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Extra warranty worth it?

 
 
John Wilson
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      07-22-2003

Hello folks.

I'm about ready to make a purchase of a Canon 10D camera and was wondering
about the purchase of an extended warranty that is being offered from
the place that I may purchase from. They are charging $450 for a 2 year
warranty, and they basically state that they'd cover just about anything;
from accidental damage (dropping, being sunk in water, etc.). Is something
like this really worth the $450? Do people actually buy stuff like this?

This is my first big-budget camera equipment purchase, and $450 is a good
chunk of cash... the folks at the store swear by it (naturally), but I
was hoping to get some input from a 3rd party.

Any comments would be appreciated.

Thanks,
John

 
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EdO
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      07-23-2003
Depends on your threshold of belief in the camera and whether you are
prone to destroy items in your possession.

Is that 2 year warranty in addition to the manufactures warranty?

The company make big bucks selling this insurance - as a percentage
probably twice the amount of percentage profit on the camera and no
inventory needed. I suspect the salesman get more commission on the
insurance than the camera.

Sounds to me rather high unless this camera is prone to fail. Your
could get comparable insurance on you car for about the same or less money.

Do you have comparable insurance on your current cameras, CD players,
yard tractor, (you get the idea).

It all boils down to you place your bet and hope you lose ( just like
most insurance).

Ed

 
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Dave Weller
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      07-23-2003
No! Never !


 
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Mark B.
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      07-23-2003
"John Wilson" <(E-Mail Removed)> wrote in message
news:bfkg7h$r1t$(E-Mail Removed)...
>
> Hello folks.
>
> I'm about ready to make a purchase of a Canon 10D camera and was wondering
> about the purchase of an extended warranty that is being offered from
> the place that I may purchase from. They are charging $450 for a 2 year
> warranty, and they basically state that they'd cover just about anything;
> from accidental damage (dropping, being sunk in water, etc.). Is

something
> like this really worth the $450? Do people actually buy stuff like this?
>
> This is my first big-budget camera equipment purchase, and $450 is a good
> chunk of cash... the folks at the store swear by it (naturally), but I
> was hoping to get some input from a 3rd party.
>
> Any comments would be appreciated.
>
> Thanks,
> John
>


Wow, that's about 1/3 of the price of the camera. If you really feel
there's a good chance of something happening, go for it. Be sure to get a
copy of the warranty and read it very carefully first. You're probably
better off just adding it to your home insurance. Extended warranties are
one reason I avoid buying big-ticket items at Best Buy (I know this probably
isn't where you're buying) - they try to cram the warranty down your throat.
My D30 came with an extended Mack warranty when I bought it from B&H, but it
was a promotion and I wouldn't normally have paid extra for it.

Mark


 
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itieu@wi.rr.com
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      07-23-2003
On Tue, 22 Jul 2003 23:09:37 +0000 (UTC), John Wilson
<(E-Mail Removed)> wrote:

>
>Hello folks.
>
>I'm about ready to make a purchase of a Canon 10D camera and was wondering
>about the purchase of an extended warranty that is being offered from
>the place that I may purchase from. They are charging $450 for a 2 year
>warranty, and they basically state that they'd cover just about anything;
>from accidental damage (dropping, being sunk in water, etc.). Is something
>like this really worth the $450? Do people actually buy stuff like this?
>
>This is my first big-budget camera equipment purchase, and $450 is a good
>chunk of cash... the folks at the store swear by it (naturally), but I
>was hoping to get some input from a 3rd party.
>
>Any comments would be appreciated.
>
>Thanks,
>John


Take the $450.00 and buy another camera.

itieu

 
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Bob P
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      07-23-2003

<(E-Mail Removed)> wrote in message
news(E-Mail Removed)...
> On Tue, 22 Jul 2003 23:09:37 +0000 (UTC), John Wilson
> <(E-Mail Removed)> wrote:
>
> >
> >Hello folks.
> >
> >I'm about ready to make a purchase of a Canon 10D camera and was

wondering
> >about the purchase of an extended warranty that is being offered from
> >the place that I may purchase from. They are charging $450 for a 2 year
> >warranty, and they basically state that they'd cover just about anything;
> >from accidental damage (dropping, being sunk in water, etc.). Is

something
> >like this really worth the $450? Do people actually buy stuff like this?
> >
> >This is my first big-budget camera equipment purchase, and $450 is a good
> >chunk of cash... the folks at the store swear by it (naturally), but I
> >was hoping to get some input from a 3rd party.
> >
> >Any comments would be appreciated.
> >
> >Thanks,
> >John

>
> Take the $450.00 and buy another camera.
>
> itieu
>


$450??? Sounds like someone is really gouging here. For example, if you
buy the camera from our well respected NY friends, you would only pay $84.95
for a 3 year extended warranty (yes, 3 years, not 2). Curious, how much
are they charging you for the camera?

