Extended warranties are usually very inexpensive and can save you thousands in the future. Some can even cover extra costs that result, such as cost of food that spoils when your fridge dies. It’s simple and inexpensive to purchase extended warranties and one of the smartest ways to protect your investment.

Appliances can be large, heavy and expensive. You probably don’t have the special tools or expertise needed to fix them in a crisis. If you can spare a few thousand dollars without batting an eyelash for new appliances should they break tomorrow, don’t buy a warranty. But if you’re like most of us, protect yourself by purchasing inexpensive extended warranties when you buy a new product and save yourself big money in the long run.