Best Buy Extended Warranty vs. SquareTrade: Which Is Better?

When purchasing electronics, you need to consider the seller’s warranty. 

The main focus is on the  Best Buy extended warranty versus SquareTrade in this context. 

Let’s look into each of these warranties in an in-depth manner, and you can make an informed decision afterward.

Is the Best Buy or the SquareTrade Warranty better?

The SquareTrade warranty is an overall better value and more versatile extended warranty option than anything offered directly through Best Buy. Not only will a SquareTrade warranty guarantee you a return, you can get it on all sorts of products, not just electronics.

The extended warranty works so that if the product fails within a certain period, you get a refund of the cost of the product and an additional sum, which amounts to some percentage of the purchase price. Nowadays, it is easy to find online retailers that offer extended warranty policies. These policies are also known as “after-sale service plans,” “cover-for-sale,” or “service plans for home appliances.”

About Best Buy Warranty

The extended warranty usually safeguards you after the warranty by the manufacturer expires. 

You are covered against repair, replacement, and other services during the time of the manufacturer’s warranty in case of any defects. 

The warranty can be purchased separately or along with the product.

Does Best Buy use SquareTrade?

Best Buy does not use SquareTrade. 

Best Buy usually works under the manufacturer’s warranty, whereas SquareTrade doesn’t. With Best Buy, you won’t have to deal with the manufacturer directly. 

However, the program only covers a certain period. In some cases, it is only for one year, and in others, it goes up to three years; this depends on the manufacturer.

In the case of the extended warranty, you need to pay a higher amount every year than what you would normally have to spend with the service plan on your own.

About SquareTrade Warranty

Manufacturers like Apple, Samsung, and HTC offer this type of protection by SquareTrade on its products. This program is available on all Apple devices like iPhone, iPad, and iPod touch. 

Similarly, Samsung Galaxy tablets and smartphones get this extended service as well.

You can find most phones, including Nokia, feature this warranty as well. 

Are SquareTrade warranties any good? This warranty is more beneficial than the manufacturer’s warranty for some.

Why extended warranties are a waste of money

An extended warranty isn’t worth your money since appliances cannot break down on their own easily. 

Most electronics run pretty smoothly, and if they suddenly stopped functioning, it would be easy to fix them using some simple steps. 

Even if something goes wrong with your appliances and they stop working, you will have to call the retailer’s customer service center and get it fixed.

Purchasing an extended warranty for a product is not the best idea in this case. 

You need to be aware that warranties can often be tricky and expensive to claim in case of any issues. 

The extended warranty does not cover the following items:

  • Cleaning, shipping, and installation charges.
  • Normal wear and tear of the product, such as scratches, nicks, fading, or dirt.

Comparison between SquareTrade and Best Buy Extended Warranty

Risk Coverage in SquareTrade Warranty is More Extensive than that of Best Buy Warranty

In case of loss or damage from fire or water, you will be covered under SquareTrade; but if you have lost your product, it will be covered under the Best Buy warranty. 

Moreover, SquareTrade has coverage on any accidental damage and technology breakdown problems.

Squaretrade Warranty comes with a higher token value

The token amount is the cost of the guarantee offered by SquareTrade. 

The Best Buy warranty is lower and even can get discounted for customers who opt for their extended warranty. 

In the case of the SquareTrade warranty, most products are covered for one year. 

And this cover eventuates if you pay for it up-front as well. 

Best Buy has three years of coverage on any product purchased through their store.

Best Buy Warranty is only available on Electronics, while SquareTrade is available in every category

Best Buy warranty is restricted to electronics only. 

But SquareTrade warranty is applicable on all products, including appliances, furniture, toys, and many more. 

You can purchase the SquareTrade warranty on anything except cars. 

The Best Buy extended warranty does not provide coverage for cars as well. 

Moreover, Best Buy does not have any coverage for jewelry and watches.

However, SquareTrade does cover these items as well.

Squaretrade Warranty is available at additional cost as compared to Best Buy Warranty

You have to pay an additional fee for the coverage added to your Best Buy warranty. 

