warranties http://www.wisebread.com/taxonomy/term/8091/all en-US 6 Kinds of Insurance That Aren't Worth It -- And What to Do Instead http://www.wisebread.com/6-kinds-of-insurance-that-arent-worth-it-and-what-to-do-instead <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-kinds-of-insurance-that-arent-worth-it-and-what-to-do-instead" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_driving_000019761193.jpg" alt="Woman driving car with insurance plan that isn&#039;t worth it " title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Forewarned is forearmed, an old adage goes.</p> <p>Being prepared for the unforeseen is always wise, but some insurance companies may actually be cashing in on our fears of unpredictable events. Don't waste money on insurance you don't need &mdash; or by doubling up on coverage you already have. (See also: <a href="http://www.wisebread.com/14-things-insurance-agents-dont-want-you-to-know?ref=seealso">14 Things Insurance Agents Don't Want You to Know</a>).</p> <p>Here are six kinds of insurance that aren't worth their cost (and a few coverage alternatives, just in case).</p> <h2>1. Rental Car Insurance</h2> <p>You shouldn't pay twice for the same thing. Depending on your car insurance policy and your credit card, you may already be covered for rental car insurance.</p> <p>First, most primary auto insurance policies extend to rental vehicles up to your policy limits. For example, your liability insurance would pay for damages caused to other cars or properties. Review your insurance policy to get a clear picture of your coverages and policy limits. In case of questions, talk with your insurance agent or contact your primary auto insurance's customer service line.</p> <p>Second, many credit cards offer secondary coverage for theft or damage to the rental vehicle. Secondary coverage means that after filing a claim with your primary insurance, the secondary insurance picks up fees, such as deductibles, loss-of-use charges, and towing costs. (See also: <a href="http://www.wisebread.com/10-awesome-credit-card-perks-you-didnt-know-about?ref=seealso">13 Awesome Credit Card Perks You Didn't Know About</a>)</p> <h3>What to Do Instead</h3> <p>To skip rental car insurance, stick to cars that meet the coverage limits and requirements of your primary car insurance and credit card. For example, some cards won't cover rental cars over $50,000 in value or with rental periods of over 30 days.</p> <h2>2. Extended Warranty</h2> <p>When you drop a couple grand on that brand new laptop, you don't even hesitate to accept that extended warranty insurance. But if you'd read the fine print on your credit card terms, you would have found out that you were already covered. Most <a href="http://www.wisebread.com/how-to-take-advantage-of-free-extended-warranty-from-your-credit-card-issuer">credit cards offer extended warranties</a> for an extra year.</p> <p>Consumer Reports indicates that when breakdowns occur during <a href="http://www.consumerreports.org/cro/news/2011/02/nine-more-reasons-to-skip-the-extended-warranty/index.htm">extended warranty periods</a>, the average repair cost for appliances is about the same as the average price for that warranty. This means that you're better off sticking with the free extended warranty from your credit card.</p> <h3>What to Do Instead</h3> <p>Just remember that to qualify for the extended warranty from your credit card company, you need to put the entire purchase amount on the card.</p> <h2>3. Collision Coverage for Old Cars</h2> <p>Talking about car insurance, here is another one that may be unnecessary.</p> <p>Let's imagine that you own a car with a Kelley Blue Book value of $2,500 and that your collision coverage is $500 per year.That's 20% of your vehicle's value for one year of coverage! If you were to wreck your car and receive a total loss settlement, the most that you would receive is $2,000 (assuming a $500 deductible). Is this worth it?</p> <p>This is a bad deal no matter how you see it. It gets even worse as the collision deductible gets higher, or the vehicle's cash value gets lower. Depending on your financial situation, <a href="http://www.wisebread.com/when-to-drop-collision-coverage-on-your-car">dropping collision coverage</a> for your old car may be a good idea. On the other hand, never drop your auto liability insurance.</p> <h3>What to Do Instead</h3> <p>Take what you would use on collision coverage and put it in a savings fund for your next car purchase.