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What does the extended warranty cover?
How much is the premium?
How much is the deductible?
The companies that offer them aren't losing money. They pay out 80 or 90% of what they take in. You may end up being the guy that receives more benefit. Or you could be one of the 9 others that pay in more than the benefit they receive.
If you can self insure then do so. Earn a little on the money you have put aside. If you can't afford repairs then buy the policy though the odds are you won't receive as much in benefit as you pay in.
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