Download the Q13 News weather app here

Is electronics insurance worth it?

The latest electronics can set you back hundreds or thousands of dollars. So you may think you need to pay extra for the insurance or extended warranty. But PEMCO communications manager Derek Wing says  that may not be the case.

“Technology is moving and advancing so quickly that for instance with smart phones, people only keep them for a couple of years and then they switch out and get the newer model," says Wing.

He recommends taking five things into consideration before  getting an extended warranty. First, ask yourself whether the device will break down quickly. Since electronics have gotten more reliable, you may not need anything extra beyond the manufacturer’s warranty. Next, check to see if you’re already covered. A lot of credit cards already have extended warranties when you use them to buy a new product. Compare the cost or monthly premium to the price of the device. If it’s more than 20-percent, it’s almost never worth it. Understand what’s covered. If your child drops a tablet, you want to make sure accidents are covered, aside from normal wear and tear. Last, think about how long you really plan on keeping your new device.

So are extended warranties worth it? Wing says probably not, because people tend to upgrade their electronics so often. But, if that makes you uneasy, just make sure to do your research first.