GE Extended Service Plan

Just got an offer from GE to "protect" my Dryer for $91.96 for one year. Also included in the envelope was an "Appliance Package Offer" that would cover 4 major appliances for one year for $389 (plus $25 per service call). The deal covers all parts and labor (offered by Assurant Solutions). It covers Range Refrigerator Dishwasher Washer Dryer Over the range Microwaves and "more".
I've previously posted about my Advantium 120 no longer working in convection mode (it also doesn't rotate the turntable properly) and it isn't too hard to imagine that repairing it could mount up to what this plan would cost...but I'd have protection on my other appliances for a year
Anyone ever use one of the policies, have relevant comments?
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Insurance is ALWAYS sold so that the premium income more than pays for the claims. In other words, on the average, you lose.
So why should you buy insurance? To protect against loses you can't afford. Insure your home, your life, your expensive car.
Don't insure minor loses you can afford.
--
Dan Espen

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On 3/29/2012 7:45 PM, Dan Espen wrote:

Exactly, and if you consistently do that the money you saved over the years is 20x whatever the cost to repair something might be.
The one I get a kick out of is the current commercial on the radio I think I have heard 50 times "do you know it costs $2,000 to repair your car transmission---does your car have less than 150,000 miles? ---NEVER PAY AGAIN for car repairs, call now"
I always want to call for kicks to ask about the free car repair but it would only be a waste of time.
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wrote:

We got a call like that at work one day. I took it and talked to the guy for a while. I was thinking of my 14 year old Buick Regal that I still had and just gave to my grandson. I told him I just bought it a few weeks ago and agreed it would be a good idea. (the car was worth maybe $150 at the time). I gave him the year and miles and he told me it would be something like $1500 a year. I could hear him gasp when I told him I thought a got a good deal at $3000 for the car. Yep, sign me up. Oh, no I don't have a credit card. no, I don't have a bank account. Can I send you a money order?
It was fun for ten minutes to string him along.
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On 3/29/2012 6:45 PM, Dan Espen wrote:

Years ago I had a friend who was just a little nuts and he and his wife bought a cordless phone from Circuit City. They bought the extended service replacement plan because every time my friend lost his temper while on the cordless phone, he would throw it across the room often smashing it. They went through at least a dozen phones. ^_^
TDD
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I wasn't thinking in terms of long-term insurance, rather that the necessary repairs to fix the already broken advantium could amount to close to or even exceed the plans cost and the service call cost and I'd still have a year of possible repairs on my other aging appliances
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On 3/29/2012 16:19, Malcom "Mal" Reynolds wrote:

The price seems high... extended warranties are almost always pure profit for the seller. If you ever need service you're at the mercy of their service company who might not provide the best of service. I wouldn't buy a contract on an appliance as simple as a dryer.
Just my $.02.
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We bought, after much discussion, an extended third party warranty for a high-end washer and dryer and had to use it in the last year. It was simple, one phone call and a service company came out and fixed the pump on the washer, and even replaced all the wheels on the dryer drum. No hassle and no problems, we were surprised how well it was handled. The company was W3 solutions and the policy was their P3 coverage. I have no interest nor connections with the company other than being a customer.
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