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The Cost of Maintaining and Repairing Today's Appliances Is Going Up, According to Safeware

Customers are increasingly turning to extended warranties to insulate themselves from financial risk of owning complex appliances

DUBLIN, OH--(Marketwired - March 20, 2017) - Safeware, a leading provider of product protection and extended warranty solutions, helps customers to reduce the risk of owning high-value appliances, such as dryers, refrigerators or dishwashers. This peace of mind, delivered in the form of a protection plan, eliminates unexpected repair costs for customers.

When purchased new, most appliances come with a limited manufacturer warranty that protects the unit from mechanical failure within the first year of ownership. Many customers rely on this short-term protection, believing they are unlikely to experience unit failure after that initial period. However, Safeware data indicates that many modern appliances fail when the unit is between one and three years old.

When those appliances fail, the out-of-pocket costs can be higher than many consumers anticipate. On average, dishwashers cost $199 per repair, and washing machines cost $221. Similarly, refrigerators can cost up to $267 each time service is required, in addition to the cost of any potential food loss during the downtime.

"By investing in a protection plan when a new appliance is purchased, customers are able to prevent the out of pocket expenses that will result if their unit fails," says Safeware's Chief Executive Officer, Bryan Schutjer. "Safeware partners with the country's best service centers, so consumers can rest assured that they are receiving the highest quality, most convenient service."

As more consumers request service from repair technicians who are certified by a specific manufacturer, the cost of labor for repairs on appliances is increasing. When a technician is supported by the manufacturer with a certification, consumers understandably feel more comfortable with the work being performed on their product. The downside of this trend, though, is that repair centers must increase their overall rates to afford these certifications.

The total repair cost, made up of labor and drive time for the technician, service center mark-ups, and any taxes or shipping charges, can quickly become expensive. Since 2014, the average cost of labor has increased nationwide by 7.3%. Ultimately, if the customer is not protected by an extended warranty, the price for service increases and up-charges are passed along and reflected in the total repair cost.

Despite these upward trends for out-of-pocket appliance repairs, the cost of extended warranties has remained steady. Statistics show that consumers who invested in extended warranties for their appliance are not being impacted by these trends as much as those who did not. When purchasing a new appliance, customers should consider the potential cost of failure and weigh that against the upfront investment in protection for their unit.

About Safeware

Having pioneered the technology insurance industry in 1982, Safeware is now one of the most recognized names in product protection. Safeware's innovative approach to insurance and extended warranty solutions has propelled the company into multiple industries including education, corporate technology, fitness, furniture and appliances. By helping partners to customize coverage based on their unique needs, Safeware provides best-in-class programs allowing customers to own their products with confidence.

Learn more about Safeware online at www.safeware.com or by calling 1.800.800.1492.

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