</p> <h2>4. Specified Disease Insurance</h2> <p>If you have a family history of a particular genetic disorder or are at risk for a terminal disease, you may lose sleep over the potential financial blow that might be coming someday. Most specified disease insurance writers claim that this kind of policy is worth it because it will cover expenses not reimbursed by your primary health insurer, such as out-of-pocket medical costs, child and household help charges, and experimental treatment expenses.</p> <p>The reality is that you may be already covered. The Affordable Healthcare Act ensures that most insurance plans cover the health care that <a href="http://www.cancer.org/acs/groups/cid/documents/webcontent/002562-pdf.pdf">cancer patients and survivors</a> might need. Current legislation requires that all plans sold in health care marketplaces must cover essential health benefits, including screenings, treatments, and follow-up care of cancer and other types of diseases. If you're concerned about a specific disease, find out your available options for coverage through your <a href="http://www.healthcare.gov">state's health care marketplace</a>.</p> <h3>What to Do Instead</h3> <p>Get peace of mind through a comprehensive plan that covers your illness and skip the specified disease insurance.</p> <h2>5. Life Insurance for Children</h2> <p>This is a very sensitive topic. As a father of two handsome and smart boys, I will do everything in my power to provide them health, stability, and wellbeing. Buying life insurance for children doesn't make sense because they are not the main breadwinners in the family. In most scenarios, your children are your dependents, not the other way around. (See also: <a href="http://www.wisebread.com/how-and-why-to-buy-life-insurance">How and Why to Buy Life Insurance</a>)</p> <p>Life insurance for children would only make sense if you're dependent on your young children for income. Even under these circumstances, some parents may feel uncomfortable signing up their children for life insurance.</p> <h3>What to Do Instead</h3> <p>If you're concerned that you wouldn't be able to cover the potential funeral expenses of your children, then create an emergency fund savings or investment account to cover those expenses. That way, you're covered in case of need and you have a head start for a potential college savings fund for your children. Consult your financial advisor to determine which is the right choice.</p> <h2>6. Private Mortgage Insurance</h2> <p>Private mortgage insurance, better known as PMI, is meant to cover any money owed to your lender in case you default on your mortgage. This insurance is not meant to cover you at all. PMI is required by law for homebuyers with down payments less than 20% of the sale price of the property. (See also: <a href="http://www.wisebread.com/why-you-don-t-need-mortgage-life-insurance?ref=seealso">Why You Don't Need Mortgage Life Insurance</a>)</p> <p>There are three reasons why PMI isn't worth it:</p> <ul> <li>The average PMI payment ranges from 0.5% to 1% of the total loan value. The small percentage can be deceiving. In 2014, the <a href="http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/">average U.S. mortgage debt</a> was $155,192. Assuming a 1% PMI, the <a href="http://www.investopedia.com/articles/pf/07/avoid_pmi.asp">average PMI payment</a> in 2014 was about $1,551. That money would be better used as a contribution to your retirement account or payment to credit card debt.</li> </ul> <ul> <li>PMI payments may not be tax deductible. Families with over <a href="http://www.irs.gov/publications/p936/ar02.html#en_US_2014_publink1000296058">$109,000 adjusted gross income</a> ($54,500 if married filing separately) per year can't deduct PMI payments on their tax declarations.<br /> &nbsp;</li> <li>PMI may be cancelled. Under the <a href="https://www.fdic.gov/regulations/compliance/manual/pdf/V-5.1.pdf">Homeowner's Protection Act</a>, you can request your lender terminate your PMI when your loan value reaches 78% of the original market value of the secured property. Keep in mind that there are several requirements, such as no junior liens and no dramatic market value swings. Plan ahead, work on improving your credit history, and make mortgage payments on time within the last two years, so that your lender doesn't come up with any &quot;buts&quot; to your request.</li> </ul> <h3>What to Do Instead</h3> <p>Save up for a 20% down payment on your property and skip private mortgage insurance altogether.