According to Warranty Week
, consumers spend well over $20 billion on protection plans each year. This total only includes insurance protection plans for such common products as large or small appliances, electronics, and tools or equipment but not cars.
Naturally, lots of people who invest in new products also want to make sure they have a convenient and affordable way to get them repaired. Good warranties won't just help pay for repairs and replacements but usually also have a network of certified repair centers.
How Can Consumers Buy the Best Insurance for Their Appliances and Electronics?
Very often, people buy insurance on their products at the same time as they purchase the product. Selling warranties has grown into a big business, but there's nothing that forces consumers to make an impulsive decision about protection plans.
Third-party warranty companies such as Upsie
will give customers time to make up their mind. This time varies by product type. For instance, Upsie will offer extended warranties for up to 60 days after buying a new or used laptop. Additionally, they allow up to 11 months for major appliances.
Prudent consumers understand that all protection plans are not the same, so they never assume they should buy a plan from a manufacturer or retailer. As Upsie explained in an earlier post about buying extended warranties
, consumers should take the time to compare details about pricing, coverage, and limitations before they settle on the best plan. It's also a good idea to go online and check reviews from previous customers to learn about their real-world experiences.
Which Items Can Consumers Buy Insurance For
These days, consumers can purchase affordable extended warranties for any products they hope to use and enjoy for years in the future. For instance, Upsie offers extended warranties for
- Electronics: This includes computers, cameras, tablets, smartphones, smartwatches, TVs, and home theater equipment.
- Appliances: This can range from such large appliances as fridges and dishwashers to small appliances, like mixers and microwaves.
- Exercise equipment: Today's fitness machines usually incorporate electronics, making them more useful but also somewhat fragile.
- More: Other products that qualify for Upsie warranties include power tools, auto electronics, video game systems, and smart home tech.
When Should People Consider Insuring Their Purchases?
These days, many consumers want to invest in products that they can keep for years. They might even want to consider reselling the product in the future. When customers buy extended warranty protection, they will have a convenient, affordable way to keep those purchases in good shape. With the ability to fix small problems as soon as they arise, the product owners can enjoy a good experience and reduce the chance of suffering from big problems later.
Mostly, people buy product insurance to save money and in particular, to keep from having to fit unexpected, expensive repairs into their budget. At the same time, lots of people underestimate repair bills.
For some examples:
- MarketWatch found that an average repair bill for a cracked phone screen cost about $170, though most people assumed it would cost less than $150. For some of the top-end Apple phones, that bill can easily exceed $300.
- Similarly, Angie's List reported that average refrigerator repair bills range between $200 and $400. At the same time, the average bill for just repairing the ice maker exceeded $300.
If a warranty covers common problems, offers convenient services, and costs considerably less than the price of one average repair, it would appear to provide a very good value.
Compare and Buy Product Insurance Online
Instead of feeling pressure to spend money on a warranty at the time of purchase, compare the transparent pricing and details of Upsie extended warranties online
. Almost always, the entire protection plan costs much less than the cost of one repair. For example, with Upsie's smartphone subscription warranties, you'll pay a $0 deductible for cracked screen repairs.
With Upsie's 24/7 claims service, convenient repair options, and complete transparency about prices and plan details, there's no good reason to buy an extended warranty from anybody else.
Learn More About Upsie Warranties: