Customer Review

55 of 61 people found the following review helpful
1.0 out of 5 stars Very, very expensive for what it offers., 7 Mar 2012
This review is from: SquareTrade 3-Year Laptop Warranty Plus Accident Protection (£2000-2500 Items) (Electronics)
Caveat: Like the majority of other reviewers to date, I've yet to use this insurance/warranty combination in practice.

But it doesn't take long to work out that this is a poor deal for Amazon customers and a great one for 'Square Trade'.

Try looking at it as a bet, based on the one-time warranty/insurance premium paid and the amount insured - it suddenly becomes a "D'oh!" deal.
Something Homer might go for? ;)
Starting with the lowest level of cover - machines from £100 to £125 - Square Deal want £45 for 3 years cover.
OK - if it's a £125 laptop/netbook we divide 125 by 45, and the answer is 2.78.
You might think that these are odds of 2.78 to 1, but a bookie gives you your bet back and insurers are craftier than that.
To calculate a bookies odds, we must subtract the £45 'bet' from the £125 'payback' before dividing.
This time we get odds of 1.78 to 1 - or short enough odds for a sure thing.
It gets worse if we consider the £100 end of the price range - 1.22 to 1 - or pretty near even odds. A 'racing certainty'?
Looked at from an insurance/warranty perspective, if we are generous and use the best-case 2.78 to 1 odds, this means that 1 in 3 - a third of the insured laptops - can be a total loss inside the 3 year period and 'Square Trade' can still make a small profit. How often do insurance claim incidents happen to you?
OK, I can think of one 10-year-old who has a happy tendency to wreck things, but do you want to be paying a premium that supports the accident-prone 10-year-old laptop owners?
Without being dropped, stood on, filled with sticky drinks or otherwise abused it's our experience that laptops go for years and years - we've refurbished (more RAM, new free software, paint job) many ~£30 8-year-old laptops as gifts for the grandkids and such, and these are still working after another 3 years, although some of the batteries are in need of replacement.
So what about the 2-year deal from 'Square Trade'? It's worse!
For our £125 example it'd cost you £39 for two years - one third less time on cover (33% less) for 13% less money.
Well, it's a 20% better deal for them, I suppose, but you'd have to be feeling generous.
The bottom line is that you can get laptop cover for far less on your household insurance. Check it out.
As an example, look at the Square Trade cost for a £2000 laptop - £500 for 3 years.
That's more than a year's total house & contents insurance on many hundreds of thousands of pounds.
You may already be covered for laptop theft and accidental damage on your household policy. We are.
Warranty?
There are firms that offer an excellent 2-year warranty for free with new laptops.
One of them is "Never knowingly undersold", too.
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Showing 1-2 of 2 posts in this discussion
Initial post: 12 Mar 2012 17:31:00 GMT
SquareTrade says:
SquareTrade provides a cheaper alternative to most high street retailers and a much better level of service. If we don't deliver, our customers are refunded the cost of their warranty. That is our guarantee.
We are proud to say we are rated 4.8 out of 5 stars here on Amazon, on Review Centre and Ciao. Our own customers are telling us we provide value for money.
We are known for our amazing service in the United States, and are bringing the same level of service to customers in the UK.

Please let us know if there's any questions that you have. You can call us on 0808 189 1453 (9am to 6pm).

Sincerely,
Spencer
SquareTrade

In reply to an earlier post on 13 Sep 2012 20:52:10 BDT
L. Allen says:
As you addmitted on an earlier comment though.Most of the good reviews on here(all but one) are from people who have never had to claim,so its not really an accurate reflection of an warranty company.
As some reviews say you may answer questions well or have a system that makes the insurance easy to set up but that benefits you more than the customer because they buy something that in 2/3 cases they never use.The only reviews that matter are those who actually use the service you provide and i can only find one of them on here and its bad.
My laptop has gone back to Acer twice and my brothers has way more than that.After nearly 3 years of problems with his laptop they offered him a full refund.Now thats what i call a warranty.
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Location: Bedford, UK

Top Reviewer Ranking: 364