</p> <p>For those with a high credit score, another option for avoiding PMI may be available: an 80-10-10 piggyback loan. Under this type of loan, a bank offers you a mortgage for 80% of the home value, and a second mortgage or home equity line of credit (HELOC) for 10% of the home value. This way you're able to come up with a 20% down payment but only with 10% out of pocket. Consult your local bank to determine your eligibility for a piggyback loan, find out terms (e.g. some banks may offer 80-5-15 or 80-15-5 piggyback loans), and figure out if a piggyback loan is right for you.</p> <p><em>What are some insurances that you wished you had never signed up for?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/6-kinds-of-insurance-that-arent-worth-it-and-what-to-do-instead">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/repair-the-car-or-spend-the-cash">Repair the Car or Spend the Cash?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-tips-to-save-on-car-insurance">4 Tips to Save on Car Insurance</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-buy-affordable-life-insurance">How to Buy Affordable Life Insurance</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-financial-steps-to-take-after-graduating-from-college">5 Financial Steps to Take After Graduating From College</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/questions-and-answers-on-life-insurance-book-review-and-money-saving-tips">Questions and Answers on Life Insurance: Book Review and Money Saving Tips</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance car insurance health costs life insurance pmi warranties Wed, 08 Apr 2015 11:00:10 +0000 Damian Davila 1370391 at http://www.wisebread.com 4 Warranties That Aren't Worth It http://www.wisebread.com/4-warranties-that-arent-worth-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-warranties-that-arent-worth-it" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_shopping_000019329937.jpg" alt="Woman shopping and learning which warranties aren&#039;t worth it" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Most of us believe that it's better to be safe than sorry.</p> <p>However, when it comes to buying warranties, you may be acting on emotion. It's time to step back and take a closer look at those extended warranties &mdash; your extra peace of mind may be coming with a hidden high cost. Here are four warranties that aren't worth it.</p> <h2>1. Warranties That Are Too Expensive</h2> <p>According to the Service Contract Industry Council, most <a href="http://www.bbb.org/phoenix/news-events/consumer-tips/2014/12/be-in-the-know-before-buying-extended-warranties/">extended warranty costs</a> are 10% to 20% of the sales price. Anything above that 20% benchmark may be too much, particularly for small ticket items. For example, a $20 extended warranty on a $55 panini press is a waste of money.</p> <p>On the other hand, buying a $150 warranty on a $2,000 computer is a more sensible purchase. Not only is that warranty just 7.5% of the total price, but it'd also cover the high cost of replacing parts.</p> <h2>2. Warranties Shorter Than Those From Your Credit Card</h2> <p>There is no need to pay twice for coverage that you may already have. As long as you complete the entire purchase on a single credit card, most major credit card companies will extend the original manufacturer's warranty up to one additional year.</p> <p>Review the fine print on your credit card's extended warranty for other applicable limits, such as the maximum purchase price and maximum dollar value of claims within the same year. As long as you're aware of applicable exclusions and requirements, having a credit card with an excellent extended warranty can be a lifesaver. (See also: <a href="http://www.wisebread.com/how-to-take-advantage-of-free-extended-warranty-from-your-credit-card-issuer?ref=seealso">How to Take Advantage of the Free Extended Warranty From Your Credit Card Issuer</a>)</p> <h2>3. Warranties for Products With Low Repair Rates</h2> <p>Some people claim that things aren't built to last anymore. However, surveys from Consumer Reports seem to indicate that it may all just be in our heads. The <a href="http://www.consumerreports.org/cro/magazine/2014/02/repair-or-replace/index.htm">repair rates</a> for several items are going down.</p> <ul> <li>Laptops had a repair rate of 36% in 2010, and 24% in 2013.</li> <li>LCD TVs had a repair rate of 15% in 2010, and 7% in 2013.</li> <li>Dishwashers already had a <a href="http://www.investopedia.com/articles/pf/07/warranties.asp">low repair rate</a> of 13% back in 2004.</li> </ul> <p>Consumer Reports found that appliances usually don't break during the extended warranty period. Even when breakdowns occur, the median cost of a repair ($152) isn't that much more than the median price of a warranty ($136).