How many buy extended warranties for your body?

I just bought myself the new Canon 7D last week and I waived the option for warranty at Best Buy. I normally buy my warranty from Squaretrader as they are cheaper and luckily out of all the warranties i've purchased, i never have had to file a claim.

I was just curious how many of you buy extended warranties for your Camera bodies? If so what do you see as the benefits? If you do not buy the warranty, why did you choose to waive it?

I currently have a separate camera policy on my home owners insurance to cover all of my camera equipment. It's no deductible but only covers things like breaks, stolen etc, it does not cover the mechanical parts of it. Are there many common issues that may come up with the cameras (especially the 7D) that would require it to be sent in for warranty work? I have a 1yr factory warranty and i figured if something is going to break, it would happen within the 1st year like most electronics.

Any feedback as to why you did or did not buy an extended service plan is appreciated. Also where did you buy your warranty from? From the retailer or a 3rd party source?

matrix311 wrote in post #9945126
luckily out of all the warranties i've purchased, i never have had to file a claim.

Lucky for whom? If you never use it, then you are wasting money and making them for the seller of the warranty.

The reason Bestbuy and others push the extended warranty so much is that like UV filters, these accessories to be sold after the body is high in profit.

I hear most electronics if they have a problem will break down initially, much earlier than the 1 year warranty by the maker. If you are clumsy and it covers damage repairs, I can see that it may be worth it. If you are careful and never use them, then it's probably not worth it from a financial stance.

I personally never buy extended warranty on any electronic goods.

I Never buy extended warranties for anything. They have been designed from the ground up as a money making sideline, a sort of "value adding" exercise for the retailer, except its the retailer and the insurer who are getting the value.

The kid helping me out at Best Buy was kind of hinting to me that in say 2.5yrs from now, bring the camera in and they will give the current body out in replace of the 7D instead of sending it in for repair. He's actually kind of right. My wife bought me a 1GB Ipod Nano long ago and she bought the 2yr protection plan with it. The thing locked up on me and wouldnt play anything and this was just before my 2yrs was up so they gave me the current nano in place which was a 4GB. I had the option of buying another 2yr extended warranty for the one that was replaced so I did. Nearly 2yrs later I tried the same thing (except my 4GB was working fine) and they swapped it out for an 8GB which was the current model. Granted this is only a $150 item vs a $1900 camera so it's hard telling if Best Buy 2.5yrs from now would give out the 8D or 9D or whatever may have replaced the 7D at that time. It's tempting but they want WAY TO MUCH. I can get the comparable warranty from Square Trader for $130 vs $425 from Best Buy.
For those of you who own the 7D, do you know if there are any known issues with the camera? Thats the only reason why I consider an extended warranty for this unit.

matrix311 wrote in post #9945696
The kid helping me out at Best Buy was kind of hinting to me that in say 2.5yrs from now, bring the camera in and they will give the current body out in replace of the 7D instead of sending it in for repair. He's actually kind of right. My wife bought me a 1GB Ipod Nano long ago and she bought the 2yr protection plan with it. The thing locked up on me and wouldnt play anything and this was just before my 2yrs was up so they gave me the current nano in place which was a 4GB. I had the option of buying another 2yr extended warranty for the one that was replaced so I did. Nearly 2yrs later I tried the same thing (except my 4GB was working fine) and they swapped it out for an 8GB which was the current model. Granted this is only a $150 item vs a $1900 camera so it's hard telling if Best Buy 2.5yrs from now would give out the 8D or 9D or whatever may have replaced the 7D at that time. It's tempting but they want WAY TO MUCH. I can get the comparable warranty from Square Trader for $130 vs $425 from Best Buy.
For those of you who own the 7D, do you know if there are any known issues with the camera? Thats the only reason why I consider an extended warranty for this unit.

I've had 0 non-user error issues with mine so far, if that makes you feel any better =)

I always get the extended warranties. Best buys waranty covers just about everything that could happen to it or so they told me, when I bought it. I havent used it for either of my cameras yet except for taking them in for cleanings which is also included in the warranty.

matrix311 wrote in post #9945126
I just bought myself the new Canon 7D last week and I waived the option for warranty at Best Buy. I normally buy my warranty from Squaretrader as they are cheaper and luckily out of all the warranties i've purchased, i never have had to file a claim.

I was just curious how many of you buy extended warranties for your Camera bodies? If so what do you see as the benefits? If you do not buy the warranty, why did you choose to waive it?

