Buying a warranty that's worth the money
Depending on who you ask, warranties aren't worth the money. Consumer advocates often say that most products (like toasters and telephone) don't break down enough to make buying an extended warranty worth it. Big ticket items like automobiles and appliances, though, may need warranties, but only after you perform a thorough reading of the fine print to understand what is and isn't covered.
You can imagine that I don't often hear any good stories about warranties. Most of the ones I get here involve complaints about how someone was surprised to find they weren't covered somehow.
So I was pleasantly surprised to get this e-mail from reader Jerry Rieger after I wrote about warranties in today's column:
Today's column re extended warranties and, in particular, those with Circuit City, really struck home. You might get a kick out of my recent very favorable experience. About nine ago, my wife and I purchased a 32 inch Sony color TV from Circuit City. At the time, it cost just under $1300. When we bought it, we purchased a five year extended warranty. When it ran out, I extended it each year, always wondering if it was worth it to do so. It turns out it was.
After three service calls on the set, the repairman determined a circuit board was going. But since Sony no longer made analog TV's, this part was not available. Bottom line--I needed to contact the extended warranty folks. Fully expecting very little, or at best, an offer of a 32 inch digital TV replacement which I would have gladly taken, I was stunned when Circuit City decided to give me a full reimbursement for my old set. In short, I was able to take my $1300 credit and apply it toward a new set from Circuit City--which I did. And Circuit City even gave me a credit for the remaining portion of my yearly warranty charge. I still can't believe how this turned out.
Holy smokes. A nine-year-old TV with an extended warranty and they give him credit for a new TV on the entire cost of the old set AND credit toward the remaining portion of his extended warranty. Wow. That's pretty cool.
Kudos to Circuit City for going above and beyond for a customer.
Comments
they wanted me to sign up for a warrenty on my new electic tooth brush. with just one tooth i could'nt see spending the extra money.
DD: Robie, That tooth of yours can use all the help it can get.
Posted by: robie | May 7, 2008 7:25 AM