</p> <p>A great alternative to extended warranties for products with low repair rates is to put the money you would have spent on the warranty in a savings account, instead. By &quot;self-insuring,&quot; you're keeping the money and gaining interest on your rainy day fund.</p> <h2>4. Unsolicited Car Warranties</h2> <p>There are warranties that aren't worth the money, and then there are warranty scams.</p> <p>For several decades, the FCC has been warning consumers about <a href="http://www.fcc.gov/guides/auto-warranty-scams">auto warranty scams</a>. Malicious companies prey on consumers whose auto warranties are about to expire &mdash; or in some cases, they may not even be close to expiration. Back in 2008, the Better Business Bureau received more than <a href="http://www.bbb.org/central-illinois/migration/other-news/2009/02/bbb-warns-deceptive-auto-warranty-solicitations-plague-consumers-nationwide/">140,000 consumer calls</a> to confirm the legitimacy of companies claiming to sell auto warranties.</p> <p>For example, in the year that the basic warranty of my 2012 Volkswagen Passat was set to expire, I started receiving unsolicited mail with warnings in big, bold letters; &quot;Final Notice: Expiring Auto Warranty.&quot; After ignoring a couple of these mailers, additional ones started pouring in with labels such as &quot;<a href="http://www.ncdoj.gov/getdoc/28440855-e863-431f-9e60-c46e13226298/Warranty-mailer.aspx">2nd Attempt</a>,&quot; &quot;Time Sensitive,&quot; or &quot;<a href="http://www.ncdoj.gov/getdoc/9c4deb4f-8f10-4206-bd5b-2ab75bf70bcc/Warranty-Mailer-2.aspx">Vehicle Alert Notice</a>.&quot; Then, the calls started coming in every single week. It was all from unscrupulous car warranty salespeople.</p> <p>Don't cave in to the pressure and protect yourself against potential car warranty fraud:</p> <ul> <li>Don't provide any personal or financial information over the phone to unsolicited telemarketers.<br /> &nbsp;</li> <li>Resist high-pressure pitches from salespeople or mailers that urge you to act now. Those &quot;final deadlines&quot; extend for several months over and over.<br /> &nbsp;</li> <li>These car warranties rarely pay claims. The BBB reports that <a href="http://stlouis.bbb.org/storage/142/documents/vehicleservicecontractstudy2011.pdf">93% of vehicle service claims</a> are denied under these warranties.<br /> &nbsp;</li> <li>Never agree to any contract without having a physical copy of the contract and an appropriate timeframe to review the fine print.<br /> &nbsp;</li> <li>A major red flag is the requirement of a down payment to view a contract. Don't agree to pay over the phone.<br /> &nbsp;</li> <li>Search online for the name of the company offering the auto warranty (such as <a href="http://www.ncdoj.com/getdoc/221259f6-b0a2-40aa-801c-f76835f31be2/AG-Cooper-gives-auto-warranty-sellers-the-boot.aspx">U.S. Fidelis</a>), since some of those companies are often in trouble with the law. Or, check the company with your <a href="http://www.usa.gov/directory/stateconsumer/">state and local consumer agencies</a>.<br /> &nbsp;</li> <li>File a complaint with the FCC by visiting <a href="http://consumercomplaints.fcc.gov">consumercomplaints.fcc.gov</a>, calling 1-888-CALL-FCC (1-888-225-5322), or writing to Federal Communications Commission, Consumer and Governmental Affairs Bureau, Consumer Inquiries and Complaints Division, 445 12th Street, SW, Washington, DC 20554.<br /> &nbsp;</li> <li>Place your phone number on the <a href="http://www.donotcall.gov">National Do Not Call Registry</a>.</li> </ul> <p><em>What are some warranties that you wished you never paid for?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/4-warranties-that-arent-worth-it">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/a-used-car-salesman-reveals-dirty-tricks-and-how-to-beat-them">A Used Car Salesman Reveals Dirty Tricks (and How to Beat Them)</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-something-breaks-should-you-repair-or-replace">When Something Breaks, Should You Repair or Replace?