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Extended warranty

  • 03-01-2023 11:55am
    #1
    Registered Users Posts: 652 ✭✭✭


    I bought a new dryer yesterday. I informed about extended warranty out of curiosity.

    Currys has 2 options - €5/m or 5 years (incl the 2 year manufacturer's warranty) for €220

    Today I called the manufacturer's extended warranty partner and they quoted €3/month for as long as you like through DD.This includes accidental damage, replace new for old if not repairable.

    I am naturally sceptical when it comes to extended warranties, but this one made me think. €3/month... let's assume the life time of a dryer is about 10 years ( last one lasted 4-5 years, the one before that 12 years).. 10 years premium is €360 - equal to 50% of the new price.

    What is the catch ? They are the opposite of a charity, so obviously I must be missing something.

    I know about consumer protection rights etc, but that will unlikely apply to a 10 year old appliance plus I wouldn't like to think about the hassle going that route.



Comments

  • Registered Users Posts: 1,297 ✭✭✭walterking


    Read their terms and conditions VERY carefully. As you said, they are not a charity.

    These days many appliances last well over 10 years, so they are effectively calculating the % of potential faults, adding a very nice and hefty profit margin, working out how many policies they will sell and also make sure it is not easy to make a claim.

    And in 10 years the equivalent of your current machine will probably be less than €360



  • Registered Users Posts: 13,755 ✭✭✭✭Dav010


    How much did you pay for the dryer?

    Id be of the opposite view to what the poster above posted. We bought Miele washing machine and dryer when we moved house a few years back, both were very expensive, both are now in a landfill somewhere. We now buy cheap machines that last a few years, they we just replace them. White goods are just not long lasting if used constantly by families. Rather than paying the extended warranty, rely on manufacturers warranty/consumer rights, put the money you would have paid on extended warranty aside and just buy a new machine if it breaks after the manufacturers has elapsed. From my own experience, repaired machines break down again once they break the first time.



  • Registered Users Posts: 652 ✭✭✭Happy_Harry


    I paid €700 for the dryer. I would classify as mid-range.

    Your point about putting the money aside doesn't really fly here - hence my question what am I missing. I would need to put €3 aside for 20 years in order to pay for the dryer again. Like you I believe that appliances these days are not meant to last that long. My first dryer lasted 12 years, the next one 4-5.. Despite not having a big family , the washer and drier seem to be on constantly.

    I will call them again and get the full T&Cs in written before I go any further, as my sneaky suspicion is that there is a max term on this insurance and not "as long as you like" what I was told or indeed that after a certain period the cover decreases.

    I don't mind paying ( within reason) for convenience, so paying €36 / year to not ever have to deal with currys in relation to consumer rights is worth it to me.



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