Extended Warranty for my Plasma TV.

I have been diligently shopping and researching for an extended warranty. Many believe they are a waste of money, which if you never have a problem they are. But my personal past history says they are a must. Electronics in general are not built to last these days and problems happen all the time. the 3 mentioned here are all under $150 for 5 years.

I have looked at several companies and have eliminated most. Some highlights from My finalists.

Warrantech "Preferred" Service Plan WCPS. looks like a great warranty except one very big negative; there is an escape clause that allows them to simply refund your premium under certain circumstances. They can also cancel the coverage anytime with written notice.

Mack 5 year ON Site Also well renown. The problem is if they want to buy you out they will give you the "current market value" of your TV. The current market value of a used TV is not much, definitely not enough to replace it

DTV Express thru Safeware This is the one I will most likely go with, Safeware Ins is BBB A+, There is NO escape clause. The Administrator cannot cancel the warranty except for fraud, if they buy you out you will get enough money to replace your TV with a similarly featured TV upto your original purchase price. The downside for some will be if the repair person is more than 35 miles from you , you may have to pay some travel expense. Not an issue for most.
DTV Express is lesser known and some of their previous warranties were not very good. It seems like they have changed their warranties over the years and have gotten a little better along the way. The current coverage is very good.

All 3 warranties have a no lemon clause.

All of the warranties exclude:

But this exclusion seems to always be listed under "computers and peripherals". Is a TV a computer or peripheral? I wonder if you press the company if you can actually get this covered. Has anyone filed a claim for this? Have you pressed the issue of "computer?

There is a warranty call CPS. Consumer Priority Service. They are BBB "F". I would avoid like the plague. This is different than Warrantech WCPS. Warrantech is BBB C. They are a very large company, I am sure they are reliable but many complain of the length of time it take to get a claim processed and the escape clause is a killer. Mack is also BBB A+ but they can pay a depreciated value if they decide not to replace the TV.

As always buyer beware, do you due diligence. There are other products out there I did not discuss like Best Buy and Square trade just to name 2. Best Buy in comparably very expensive, Square Trade was OK but there was some things I didnt like in the contract. I hope this was somewhat informative

Cheers

Square Trade: I wanted to add Square trade since it is also very popular. They are a little more expensive than the other but have very good coverage and are BBB A+. The main difference with Square Trade is the warranty period overlaps the manufacturer warranty where the others 3 mentioned begin after the manufacturer warranty except is certain situations. They will pay market repalcement value. After reading Square Trade again, they would be my #2 choice after DTV Express and the main reason for me the for a few dollars less I can get an additional year of coverage and the coverage is almost identical. Square Trade is insured by Wesco who also happens to insure the Warrantech warranty

Please clarify for all reading. Does Mack camera pay a depreciated value if there is a cash buyout or refund?

From personal experience i will tell you they are not a waste. They can be a waste. There is quite of range in the details of the various contracts, a lot is hidden in the fine print and some warranties are a rip off. There are even a wide range of variance within one Administrator.

I bought a 61" Samsung DLP 4 1/2 years ago. I bought a warranty from the store it was with Assurant Solutions, it costs $150-$200 for the $1200 TV. The TV was repaired a few times during the warranty period with no hassles. Then this last December the TV started acting up again. IT was deemed unrepairable. They offered me $800 to replace the TV, They saw a 65" Mitsu DLP at Best Buy for that price and thought that was fair. I negotiated, told them I did not want the Mitsu, I said my Samsung was superior, I want to buy a 60" Samsung TV. They actually cut me a check for $1100, the price of the cheapest 60" Samsung LED at the time. I would have happily settled for the $800. This was a warranty working for the consumer. I would buy one again from them except now the warranty cost $750.

There are bad warranties out there, I know. You have to spend the time reading the details. I have found 3 different Warrantech warranties marketed thru different entities and they they are not equal, even within Warrantech, One has an escape clause, one does not. One will reduce a cash buy out by any repairs made, one will not. They create products to meet the need of the reseller.

If you pay $150 for a warranty, 1 repair will pay for it, everything after that is juice..... The retailer selling the Warrantech with the escape clause will refund 50% of the cost if you have no claims at the end of the term....how is any of this bad?

So I respectfully disagree with you and EVERY FINANCIAL REVIEW ORGANIZATION. If you are not willing to deal with the minutia then do not buy one.

You also do not have to buy the warranty immediately, they can be bought anywhere for 30 days to 6 months after the purchase, so there is plenty of time to research it
Edited by atcdav - 3/7/13 at 8:42am

Additional info:

DTV Express. I called Safeware, the Administrator for the current warranty. The Safeware rep will very helpful. He confirmed for me if the is a cash buyout they amount they pay will be reduced by any repairs made during the coverage period.. While this is less than ideal. it is still good coverage for the price. I could not find any adverse comments for Safeware. You must buy this warranty within 6 months of pruchase

SquareTrade. I called SquareTrade, their reps were also polite but not as easily understood. Squaretrade says a cash buyout will be for up to the amount you paid for the TV and not reduced by any repairs. It does not clearly state this in the terms in conditions but I read rip-off report for SquareTrade and even though there are lots of entries for them, a lot of people filing the complaint had a chage of heart after filing and having SquareTrade contact them to resolve the issue. Square Trade very often stepped up when there was a conflict and took care of the customer. SquareTrade warranty is only 4 years and a little bit more expensive than the 5 year warranty at DTV Express. Squaretrade must be purchased within 30 days of purchase.

Mack Camera disputes what I said ( and read online) that they pay a depreciated value for your TV. Additionally, Mack covers "manufacturer defects". Other warranties cover electrical and mechanical breakdowns, even from normal wear and tear. This is an important distinction. All I can say is they have been around a ,BBB A+ rated. but buyer beware. Every warranty I have looked at is worded differently and some are intentionally worded vaguely. IF you choose to buy a warranty I suggest staying with with BBB accredited.

Warrantech is not BBB accredited, I have personal experience with their product however. I have never a problem with a warranty of theirs on an item I purchased (i have filed many claims)but there are tons of complaints about them so again buyer beware. Personally I think a lot of complaints with all warranties stem from customers not reading or understanding the warranty and expecting something more than they paid for. If you just listen to a salesman's pitch you will be misinformed. Do your homework

Keep in mind many credit cards will double the original manufacturer warranty free as a perk of the card. So you can have 2 years of coverage for no charge. For me this would make any 3 year warranty pointless.
Edited by atcdav - 3/8/13 at 10:20am

You are saying they are a rip off because the company makes money ? So every product sold is s rip off? Your TV is a rip-off? Don't buy a warranty if you feel that way. Some people want the peace of mind Thats what they are, a peace of mind. One trip out by a repair guy is $100 plus. Everything made these days is made to breakdown. Nothing lasts.

I already mentioned credit cards possibly doubling the warranty. Thanks for repeating me. This thread wasn't a debate on whether warranties are worth the money. I already acknowledged some are just plain bad. Did you even read the thread or just saw " another warranty post" and blew a gasket.? EVERYTHING SOLD TO CONSUMERS IS FOR A PROFIT! Even your retirement plan is making money fir someone besides you.
Edited by atcdav - 3/9/13 at 1:40am