get a problem I will still have my money. 

 

 

Can you please say what the premium was (just an idea of order of magnitude - I know it will depend on age of van etc so anything to let me know how much I might decide to put away ;-) Thanks

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Posted (edited)

For my (just three year old) single axle Bailey it’s from   £23.95 per month (Details here)  that’s £287 a year!  

 

According to my dealer, who I trust 100% it’s a total nightmare trying to get them to approve anything. They said not to touch it with someone else’s bargepole! 

Edited by Mr Plodd

Experience is something you acquire after you have an urgent need for it.

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14 hours ago, Mr Plodd said:

If you look closely at what is, and more importantly what isn’t covered, and the procedure for making a claim (convoluted doesn’t come close)  I don’t think you will have much trouble making that decision. 

 

I did exactly that. I haven’t taken out the extended warranty, it’s costly, and looks like being a total nightmare to get any sort of payment. I have put the premium away in a separate account, and will do so each year. If I get a problem I should have (most of) the cost tucked away. If I don’t get a problem I will still have my money. 

 

 

:Plus1:

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22 hours ago, Mr Plodd said:

If you look closely at what is, and more importantly what isn’t covered, and the procedure for making a claim (convoluted doesn’t come close)  I don’t think you will have much trouble making that decision. 

 

I did exactly that. I haven’t taken out the extended warranty, it’s costly, and looks like being a total nightmare to get any sort of payment. I have put the premium away in a separate account, and will do so each year. If I get a problem I should have (most of) the cost tucked away. If I don’t get a problem I will still have my money. 

 

 

Sounds very sensible to me. Having said that we bought a £700 TV from Curries and found the warranty which was very wide was £2.99 a month. At that rate we are paying £36 a year and they will replace it if it fails for as long as we have it and on cost price alone, we are safe for near 20 years. 

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Posted (edited)
18 hours ago, Mr Plodd said:

For my (just three year old) single axle Bailey it’s from   £23.95 per month (Details here)  that’s £287 a year!  

 

According to my dealer, who I trust 100% it’s a total nightmare trying to get them to approve anything. They said not to touch it with someone else’s bargepole! 

Thanks for the price idea and further reasons (from and the other's bargepole) why not to!

Edited by DougS
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I took out a warranty on the 2 year old Lunar Clubman I had at the time that Lunar went into liquidation. 

I never needed to call on it so I have no idea how well any claim may have been dealt with.

However, it gave me peace of mind and how do you put a value on that?

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All a matter of personal choice, that’s why these warranty companies exist. Some think they are worthwhile, others (like me) feel differently. These days if things are going to go wrong they usually (but not always) tend to “fail” fairly quickly in my experience. 

 

How much did your peace peace of mind cost you??

Experience is something you acquire after you have an urgent need for it.

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