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When to buy an extended warranty? 3rd party warrantees?

post #1 of 86
Thread Starter 
What do you use as a rule of thumb for such things when buying a flat panel? Nothing ever? No more than X%? Are there 3rd party warrantees out there available?

Thanks.....I'm getting a little spooked by the number of failures I'm reading about across all manufacturers.
post #2 of 86
Failures are not as common as you would think from reading forums--people with no problems don't post on forums. The MBAs will come on here and point out the fact that extended warrantys statistically are bad investments and are just profit centers for retailers/warranty companies. They are right--If you have enough money laying around to replace a bricked tv without straining the budget.
post #3 of 86
Thread Starter 
Quote:
Originally Posted by Steve S View Post

Failures are not as common as you would think from reading forums--people with no problems don't post on forums. The MBAs will come on here and point out the fact that extended warrantys statistically are bad investments and are just profit centers for retailers/warranty companies. They are right--If you have enough money laying around to replace a bricked tv without straining the budget.
Which has always been my assertion as well. But as with all things, there's a price point where it's no longer sensible. Cars used to be precisely in this category. And then approximately 10 years ago I started hearing the same guys that used to suggest passing on the extended warranty all of a sudden start suggesting getting the maximum one you can. Comes down to $.
post #4 of 86
As someone who owns a $1500 Samsung A750 that has had to have it repaired three times (twice for bad capacitors) and now needs repaired again all within 4 years. I highly recommend the costco squaretrade warranty that adds 3 years for only $99. Why wouldn't you do that?

And I'm done with Samsung, yes I'm bitter, you would be too.
post #5 of 86
Thread Starter 
Quote:
Originally Posted by nocturnx View Post

As someone who owns a $1500 Samsung A750 that has had to have it repaired three times (twice for bad capacitors) and now needs repaired again all within 4 years. I highly recommend the costco squaretrade warranty that adds 3 years for only $99. Why wouldn't you do that?
And I'm done with Samsung, yes I'm bitter, you would be too.

I was done with Samsung when every single LED-LCD display of theirs that I saw had people drawn with red faces and shadows that compressed straight to blacker than black.
post #6 of 86
I had a Circuit city 3yr. extended warranty that covered the first 2 repairs, the 3rd repair was just a month outside that 3yr. warranty. If I were to buy a TV today I would get the either the Costco SQ warranty or the Best Buy warranty. From my experience it was money well spent and ended up saving me a good amount.

Some people never have a problem with their TV but I'll pay $99 for a little peace of mind. Unless I were to get a plasma, then I would consider the Best Buy warranty for the IR/burn-in coverage.
post #7 of 86
I own a sharp 70"lc732u series that developed a verticle blue line the entire height of the screen 7 months in from purchase. this was late July, I am still waiting for a new 847U TV replacement from Sharp. I would like to be an extended warranty but the only option that I know of is through Sharp, BC square trade is for new TVs only and not replacements.
post #8 of 86
I have owned about 5 flat panel HDTV's the past 8yrs including Plasma, LCD, LED, and LCDRP and I have gotten warranties on all of them when purchasing them new and all I can say is it's WELL worth it. Out of the 5 panels I have had 1 needed to be replaced completely and 2 of them needed several repairs. Only 2 of them so far haven't needed repairs. Do the math...lol
Edited by thenightman4u - 10/5/12 at 8:06pm
post #9 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

I have owned about 5 flat panel HDTV's the past 8yrs including Plasma, LCD, LED, and LCDRP and I have gotten warranties on all of them when purchasing them new and all I can say is it's WELL worth it. Out of the 5 panels I have had 1 needed to be replaced completely and 2 of them needed several repairs. Only 2 of them so far haven't needed repairs. Do the math...lol

What % of the cost of the panels did you pay for their warranties?
post #10 of 86
I tried to get an "average" percentage for you with looking over my past purchases and it looks like 12% is about right. Some of the warranties I got were for 3yr and some for 5yr. Obviously a 5yr will be more then a 3yr but on average it's not bad. A 5yr warranty is nice comfort when owning these newer tv's and if you think about it once the warranty is up you"ll probably be looking to replace it anyways so it if breaks down don't worry about it. Don't be suckered into some of these so called "3yr" warranties where it runs concurrent with the MFG 1yr warranty because it won't really be a 3yr warranty since they will require you to use the MFG warranty if it's under the 1yr. All my warranties "start" after the MFG is expired

