Sunday, May 14, 2006

Should you buy that extended warranty or rental car insurance?

A nice, short read on buying extra rental car insurance (and "extra" warranties on things such as cell phones). Basically, "they" can greatly overcharge for the insurance because people like it:

Economic psychologists have determined that we find it impossible to put our losses into context. I should recognize that the value of my home fluctuates every hour by more than the value of the cell phone I put through the washing machine—but it will be the loss of the phone that upsets me, and it is the risk of that upset that the phone insurers will try to emphasize.

I find much of the academic business world a bit...nebulous, but I think economics is pretty cool.


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Unknown said...

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Warrantech said...

quite interesting post as you have discussed this topic biosly as you have discussed both pros and cons

Johan Michal said...

I guess extended warranty is a good idea for some but is another expense for others. It all depends on its coverage and the type of product you purchased. If the product is prone to damage, then I guess extended warranty is a must.

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