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-home-buys-you-should-never-skimp-on">8 Home Buys You Should Never Skimp On</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-gift-card-scam-of-2011-don-t-be-a-victim">The Gift Card Scam of 2011: Don’t Be a Victim</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-times-you-should-demand-a-discount">8 Times You Should Demand a Discount</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Consumer Affairs Shopping appliances Cars electronics repairs scams warranties Wed, 01 Apr 2015 15:00:11 +0000 Damian Davila 1360904 at http://www.wisebread.com 5 Personal Finance Tips You Don't Always Hear About http://www.wisebread.com/5-personal-finance-tips-you-dont-always-hear-about <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-personal-finance-tips-you-dont-always-hear-about" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/saving_money_tips_up_to_you.jpg" alt="Sign Says: It&#039;s up to you - Do Something!" title="Sign Says: It&#039;s up to you - Do Something!" class="imagecache imagecache-250w" width="250" height="260" /></a> </div> </div> </div> <p> <meta http-equiv="CONTENT-TYPE" content="text/html; charset=utf-8" /><br /> <title></title><br /> <meta name="GENERATOR" content="OpenOffice.org 3.0 (Win32)" /></p> <style type="text/css"> <!-- @page { margin: 0.79in } P { margin-bottom: 0.08in } --><!-- @page { margin: 0.79in } P { margin-bottom: 0.08in } --> </style></p> <p style="margin-bottom: 0in;">We have all read about the usual personal finance tips being offered by the writers of the personal finance blogs around the internet and from the experts on television. They usually end up meshing somewhere along the line with information that includes the importance of setting a budget, tracking your spending, and establishing an emergency fund. While that advice is all valuable and true, there are some other things you should be doing that will keep you financially strong.</p> <p style="margin-bottom: 0in;">Here are some of those tips that may be just as important to your financial health as the basics. Even if you've heard them before, there is nothing wrong with a refresher course:</p> <p style="margin-bottom: 0in;"><em><strong>1. Save For Your Child's Education Now</strong></em></p> <p style="margin-bottom: 0in;">The cost of a college education certainly is not going down any time soon so in order to prevent future stress on family finances or subject your children to a potentially harder road during the college years, invest money into a tax-free 529 college savings account. The earlier you start, the more chances you have to save.</p> <p style="margin-bottom: 0in;"><em><strong>2. Get Your Own Education</strong></em></p> <p style="margin-bottom: 0in;">Sure, it is likely we will struggle with paying for an education but it is essential to earning extra money when compared to those with only a high school diploma. If you can find a way to go back to college for the degree you never got or to obtain a degree you have wanted, it is never too late. Furthering your education doesn't necessarily mean going back to college. There are a lot of alternative options for furthering your knowledge and learning new skills. Many communities offer classes to improve your computer skills, your crafting skills, and can even introduce you to new talents you didn't know you had. Take a course in photography or creative writing. You can always use these skills to supplement your existing income and explore what financial freedom your natural talents and hobbies can bring to you.</p> <p style="margin-bottom: 0in;"><em><strong>3. Skip the Extended Warranties</strong></em></p> <p style="margin-bottom: 0in;">Any merchandise you buy will already come with a warranty. Some will be 90 days and some can range up to a year or more. If something is going to break, it will likely break during that time. The only one that profits from your purchase of an extended warranty is the company that sells them. Be choosy in what you are spending your money on and research items before you buy them. Armed with this information before you hit the store should make you less susceptible to spending cash on useless warranties.</p> <p style="margin-bottom: 0in;"><em><strong>4. Question Your Loyalty</strong></em></p> <p style="margin-bottom: 0in;">Chances are good that over the last few years, you have selected and stayed loyal with many technological services from day one. You are barraged day in and out with promotional offers for the latest plans for cell phones, cable services, internet providers and the like. While it may be annoying to have to sift through the deals that are out there, your wallet may appreciate your efforts. Most companies will not be the first to tell you that you can get a better deal if you just pay attention to what is going on. They are happy to keep letting you pay more for less services than other customers are getting. Stay on top of what you are paying for and you'll find savings.