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Read the details before you buy a Squaretrade warranty
on May 11, 2011
I have several Squaretrade warranties I purchased 1-2 years ago. They do what they say they will do, but the devil's in the details with Squaretrade warranties. The way they sell these for a lot lower cost is because they limit their exposure, and recoup costs on the back end. They limit their exposure by only providing total coverage up to the purchase price of your item. That no lemon policy they have is a joke, because you will likely hit your coverage limit far before the 3 repair limit. For example, if you pay $1500 for a plasma tv, and the repair the first time was $500, you only have $1000 in remaining coverage for the life of the warranty. NOW comes the part where they really screw you. The warranty repair estimate comes from them. Let's go back to my example of having a repair for $500 done, leaving you with remaining coverage of $1000 on the tv. Now, your 2nd repair estimate comes in over $1000. What do they do? They don't repair it. They TAKE your item, and cut you a check for $1000. What does this leave you? With 2/3 of the cost of a new tv and no remaining warranty, and you are still out the cost of the warranty. They take your tv, repair it for much less than the estimate (using an internal repair dept), and SELL it, keeping the money. This may or may not be acceptable to you. I bought them, because the warranties were dirt cheap, and I wanted SOME coverage. I would not buy this warranty in many cases.