Protection plans... worth it?

This is not a very honest way to do it, but how many people buy these protection plans then towards the end of coverage break there camera and get the newest model?

jkokbaker wrote in post #11450006
This is not a very honest way to do it, but how many people buy these protection plans then towards the end of coverage break there camera and get the newest model?

Generally, from waht I've seen, you can only add the plan within say the first 14 days or so from when you buy the camera...

with best buy you have 30 days. and jkokbaker, I know of a few people who do that with other items. I know a lot of people who say it's a waste of money, and I used to be one of those people. I take very good care of anything I get, but that was all before I had kids. Now it's not so much being unlucky as it is my 3 y/o getting into things she shouldn't even though I probably am the unluckiest person I know. I'm a walking Murphy's Law.

kkn89 wrote in post #11448950
Hey guys, I am currently ready to buy a 5D mark II.

I am going to buy it at Best Buy because I can get the camera for $2200+tax.

I'm debating if I should pick up their accidental protection plan which I believe was like $99 for 4 years.

Anyone have any good experience with protection plans?

Before people ask, the reason I am getting these prices is because I am a Best Buy employee.

I have PP from FuturShop for Tli. Four years, two free Canon service cleaning.
I knew some people they have their cameras replaced after couple of years due to the failure for free of charge.

With no exaggeration, I have either not kept something long enough or it has broken well beyond any period you could buy an extended plan. With a straight face, I can condidently say I have bought hundreds of thousansds of dollars worth of electronics and items that warranties can be prurchased for and cannot recall once, not once, where a warranty would have saved me any money.

They are the biggest lottery going, imo, and you will almost always, lose in the end.

I do carry All Perils Insurance on my camera equipment, though, which is sort of a warranty, I guess but much cheaper.

Those extended warranties for cameras, cars, whatever are just money makers. Play the odds, you will always shell out money you never had to.

kkn89 wrote in post #11448950
Hey guys, I am currently ready to buy a 5D mark II.

I am going to buy it at Best Buy because I can get the camera for $2200+tax.

I'm debating if I should pick up their accidental protection plan which I believe was like $99 for 4 years.

Anyone have any good experience with protection plans?

Before people ask, the reason I am getting these prices is because I am a Best Buy employee.

Get a Valuable Personal Property policy added to your homeowners'/renters'. It's very affordable, and if you have a good insurance company it's far more convenient.

Check the "similar threads" below and you'll see this question has been raging on POTN for years. There are those who believe all insurance or protection plans of any kind are fraudulant and part of a worldwide conspiracy designed to lighten your pocketbook.

I myself have all my equipment insured and if the purchase (of electronics) is more than $300 I'll buy the extended warranty. Usually the reason is that the manufacturers warranty is unreliable or onerous. Like a monitor I bought that required me to ship it to China for replacement. With the Future Shop extended plan I brought it back to the store and got a new one.

With DSLR's I think the Canon warranty is sufficient for me so I don't bother with it and I have a rider on my business/home insurance for all electronics (cameras, pc's etc) to cover theft,accident etc.

Bottom Line - its a personal choice based on what you can afford and what makes you more comfortable.

lostpacket wrote in post #11450299
Those extended warranties for cameras, cars, whatever are just money makers. Play the odds, you will always shell out money you never had to.

I totally agree! Extended warranties weren't designed to help consumers, they were designed to make money and they do, lots of it. There will always be stories of people here and there where this type of warranty saved them money from repairs. But on average, most people will never use their extended warranty. That is what the warranty company counts on. But if you want one for "peace of mind", spend away. I'd rather have more money in the bank.

I never buy then plans, saves lots of cash and when I do have a problem spending the money isn't a problem. like teamspeed said it adds up.

Often manufactures will warranty cover a product outside of the warranty period, to maintain good customer relations. GM and Apple have done this for me in the past.

lsuber wrote in post #11449612
I may be mistaken about this, but I think a basic part of this statement is incorrect: "on average, your repairs are going to cost less than the price they are are offering the plan for." I believe this is not necessarily true. The cost of repairs of any DSLR will be more than $99 (Canon charges more than that just for a simple cleaning). What is more likely to be true is that more people buy the insurance than will need it, which makes the cost of repairs that the insurance company incurs less than the overall pool of insurance plans purchased.

You're not incorrect....if the camera breaks and you need to send it in for repair, you're most likely going to be in the "above average" range (the price for repair will be greater than $99 assuming it's not covered under warranty). On the other hand, if nothing happens, you'll be well below the average cost at $0. An average is arrived at by adding the total cost of all repairs divided by the number of units.....most likely, you'll either be above (needed repair and not covered under warranty) or below (did not need repair).
In virtually every case, an extended warranty favors the seller (otherwise they wouldn't offer it). The only circumstance where it may be worth it, IMO, is if a person is unable to assume the risk (can't afford a repair should the equipment break) and is willing to part with an fee upfront for someone else to assume that risk.

often if you buy the product with an amex card it extends the manufacturers warranty

The one thing the Bestbuy Protection Plan covers that a manufacturers warranty does not is accidental damage.

jkokbaker wrote in post #11455930
The one thing the Bestbuy Protection Plan covers that a manufacturers warranty does not is accidental damage.

And you can get ADH coverage through 3rd party warranties like Mack and Square Deal.