However, with the SquareTrade warranty, you will be charged a certain amount for the first year, and the fee will be lower for each following year on products purchased through the company’s website or mobile app.

SquareTrade Warranty is more reliable and efficient as compared to Best Buy Extended Warranty

The SquareTrade warranty offers claims processing to their customers.

The claims are processed within 48 hours, but in the case of Best Buy warranty, you have to wait for at least two weeks for the claim to be processed. 

However, you can contact your local store if the product you have bought has defects and needs a warranty.

SquareTrade has easy replacement policies, and generally, the process is completed within two days or less. 

However, if the product is sent to a repair center, the time taken is usually between three and five days.

But when you opt for Best Buy warranty, either you have to send the product back to the store or visit your local store in person.

Best Buy Warranty does not cover accidental damage

Best Buy covers only manufacturer defects and does not consider any other damage as a valid reason for the claim. 

On the contrary, SquareTrade warranty covers any accidental damage, including water damage or fire-damaged products.

SquareTrade Warranty covers only the actual cost of the product and not any additional costs

The product’s price is paid on the initial price plus the warranty amount. 

You may be asking yourself, does SquareTrade repair or replace? SquareTrade does not cover other costs like labor charges, repairs, or even shipping costs incurred. 

The money will only be refunded if you have purchased a used item.

SquareTrade Warranty Safeguards the purchaser from any further problems which a product might face

Unlike Best Buy, the guarantee offered by SquareTrade will go on for as long as you want. 

No matter how many times you break your product, it will still be repaired or replaced with no extra charge. 

However, Best Buy will charge a fee every time you have to replace your device or carry out a repair on it.

SquareTrade Warranty is available at all stores

The Best Buy warranty is available only at their physical store. 

You can purchase the warranty online, but you will have to visit the nearest store of Best Buy, which may not be convenient for all. 

SquareTrade warranty is online-only; there are no physical retail locations in which you can purchase this service.

Best Buy Warranty offers a 30-day Money Back Guarantee

If you are not happy with the service, you can return the product and get your money back.

But if you have purchased a new one, you need to pay for it even if it has defects. 

SquareTrade will refund only after the product is replaced or repaired as per their terms and conditions. 

These terms and conditions may vary depending on the product.

Frequently Asked Questions

Can the Warranty Be Transferred?

The SquareTrade warranty is transferable if you want to sell the product. While in the case of Best Buy, it is not possible to transfer the warranty.

How You Can Get the Extended Warranty?

You can purchase the extended warranty through their website or your mobile app.

What Types of Products Are Covered?

You can purchase the warranty for almost any product purchased through the store.

You can even opt for additional protection when purchasing a larger ticket item.

Will SquareTrade Warranty Cover Manufacturer Items?

No, while Best Buy warranty covers all items purchased from them. But remember, SquareTrade covers only items sold through their website or mobile app.

Which Kind of Items Are Not Covered?

SquareTrade will not cover items that are damaged due to fire, water, or impact from a vehicle. 

And even if the item is damaged by accident and there were no issues before that, the claim will not be entertained.

What Are The Benefits of Using SquareTrade Warranty?

The warranty offered by SquareTrade is money-back guaranteed. 

You have to contact customer service and get your money back only after the product is replaced or repaired as per their terms and conditions, which are quite simple and easy to understand.

What Are the Limitations of SquareTrade Warranty?

SquareTrade will not cover items that are damaged due to fire, water, or impact from a vehicle. 

And even if the item is damaged by accident and there were no issues before that, the claim will not be entertained.

What Are the Products Not Covered By SquareTrade Warranty?

The warranty offered by SquareTrade is not applicable for medical devices like hearing aids and implantable medical devices.

It does not include products that have been customized for any person or product which has an altered appearance from its original state.

Final Words

If you have ended up on the list of dissatisfied customers, then it is better to consider buying a SquareTrade warranty.

However, if you have already purchased the Best Buy warranty and are not satisfied with it, it is better to opt for another policy. 

It is always advised to look for the most reliable coverage and make a decision based on that.