Are extended warranties worth it?

[quarntqueen]

Just got a new kitchen installed and amidst registering appliances, I'm being inundated with offers to extend for x number of years.

Is it worth it?
Some are pretty cheap - £40 to extend up to 5 years, some more spenny - like £120 for one year.

Let me know your thoughts! x

Personally I wouldn't bother especially if you're looking at them all at the same time. When we put out kitchen in ages ago I added up the cost of all the warranties (which were only 1-2 years) and decided that that was half to the whole cost of one appliance so I'd take my chances.

No, the downside risk is not worth it. Save the money in a separate pot.

I try and buy appliances with 5 year guarantees these days (minimum 3). I prefer to mend than replace.
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I’ve also had good experiences with claiming on Domestic and General Service plans.

I wouldn’t pay silly money eg for a curry’s type plan.

But I’ve done this after having appliances need an expensive fix just after say 2 year guarantees expire. At least I know I’m ok for 5 years.

On the whole, no. They are an extremely expensive form of insurance. The commission levels can be more than half the price of the policy and the cover provided is fairly limited.

If you really want to buy warranties then shop around on a price comparison site - don’t just pay to expand the policy that came with the appliance.

There's a reason they sell them - they make money out of it!

No. Most appliances are designed to fail beyond repair. Buy cheap and don't buy a warranty.

Bad for the planet but no one actually cares, and you don't have a choice anyway.