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An appliance protection plan is usually offered to the customer when making a purchase of an appliance. One or two different plans may be offered. These protection plans go beyond the normal warranty period, offering the customer additional protection on their appliances after the warranty is no longer in effect. Appliances, depending on the product, have warranties that can last from a few months to a year. An appliance like a coffee maker may have a 3 month warranty, whereas a refrigerator may have a year. The warranty pays for any parts and labor that are needed during that period. For instance, you buy a new television and after 6 weeks the colors start to bleed. You call the manufacturer who contacts and dispatches a repairman in your local area. He tests the system and decides you need a new system which he installs for free because the television is still under the warranty period. However, if this had happened after the warranty was up, you would pay for the part and labor. This is where an appliance protection plan comes in handy. When you purchase an appliance or electronic device such as a television, you may be offered a protection plan. The protection plan can be for an extra year, or two to three years after the warranty period is up. Meaning it goes into effect when the warranty ends. For example, you purchase a refrigerator on April 12, 2012. The warranty ends on April 11 or 12, 2013. If you purchase an appliance protection plan, it will go into effect on April 12 or 13, 2013. A protection plan may last one year to three or more. The less years on the appliance protection plan, the less it will cost. Normally you will be asked at the register as you check out if you want the extended plan. You may feel rushed to decide on getting the plan or not in that situation. Ask the staff if you can have it added later so you may look over the details of the plan before accepting it. Each protection plan is different as to what it will cover. One plan may cover everything that goes wrong with the appliance during the plan period. Another plan may only offer repair and service on certain components of the appliance, or the plan may cover 100% the first year and 80% or less afterwards. This is why you want to understand the plan before committing to it. Once the protection plan has ended, you are on your own to pay for repairs. Some appliance manufacturers may contact you through the mail however right before the plan is set to expire to offer an additional service plan. As an appliance ages, there is more of a chance of parts going bad, so adding more years to the plan may seem like a good idea. If you are the type of person who keeps an appliance for many years, this might be a wise decision. However, if you like to have the latest models and typically purchase appliances every three to five years, you may not wish to spend the money if there is a good possibility you'll be purchasing a new one. Protection plans for small appliances are usually not the best idea if the device was cheap to begin with, such as a $15 coffee maker or food chopper. However, you may want to think about a protection plan for a higher end small appliance such as a $400 food mixer. Consider these plans, especially if you would like some peace of mind.
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