I currently have a separate camera policy on my home owners insurance to cover all of my camera equipment. It's no deductible but only covers things like breaks, stolen etc, it does not cover the mechanical parts of it. Are there many common issues that may come up with the cameras (especially the 7D) that would require it to be sent in for warranty work? I have a 1yr factory warranty and i figured if something is going to break, it would happen within the 1st year like most electronics.

Any feedback as to why you did or did not buy an extended service plan is appreciated. Also where did you buy your warranty from? From the retailer or a 3rd party source?

natalieegbert wrote in post #9946225
I always get the extended warranties. Best buys waranty covers just about everything that could happen to it or so they told me, when I bought it. I havent used it for either of my cameras yet except for taking them in for cleanings which is also included in the warranty.

Extended warranties are one of the biggest scams going. Purely a money-making gimmick for the retailer. Selling these warranties is nothing more than preying on people's fears. If Best Buy can collectively sell 10,000 extended warranties, and only have to replace a handful of items for a handful of customers during the extended period, they basically made a killing. "Buying" a warranty and never having to use it is really nothing to brag about...its wasted money.

I don't buy extended warranties for anything...

...and if you do buy one, do NOT get a Mack Camera warranty. Negative reports about their service here, in other forums, and across the 'net.

matrix311 wrote in post #9945696
The kid helping me out at Best Buy was kind of hinting to me that in say 2.5yrs from now, bring the camera in and they will give the current body out in replace of the 7D instead of sending it in for repair. He's actually kind of right. My wife bought me a 1GB Ipod Nano long ago and she bought the 2yr protection plan with it. The thing locked up on me and wouldnt play anything and this was just before my 2yrs was up so they gave me the current nano in place which was a 4GB. I had the option of buying another 2yr extended warranty for the one that was replaced so I did. Nearly 2yrs later I tried the same thing (except my 4GB was working fine) and they swapped it out for an 8GB which was the current model. Granted this is only a $150 item vs a $1900 camera so it's hard telling if Best Buy 2.5yrs from now would give out the 8D or 9D or whatever may have replaced the 7D at that time. It's tempting but they want WAY TO MUCH. I can get the comparable warranty from Square Trader for $130 vs $425 from Best Buy.
For those of you who own the 7D, do you know if there are any known issues with the camera? Thats the only reason why I consider an extended warranty for this unit.

That's what they indicate. Let it happen and see if that's what they do. Visit the BB forums and check out the warranty section where people are posting their experiences with warranty claims. You can also go to the "Market Watch" forum here and search my name. I recently did a claim for a kit lens 28-135 and ended up with a new 50d and 28-135. When I got the 50d, I refused the warranty. No way would I buy that BB warranty.

I use my American Express extended warranty. Gets me one extra year. Not much, but it's free.

Its all about risk vs. cost.

I've bought extended warranties for some things (my 20D was $30 for three years because my sister in-law got it at cost) but not for most ( BestBuy wanted $150 for a two year plan on a $400 camcorder )

Lately, like ocabj, I've just been using my AMEX to get an extra year free.

They know their failure rate. It's down to a science. If it's defective it's defective day 1. Their extended warranties are, like everyone else has already said, just a money making strategy. And have you ever tried to claim a warranty?! I spent almost three months sending one of my electronics back and forth.

I actually bought it once because i knew the failure rate on this product was high. I ended up sending it in, they sent it back still broken. I called them up again, sent it again. I got it back again broken. It wasn't until the third time that they actually admitted that they couldn't fix it and sent me a new one.

Thanks guys for the heads up.

@mbellot - I was able to get a 3yr extended warranty through squaretrader on my 40D for $53.00. I had a promo key that gave me like 75% off. I've searched around and it seems most promo keys for squaretrader only allow a max of $40 off per warranty now. I kind of wanted to get one for the 7D (if I could get another for like $50) but thats not happening. The cheapest I can find is $155.00 for a 3yr warranty. I have had no issues with my 40D and i'm sure the 7D will be the same.

thanks for all your input everyone.

My Insurance covers pretty much everything including mechanical problems within a reasonable time. If the shutter fails on my 5D before the Canon shutter life of 150k, they cover the shutter. Although I would never file a claim for a shutter failure. I can drop it, lose it, have it fall off my car seat onto the floor, etc and it is fully covered.

My Mastercard also doubles the MFGR. Warranty up to a year.

Paying for extended warranties is silly.