Here is a story for you about a 50" Samsung Plasma warranty issue I dealt with to show you how great a warranty can be. About 4yrs ago I got the plasma for $999.99 plus tax and within 1 yr I needed to get the power supply replaced so that was free, about a year after that lightning struck near my home and the main board needed to be replaced so that was free and then it lasted another 2yrs until the actual panel needed to be replaced however the repair shop couldn't locate a replacement panel because of the age of it so they deemed it unrepairable. The warranty company sent me a debit card with the $999.99 plus the taxes and at that time all the 50" Plasma's were only $599.99 so basically I pocketed like $300.00!! I was able to get another 50" Plasma, another 3yr warranty and still have a few hundred to use for whatever I wanted!

I personally build computers for a living and I know how these newer flat panel are made and the parts used (main boards-PSU-T-Con) and the build quality sucks. I wouldn't buy a tv without at least a 3yr to back me up. It's all about them getting cheaper parts from China and the least amount they have into the tv the more profit they make. Just not the same as it was 10+yrs ago!
Edited by thenightman4u - 10/6/12 at 3:25am
post #11 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

I tried to get an "average" percentage for you with looking over my past purchases and it looks like 12% is about right. Some of the warranties I got were for 3yr and some for 5yr. Obviously a 5yr will be more then a 3yr but on average it's not bad. A 5yr warranty is nice comfort when owning these newer tv's and if you think about it once the warranty is up you"ll probably be looking to replace it anyways so it if breaks down don't worry about it. Don't be suckered into some of these so called "3yr" warranties where it runs concurrent with the MFG 1yr warranty because it won't really be a 3yr warranty since they will require you to use the MFG warranty if it's under the 1yr. All my warranties "start" after the MFG is expired
Here is a story for you about a 50" Samsung Plasma warranty issue I dealt with to show you how great a warranty can be. About 4yrs ago I got the plasma for $999.99 plus tax and within 1 yr I needed to get the power supply replaced so that was free, about a year after that lightning struck near my home and the main board needed to be replaced so that was free and then it lasted another 2yrs until the actual panel needed to be replaced however the repair shop couldn't locate a replacement panel because of the age of it so they deemed it unrepairable. The warranty company sent me a debit card with the $999.99 plus the taxes and at that time all the 50" Plasma's were only $599.99 so basically I pocketed like $300.00!! I was able to get another 50" Plasma, another 3yr warranty and still have a few hundred to use for whatever I wanted!
I personally build computers for a living and I know how these newer flat panel are made and the parts used (main boards-PSU-T-Con) and the build quality sucks. I wouldn't buy a tv without at least a 3yr to back me up. It's all about them getting cheaper parts from China and the least amount they have into the tv the more profit they make. Just not the same as it was 10+yrs ago!

Hey thanks for all this!!!!! Very useful!!! I'm flagging it as such.

What warranty company did you use for that 50" plasma????? One that payed you *purchase price* on an unrepairable device!!!!! Wow. Was that the costco thing? Also, doesn't Amazon offer one of their own?
post #12 of 86
The Squaretrade warranty (the Costco deal) will pay out the full purchase price of the set. That is, however, the total limit of what they will pay during the term of the wty. What this means is that if the set is repaired the cost of the repair is deducted from the purchase price and any future repairs or replacements are limited to the purchase price minus the cost of the repair that's already been done. The only way you'll get the full purchase price toward a new set is if your set is deemed unrepairable the first time it malfunctions. This is ok if the original set is a no-name model with no parts availability as these are pretty much always unrepairable (Vizio falls into this category most of the time). If, however, a set is repairable once or twice, as in thenightman4u's scenario, then bricks (unrepairable), all you'll get is the purchase price minus the cost of previous repairs. Given the very low comparitive cost of the Squaretrade warranty this is not necessarily a bad deal.

