Key Takeaways:

  • SquareTrade offers up a number of extended warranty plans for a wide variety of electronic devices.
  • These plans tend to be on the cheaper side and come with no deductibles for repair services.
  • Though SquareTrade plans do offer coverage for accidental damage, they do not cover loss or theft.

SquareTrade is a warranty provider that specializes in the coverage of big-ticket electronics items, including new computer monitors, smartphones, desktop PCs, televisions, and more. Consumers may be wondering, however, if the plans offered by SquareTrade are worth it.

SquareTrade Electronics Extended Warranty Review

Generally speaking, SquareTrade offers some robust extended warranty plans that offer a good amount of coverage no matter what device you are looking to have protected. The monthly fees for these plans vary depending on the item you are looking to have insured, but they are competitive. SquareTrade will also replace insured items under certain conditions.

Tip: Generally speaking, SquareTrade offers some robust extended warranty plans that offer a good amount of coverage no matter what device you are looking to have protected

Is SquareTrade Worth It?

SquareTrade extended warranty plans can be worth the money under certain conditions and for certain consumers. It is important to understand the nuts and bolts of their coverage.

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Robust Customer Service

SquareTrade is known for having a robust customer service program. The company has lines open 24 hours a day and customer representatives can easily be reached via phone, computer, or any gadget that can get on the Internet. The company has also built a robust online portal for the purposes of filing claims and checking on the status of filed claims. Once you file a claim, expect a quick turnaround regarding the ultimate decision and the institution of benefits.

Tip: The company has also built a robust online portal for the purposes of filing claims and checking on the status of filed claims

Warning: Once you file a claim, expect a quick turnaround regarding the ultimate decision and the institution of benefits

Relatively Inexpensive

Another key perk to choosing SquareTrade is that the monthly plans they offer are relatively inexpensive, especially when compared to some competing companies. For instance, you should be able to get a top-of-the-line smartphone covered for around five dollars a month and they also offer family plans that further decrease the overall cost of extended warranty plans. Even better? Most SquareTrade plans have zero deductibles, meaning you’ll be able to get an item repaired for free.

Accidental Damage

SquareTrade is in the business of extended warranties but the company’s plans go above and beyond what these extended warranties usually offer. Case in point? SquareTrade offers coverage for items that have been accidentally damaged, which is a benefit more in line with an insurance plan than an extended warranty. Additionally, SquareTrade will pay for shipping the damaged item to a repair facility.

Exclusions

It is important to understand that SquareTrade deals in the sales of extended warranties, and not insurance plans. This means that their coverage only goes so far and does not offer benefits for loss and theft.

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STAT:

Warranties make the most sense when: A warranty costs less than 15% of the item price, or less than 25% if it covers accidental damage. (Source)

Sources:

https://en.wikipedia.org/wiki/SquareTrade

https://www.squaretrade.com/

https://en.wikipedia.org/wiki/Allstate

https://www.allstate.com/

*https://www.youtube.com/watch?v=CIdddedhp0M

SquareTrade Electronics Extended Warranty Review FAQ

What's the biggest misconception regarding in-store warranty policies?

Big-box retailers pretend that adding on a warranty at the time your initial purchase is the only option you have as a consumer. That is not true, as there are many third-party warranty companies.

Are there any “buyer beware” that consumers should know about third-party warranties?

Yes. When you purchase an extended warranty while at a retail store, you are actually buying a third-party product that has been rebranded by the retail outlet.

How Does SquareTrade Impact a Manufacturer Warranty?

SquareTrade plans typically kick in after the manufacturer’s warranty has expired.

Lawrence Bonk

Lawrence Bonk is a copywriter with a decade of experience in the tech space, with columns appearing in Engadget, Huffington Post and CBS, among others. He has a cat named Cinnamon.

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