BobP


 
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gr
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      07-23-2003
"John Wilson" <(E-Mail Removed)> wrote
>
> I'm about ready to make a purchase of a Canon 10D camera and was wondering
> about the purchase of an extended warranty that is being offered from
> the place that I may purchase from. They are charging $450 for a 2 year
> warranty, and they basically state that they'd cover just about anything;


Run away.

Extended warranties on electronics like that are almost always an incredible
rip-off. The real insurance value is probably about 10-20% of what the store
is charging you. They make big profits on selling extended warranties, and
the salesmen also get big commissions for selling them.

But even if the insurance premium was fair (which at $450 it almost
certainly isn't), you have to ask yourself if you really need it. Insurance
has overhead costs + profit margins associated with it. Statistically, it's
like gambling: the house will always win if you play enough.

If you can't afford to replace an item, such as a home or a car, then
insurance makes sense. But for consumables that you can afford to replace
yourself, you may as well be your own insurer. Even if you lose a couple of
times, you'll come out ahead far more often.

Keep your $450.


 
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DigitalCameraBasics
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      07-23-2003
I always tell people that an extended warranty on a digital camera that
costs over $250 is usually a good idea - on a $1500 camera it's a REAL good
idea.

That amount however, is HIGH. My renter's insurance gives me an "almost"
all-inclusive policy for only around $5.00 a month on a 10D. The store I
purchased it from then gave me a warranty that covers defects which covers
the rest for around $120 for 4 years. MUCH better than the price you're
being quoted.

I may shop around at some other stores to see if any have good but cheap
store warranties, then check your renter's or home owner's company to see
what kind of policies they offer for this type of item, before making the
purchase.


Greg
www.digitalcamerabasics.com



"John Wilson" <(E-Mail Removed)> wrote in message
news:bfkg7h$r1t$(E-Mail Removed)...
>
> Hello folks.
>
> I'm about ready to make a purchase of a Canon 10D camera and was wondering
> about the purchase of an extended warranty that is being offered from
> the place that I may purchase from. They are charging $450 for a 2 year
> warranty, and they basically state that they'd cover just about anything;
> from accidental damage (dropping, being sunk in water, etc.). Is

something
> like this really worth the $450? Do people actually buy stuff like this?
>
> This is my first big-budget camera equipment purchase, and $450 is a good
> chunk of cash... the folks at the store swear by it (naturally), but I
> was hoping to get some input from a 3rd party.
>
> Any comments would be appreciated.
>
> Thanks,
> John
>



 
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John E. Golden
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      07-23-2003
John Wilson <(E-Mail Removed)> wrote:

>
> Hello folks.
>
> I'm about ready to make a purchase of a Canon 10D camera and was
> wondering about the purchase of an extended warranty that is being
> offered from the place that I may purchase from. They are charging
> $450 for a 2 year warranty, and they basically state that they'd cover
> just about anything; from accidental damage (dropping, being sunk in
> water, etc.). Is something like this really worth the $450? Do
> people actually buy stuff like this?
>
> This is my first big-budget camera equipment purchase, and $450 is a
> good chunk of cash... the folks at the store swear by it (naturally),
> but I was hoping to get some input from a 3rd party.
>
> Any comments would be appreciated.


I have a Gold Mastercard that doubles new product warranties of one year
or less.

My Platinum Visa doubles the new product warranty up to an additional
year for new product warranties of three years or less.

Now, those are the kinds of warranties to get.....don't pay any extra for
what you can get for free.

Regards,
John E. Golden
 
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mcgyverjones
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Posts: n/a
 
      07-23-2003

"John Wilson" <(E-Mail Removed)> wrote in message
news:bfkg7h$r1t$(E-Mail Removed)...
>
> I'm about ready to make a purchase of a Canon 10D camera and was wondering
> about the purchase of an extended warranty that is being offered from
> the place that I may purchase from.

snip
> This is my first big-budget camera equipment purchase, and $450 is a good
> chunk of cash... the folks at the store swear by it (naturally), but I
> was hoping to get some input from a 3rd party.


What will the camera be worth in two years? Is it a no questions asked,
exchange at the counter for a new unit deal? I doubt it, but at that price
it should be.

MJ


 
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