Most retailer's warrantys do not have this limitation, but many will not give the full purchase price for replacement. Instead, if a set must be replaced, they will pay the normal price of whatever set is most comparable to the bricked one. Some will dictate what set you'll get as a replacement, others will give you a dollar amount and let you pick your own replacement.

Also, in the case of a wty replacement, the original plan is usually cancelled and you have to buy a new plan on the new set. Sears plans do carry over to any replacement set(s).

In general, the more generous the terms of the wty the more expensive it is.
post #13 of 86
Thanks Steve S. for the reply but I didn't have the Costco Warranty, maybe that's why their warranty is much cheaper then the rest because they deduct from the total price of the TV depending on how much the repair cost but that wasn't my situation. I have warranties through a company called "NEW" aka New Hampshire..and they didn't deduct nothing from what I paid for the TV plus taxes even though they did 2 repairs before they deemed it unrepairable. I paid a little more for the warranty then what Costco offers but maybe the price hike is because they don't do that kind of practice like Costco
Edited by thenightman4u - 10/6/12 at 10:57am
post #14 of 86
Thread Starter 
Edit: Link failed. Why can't I place a link to an outside forum?
post #15 of 86
So where have you been thinking about buying your next TV?
post #16 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

So where have you been thinking about buying your next TV?

Amazon. They seem to have a slam-dunk return policy, at least for us Prime membership folks. They took back the 47" Samsung LED-LCD 2 years ago, no questions asked.


BY THE WAY
who has the best dead-pixel policy. Is it a real concern these days? Is IPS more or less likely to have this issue?
post #17 of 86
I haven't had Amazon's warranty but I have heard good things about them. What is their cost for it? percentage wise?
post #18 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

I haven't had Amazon's warranty but I have heard good things about them. What is their cost for it? percentage wise?
I didn't purchase the warranty last time. I was just returned the thing within 30 days and became very jaded against Samsung and their crap panel lottery.
post #19 of 86
Quote:
Originally Posted by thenightman4u View Post

Thanks Steve S. for the reply but I didn't have the Costco Warranty, maybe that's why their warranty is much cheaper then the rest because they deduct from the total price of the TV depending on how much the repair cost but that wasn't my situation. I have warranties through a company called "NEW" aka New Hampshire..and they didn't deduct nothing from what I paid for the TV plus taxes even though they did 2 repairs before they deemed it unrepairable. I paid a little more for the warranty then what Costco offers but maybe the price hike is because they don't do that kind of practice like Costco

Sorry for the misunderstaning. My last post was directed at the OP and was intended to tell him that the Squaretrade warranty wouldn't give him the better coverage you got from your provider. Squaretrade's limitation is no doubt the reason why they are so inexpensive and you have to go to their website to discover it. A casual purchaser may not be aware of that limitation and assume that they're getting the same coverage they would pay more for elsewhere. This isn't a slam against Squaretrade by any means--I think their limitation is quite acceptable considering how inexpensive they are.

I think it's important that anyone thinking about an extended warranty have a good understanding of the coverage they'll be getting before purchasing, and get that information from the provider's website or a printed phamphlet from the retailer rather than trusting the word of a sales associate.
I've actually heard of a case where an associate told a customer the protection plan would cover damage from a thrown Wii controller! (it didn't).
Edited by Steve S - 10/7/12 at 10:12am
post #20 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

Thanks Steve S. for the reply but I didn't have the Costco Warranty, maybe that's why their warranty is much cheaper then the rest because they deduct from the total price of the TV depending on how much the repair cost but that wasn't my situation. I have warranties through a company called "NEW" aka New Hampshire..and they didn't deduct nothing from what I paid for the TV plus taxes even though they did 2 repairs before they deemed it unrepairable. I paid a little more for the warranty then what Costco offers but maybe the price hike is because they don't do that kind of practice like Costco

Look for it at newcorp.com. Not easy to google for. "NEW" and "N.E.W." is a nightmare with google. lol. But it confuses the bejeebers outta me. Is this a 3rd party insurance *anyone* can purchase or is it only available if your merchant offers it?
post #21 of 86
I actually just noticed that Amazon sells that warranty. NEW = National Electronics Warranty and it is sold under the name Canopy. Just search Amazon for "Canopy tv protection". It sounds like good coverage and cheaper than Best Buys, but there are not a lot of reviews for it.


