Is SquareTrade worth it?

Yes, SquareTrade is worth it. Squaretrade gives you the peace of mind when purchasing appliances as it offers you an appliance warranty. With this extended warranty you are assured of some form of compensation should your appliance break down. 

For some people extended warranties sound like some overrated sales pitch that you would rather not listen to. But, these warranties do have benefits when you purchase something valuable. It could be your camera, phone, watch or gaming gear. Third party warranties tend to be a bit cheaper and easier to claim than others. 

What does SquareTrade cover?

SquareTrade is an Allstate company that covers items like laptops, smartphones, watches, television, gaming gear, and furniture. On the squaretrade website, you will find the warranty appliance covering four household appliances: washer/dryer, dishwasher, refrigerator warranty, plus a host of other appliances under the banner “appliance warranty”. 

SquareTrade offers two plans for your appliances; the first one is a standard cover than you have another for accident protection. You can get the covers as a three-year or five year protection. For you to cover your appliances you should have purchased it within the last 30 days. 

SquareTrade does not cover for appliance failures from:

  • Commercial use
  • Physical (cosmetic) damage
  • Intentional damage 
  • Replaceable parts like bulbs
  • Loss/theft

The company also does not cover stuff like:

  • Items lacking in electrical components
  • Automobiles 
  • Plumbing related appliances like softeners, water heaters, or filters
  • Industrial equipment 
  • Other outdoor appliances like pressure washers and barbecue grills
  • Items intended for commercial use

How does SquareTrade coverage work?

The squaretrade coverage begins the moment you purchase an item new. If you have bought a used item then you will have to wait for around 30 days before the cover comes into effect. To know more about this “waiting period” read the terms and conditions on the contract. The price will also vary depending on the type of equipment you desire to cover. 

Here is a brief picture of how much you should expect to pay for an item

Cost of Appliances (dollars)
3-year plan
5-year plan
0-199.99
99.99
109.99
200-299.99
99.99
109.99
300-399.99
99.99
114.99
400-499.99
99.99
134.99
500-699.99
99.99
159.99
700-999.99
114.99
229.99
1,000-1,249.99
149.99
299.99
1,250-1,499.99
149.99
299.99
1,500-1999.99
169.99
344.99
2,000-2,999.99
219.99
399.99

*All prices are in dollars

When you get a cover it will be for parts and labor. The company will first determine whether the item will be repaired or replaced. Squaretrade will call you to tell you the decision they have arrived at depending on the type of cover you have.  Your plan will expire once the cost of repair/replacement is equal or more than the coverage cost of your plan. 

How to submit a squaretrade claim

You can do this online by following some easy steps. The first thing is to locate the purchase receipt for the covered item. With the receipt call squaretrade for filling of the claim. You may also need to provide information on things like serial number, IMEI/MEID, color, memory, brand, carrier, and size of your equipment. 

Once your claim is approved, than one of the squaretrade representatives will perform a home visit. You will not be charged any extra service fee for this but the claims are limited to upper level policies. 

Squaretrade warranties also have something they call “no lemon” policy. In this instance, if you have an appliance that has being repaired twice and you need a third repair within 12-months, than the company will give you cash for the item or a comparable item instead of repairing it for the third time. 

While it is not a requirement to register an item, it will speed up the claim process. This can easily be done online so it should not be a hassle. Note that to do this you will need to wait for three days after appliance purchase. 

What happens when you have a manufacturer’s warranty?

Most new appliances come with a manufacturer’s warranty which will cover defects arising from the manufacture of the appliance. The manufacturer’s warranty normally lasts for one year. If you get a cover with SquareTrade than the company will direct you there first before they can take over. The SquareTrade warranty takes effect once the manufacturer’s warranty. Compared to other companies, squaretrade is considered quite fair. 

How does SquareTrade compare with others?

Squaretrade plans range from $300 to $600 annually. If you have additional items or want to extend coverage you add an extra $100 to $500. For every claim you get a deductible and service fees of $75 to $125. To benefit most from the squaretrade coverage, cover multiple household appliances. This may mean including in the cover items you anticipate will fail. 

Conclusion 

Electrical appliances tend to fail at some point. At times, these items fail when your manufacturer’s warranty has expired. Replacement or repair costs can be very high for some items. Squaretrade allows you to claim when these items fail. Their coverage takes care of a number of household items like refrigerators, dishwashers, phones, air conditioners among others. The squaretrade is affordable and this makes it worth it. 

FAQ

Is SquareTrade protection worth it?

Yes, it is considering they will replace or repair the damaged covered item. This saves you money for purchasing a new item. When compared to other third-party warranty providers, squaretrade cover is considerably cheaper

How long does SquareTrade last?

In the standard plan, it will be for three years. In most cases, the cover will kick in after the manufacturer’s warranty expires. This will continue for the next two years

How does SquareTrade warranty work?

The warranty begins from the moment you purchase a new item; you will have to wait for sometime for used items. Since most items come with a manufacturer’s warranty, the squaretrade warranty will start once this expires – mostly 90days to one year. The warranty covers the cost of repair or replacement for covered item

Are SquareTrade warranties any good?

Yes, they are as they do keep their promise to replace or repair an item. The warranties are also cheaper than competition

Does SquareTrade repair or replace?

They do both. The company will first access the damage to an item and check whether it can be repaired, if this is impossible they will give you a replacement or reimburse you for one 

Does squaretrade charge monthly?

For phone repairs you do get a monthly deductible cover 

What is SquareTrade protection plan?

The plan covers all electrical/mechanical failures that happen during normal use such as non-responsive charging ports, depleted (non-replaceable) batteries and accidental protection for drop and spills. It item can be repaired then they cover 100% of the cost

 

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