</p> <p style="margin-bottom: 0in;"><em><strong>5. Prioritize Your Health</strong></em></p> <p style="margin-bottom: 0in;">Face it, if your health goes in the toilet and you don't have the appropriate health insurance coverage available, you can very quickly lose everything you have saved when medical bills start taking over your life. If you an your spouse have employer-sponsored health plans, make the most of whichever plan covers your needs. If you are self-employed and have to find insurance on your own, work hard to find the plan that fits your financial needs and your health concerns. You should not always go for the cheapest policy but the one that will cover your basic medical care costs as well as the costs of the unexpected expenses that can arise with health issues.</p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tisha-tolar">Tisha Tolar</a> of <a href="http://www.wisebread.com/5-personal-finance-tips-you-dont-always-hear-about">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-100-laptop-for-sale-to-the-public">The $100 laptop...for sale to the public?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-really-easy-ways-to-unclog-drains">10 Really Easy Ways to Unclog Drains</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-wonderful-uses-for-witch-hazel">15 Wonderful Uses for Witch Hazel</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/109-random-acts-of-kindness-you-can-start-doing-today">109 Random Acts of Kindness You Can Start Doing Today</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/14-effective-grease-and-oil-stain-removal-tips">14 Effective Grease and Oil Stain Removal Tips</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> General Tips education health insurance technology warranties Mon, 26 Jan 2009 19:30:06 +0000 Tisha Tolar 2777 at http://www.wisebread.com Why Spending a Little More on a Brand Name can Pay Off http://www.wisebread.com/why-spending-a-little-more-on-a-brand-name-can-pay-off <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-spending-a-little-more-on-a-brand-name-can-pay-off" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/warranty.JPG" alt="waranty" title="warranty" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p class="MsoPlainText">I have always been a fan of buying the less expensive generic version of whatever it is I am in the market for. Running shoes, clothing, electronics, prescription drugs, you name it. </p> <p class="MsoPlainText">And in many cases, the generic version is just as good and saves a ton of money. </p> <p class="MsoPlainText">There are a few cases that I have discovered, though, in which it pays to spend a little more at the outset. </p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText">I owned a pair of brand name running shoes that had a great little feature which was an alternative to laces, and I was loved them. </p> <p class="MsoPlainText">However after a few months, the lace-alternative mechanism stopped working, and the shoes were rendered all but useless. Since the shoes were well used by that point though, I didn&#39;t even consider the fact that it could be covered under warranty. A friend who was visiting and worked in an athletic shop asked me how I liked the shoes. Needless to say I gave him a piece of mind about the company and their crappy shoes!</p> <p class="MsoPlainText">&quot;Well, just return them,&quot; he said. </p> <p class="MsoPlainText">&quot;I&#39;ve moved all over the country. I&#39;m thousands of miles away from the store I went to, and I don&#39;t have a receipt anyway,&quot; I replied hopelessly. </p> <p class="MsoPlainText">&quot;That&#39;s okay,&quot; he said. &quot;Just take them into our store. We carry that brand, so we can ship the shoes back to the carrier for you, and they&#39;ll replace them for free. You&#39;ll just have to pay for the shipping since you didn&#39;t buy them at my store originally.&quot; </p> <p class="MsoPlainText">Done! A month later, I was wearing the brand new, next-generation of the shoe for the paltry $12 in shipping. </p> <p class="MsoPlainText">I&#39;m pretty sure the generic brand version of those shoes wouldn&#39;t have held to that level of service. In fact, I might have gone through two to three pairs of the same shoes in the time it took me to wear in the brand name shoes I still own. And when I calculate the cost at the end of the day, I actually saved money with the brand name shoes. </p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText">That experience opened the doors for me to a world of brand name warranties. You don&#39;t always need to fill out a silly card or register by internet a lot