Edit: This is from Canopy's terms of service "The total liability under this Contract is the purchase price You paid for the Product, including sales tax, as indicated on Your sales receipt; in the event that the total of all repairs exceeds the purchase price You paid for the Product, including sales tax, or We reimburse you for a product with another product with similar features, We shall have satisfied all of our obligations under this Contract.".

So it has a cap of the value of the tv just like the SquareTrade warranty.
Edited by nocturnx - 10/8/12 at 9:40am
post #22 of 86
I'm not sure if that's the same exact company I was talking about, the reason why I say that is because the brochure says "New Hampshire" is small letters and NEW is large letters, nothing about "National Electronics Warranty" or "Canopy"

Saw your edit, I thought it was different...lol...
Edited by thenightman4u - 10/8/12 at 9:50am
post #23 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

I'm not sure if that's the same exact company I was talking about, the reason why I say that is because the brochure says "New Hampshire" is small letters and NEW is large letters, nothing about "National Electronics Warranty" or "Canopy"
Saw your edit, I thought it was different...lol...

I'd be very surprised if a brochure these days didn't have a website pasted on it somewhere. Also, what is the phone number for it? At the very least I can google that.
post #24 of 86
I looked ALL over the brochure I have and nothing for a website at all. I know for 100% Sam's Club, WalMart and HHGregg use them for sure but I have heard of others too. Here is actual photo's of my brochure.


1.jpg
2.jpg
3.jpg
post #25 of 86
Quote:
Originally Posted by tgm1024 View Post

What do you use as a rule of thumb for such things when buying a flat panel? Nothing ever? No more than X%? Are there 3rd party warrantees out there available?
Thanks.....I'm getting a little spooked by the number of failures I'm reading about across all manufacturers.

When I bought my LG I had something like 120 days to take advantage of their extended warranty. I waited until the 115th day and bought a complete 3-year extended warranty for $80. To me, $80 was not excessive for the extra coverage if I ever need it. So far, my 2010 tv has been trouble-free and the pq looks like it did on day one.
post #26 of 86
When it comes to the extended warranties it's all in the fine print. If I was offered an extended for only $80.00 I would definitely look over the exact coverage and see if deductions take place with every repair. I'm not saying that yours is crappy but a low figure like that would have me concerned though

Typically with lower end warranties the things sometimes missing is

Lemon Policy
In Home Repair
Transferable
No deduction for repairs
Surge Protection
Policy starts AFTER MFG is expired
post #27 of 86
Thread Starter 
Quote:
Originally Posted by thenightman4u View Post

When it comes to the extended warranties it's all in the fine print. If I was offered an extended for only $80.00 I would definitely look over the exact coverage and see if deductions take place with every repair. I'm not saying that yours is crappy but a low figure like that would have me concerned though
Typically with lower end warranties the things sometimes missing is
Lemon Policy
In Home Repair
Transferable
No deduction for repairs
Surge Protection
Policy starts AFTER MFG is expired


"....nothing regarding the screen or reception or sound...."
post #28 of 86
What do you mean? Be more specific.
post #29 of 86
Thread Starter 
I think that the number is 866-856-0212 (???)

This sends me to this BBB link http://www.bbb.org/washington-dc-eastern-pa/business-reviews/extended-warranty-contract-service-companies/premium-service-plan-in-sterling-va-235982649/

They have a "B-" rating with 4 closed complaints. {shrug} Dunno what it means in the scheme of things.
post #30 of 86
The phone number is different depending on where you purchased the product. For example when I call the number for NEW with my HHGregg TV is says "welcome to HHGregg Warranty" but if I call the same exact warranty company for my Sam's Club TV is says "Welcome to Sam's extended Warranty" so the phones number is based on where you bough the TV even though it's the same company. It must be just different departments within NEW

A B- rating is actually very good for the BBB. Only 4 complaints is very low considering how widespread the company is and with them being "closed" complaints means that the company "NEW" worked with the complaints to resolve the issue which most companies don't do.
Edited by thenightman4u - 10/8/12 at 11:42am
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