of the time; you simply need to own the product. If it fails, you take it to a store that carries it and politely explain your problem and ask if there is a way they can help you. Alternately, circumvent the store entirely and go straight to the manufacturer. Again for the cost of shipping, you&#39;re likely to end up with a brand new replacement. </p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText">Most warranties specify that they will only cover manufacturer&#39;s defects, which is reasonable. But if you look hard you can even find a few items the manufacturer claims are indestructible, for which even wear &amp; tear is covered. And even if the warranty policy states manufacturer defects only, I would challenge you to spend the small amount of time required to see if you can get a replacement anyway. If it can save you the cost of replacing that item, it`s worth at least asking. </p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText">Here are just a few brand names I&#39;ve had experience with that will honour returns and replace damaged (and even just plain worn) goods: </p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText"><a href="http://www.rmwilliams.com.au/home.asp?pageid=2E6B299F55B297E8" target="_blank">R.M. Williams</a> - The Australian boot company. If any part of the boot wears for any reason, they will repair or replace the item.</p> <p class="MsoPlainText"><a href="http://oakley.com/" target="_blank">Oakley</a> - For sunglasses. Friends of mine have had luck with getting broken frames replaced without question. </p> <p class="MsoPlainText"><a href="http://www.tilley.com/guarantee.asp" target="_blank">Tilley</a> - Specializes in upscale travel wear, and their real specialty is the Tilley Hat - indestructible. So if any of their items wear, just return them. </p> <p class="MsoPlainText"><a href="http://www.thenorthface.com/na/contact-us.html#warranty" target="_blank">North Face</a> - This is the company that replaced my running shoes. Not only that, but a friend of mine had a North Face jacket with a lifetime warranty, and I`ve read stories about others who have received brand new next-generation jackets (to the tune of $500 or more) for the cost of shipping. </p> <p class="MsoPlainText"><a href="http://www.arcteryx.com/iframe/warranty.aspx" target="_blank">Arcteryx</a> - Another outdoor gear outfitter, with extremely high quality (and high cost) items. I don`t personally have any Arcteryx swag, but others who own it say the warranty is honourable. </p> <p class="MsoPlainText">And for Canadians, items purchased at <a href="http://www.mec.ca/splash.jsp" target="_blank">Mountain Equipment Co-op</a> (they ship internationally by the way) are almost always returnable. I have returned punctured water bladders, ripped pants, and defective watches without as much as a blink of an eye from customer service. I don&#39;t even need a receipt, since they have my purchasing history in their computer.</p> <p class="MsoPlainText">&nbsp;</p> <p class="MsoPlainText">All this is not to say I am a brand name junkie. I couldn&#39;t care less about designer labels, and you&#39;ll never catch me carrying a $500 (or even $100) designer purse. I choose my brands carefully, based on functionality, price, and customer service.</p> <p class="MsoPlainText">So if you are debating whether or not that brand name item will truly last longer than the generic alternative, consider the warranties available. You may get a lifetime of use out of the initially more expensive item if you play your cards right. </p> <p class="MsoPlainText">&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nora-dunn">Nora Dunn</a> of <a href="http://www.wisebread.com/why-spending-a-little-more-on-a-brand-name-can-pay-off">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/impulse-shopping-a-controllable-handicap">Impulse Shopping: A Controllable Handicap</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-to-buy-brand-names-sometimes-the-splurge-is-worth-it">When to Buy Brand Names: Sometimes, the Splurge Is Worth It</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-warranties-that-arent-worth-it">4 Warranties That Aren&#039;t Worth It</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-times-you-should-demand-a-discount">8 Times You Should Demand a Discount</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-anti-aging-creams">The 5 Best Anti-Aging Creams</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Shopping brand name return policies warranties Wed, 31 Oct 2007 19:14:20 +0000 Nora Dunn 1342 at http://www.wisebread.com