Are Lowes Protection Plans Worth It

After purchasing an item from Lowe’s, you may also be prompted to purchase a protection plan. It’s normal to be unsure whether to buy the protection plan. Of course, it’s up to you to make the final decision.

Generally speaking, Lowes protection plans are worth it if your product is expensive and the manufacturer’s warranty lacks sufficient coverage. The plans are flexible with a 30-day cancellation period and are easily managed via a customer portal.

However, this guide will tell you everything you need to know about whether Lowe’s Protection Plans are worth the cost. Keep reading to learn more if you’re on the fence about purchasing a Lowe’s protection plan.  

What’s a Protection Plan? 

Along with the many benefits of shopping at Lowe’s, protection plans are available for certain items like appliances and tools. A protection plan is a form of insurance that offers services should your item need to be repaired or replaced. Manufacturers’ warranties vary based on the brand. However, the Lowe’s Protection Plan lasts three to five years, based on your item. 

One of the significant benefits of purchasing a Lowe’s Protection Plan is the Fix It or Replace It policy. If your item needs multiple repairs or has many defects, Lowe’s will either fix it or replace it entirely. Lowe’s Protection Plans are offered at the time of purchase and last the day you receive the product for up to three to five years. 

Eligible Items 

With a wide selection of appliances, small and large, the type of protection plan varies based on the items. Here are some examples of items covered under Lowe’s Protection Plan. 

Major Appliances
Small AppliancesHeating & CoolingGrills and Smokers
DishwashersVacuumsDehumidifiersPellet Grills
DryersBlendersCoolersElectric Grills
FreezersCoffee & Espresso MakersPortable Fans Plumbing 
MicrowavesToaster OvensGas Fire PitsWater Heaters
RangesWine CoolersHeatersElectric Smokers 
RefrigeratorsMini Refrigerators Air ConditionersGas Grills
Washing MachinesFood Processors Fireplaces Gas Smokers

As you can see, there is a multitude of different appliances and tools that are available for the Lowe’s Protection Plan. Many other items are eligible for the Lowe’s protection plan, such as water heaters, power tools, and outdoor power equipment. If unsure what items come with your purchase, check online or ask an associate about your options. The wide range of items with a protection plan makes it easy to extend your purchase’s warranty by 3 or 5 years, depending on the item. 

Lowe’s Protection Plans Pros

One of the main appeals of the Lowe’s Protection Plan is that there is no deductible for the protection plan service. Protection plans can easily be purchased with your item during checkout. If you’re unsure about the service, you can ask the clerk in-store for a brochure for more information about the Lowe’s Protection Plan.

If you purchase your item online, you will see a link to learn more information next to the Protection Plan option. Here are all the benefits included in Lowe’s Protection Plan purchase. Keep in mind that these benefits vary by item. 

Keep It Running You’ll receive 50% plus tax back on integral parts to the appliance’s system such as cleaners, batteries, belts, blades, etc. Up to $100 maximum per 12 months. 
Cosmetic PartsYou’ll receive 50% plus tax back on cosmetic pieces that the system requires to operate such as shelving units or knobs. This benefit is only limited to major appliances such as ovens and over-the-range microwaves. 
Restock Your FoodIf your refrigerator or freezer malfunctions under the Lowe’s Payment Protection Plan, you are eligible for $300 worth of food loss. $300 of restock food is eligible only for full-size refrigerators and freezers. $100 of restock food is available for compact refrigerators and wine coolers. 
Reinstallation LaborBuilt-in major appliances will need professional installation. In the even that your water heater, water softener, or filtration system needs to be reinstalled, Lowe’s will help pay for the system to be reinstalled.N/A
Payback RewardLowe’s offers a payment system for customers who don’t utliize their service claims. If you are coming to the end of your payment plan without any service claims, you can get 30% back on the plan price.  You have only 60 days to request the 30% back after your claim expires. This benefit is limited only to major appliances, and some power equipment. 
Accidental DamageIf your power tool has a structural break or crack, Lowe’s Protection Plan covers the accidental damage. Accidental damage is only available for power tools, and only covers damage that does not result of commercial or professional use. 
Repair QuickIf Lowe’s does not repair your appliance in 7 days, you will recieve a payment of $50. Lowe’s will only provide this payment one time. This benefit does not include refrigerators or freezers in the benefit. 

Lowe’s Protection Plan Fine Print 

With all the benefits of Lowe’s Protection Plan, it seems like it is worth it. However, with any insurance or purchase, you must read the fine print to ensure you’re getting your money’s worth. The Lowe’s Protection Plan does come with limitations that may hinder your decision to purchase the Lowe’s Protection Plan. 

  • Any accidental damage, abuse, or cosmetic damage to major appliances is not covered. 
  • Lowe’s Protection Plans are transferable, but only if you contact the Protection Plan Administrator to transfer the coverage to whoever receives the appliance. 
  • The Fix it or Replace it benefit eligible after the first year of purchase. 
  • Small appliances are only covered for three years. 
  • Major appliances are covered for five years. 

Customer Reviews 

The Lowe’s Protection Plan has mixed reviews from customers. Some customers have had issues getting their appliances fixed because of part and labor shortages. Many have struggled with Lowe’s warranty for major appliances such as washing machines and dryers.

When it comes to customer reviews regarding the Lowe’s Protection Plan, many customers discourage it for major appliances. However, with the vast selection of items available for the Lowe’s Protection Plan, you can receive coverage on other items such as power tools, small appliances, and outdoor power equipment.

If you’re considering the Lowe’s Protection Plan, it may be wise to purchase the Lowe’s Protection Plan for smaller-ticket items. 

Joint Coverage

Joint coverage is available for bundled appliances such as laundry and kitchen units. For example, if you purchase two laundry appliances, like a washing machine and a dryer, you can bundle your coverage at a discounted price.

If you’re planning a huge kitchen renovation, consider bundling your coverage for three kitchen appliances for around $90 per item. Depending on your needs, joint coverage is just another benefit of purchasing the Lowe’s Protection Plan. 

Online Portal 

Another benefit to Lowe’s Protection Plan is the online portal customers can utilize to request service, file claims, or view coverage details. If you sign up for the Lowe’s Protection Plan, you can locate your plan by entering your phone number and zip code. The Lowe’s online portal is a convenient way to get your appliance repaired or replaced.

The Takeaway

You may still be conflicted about purchasing a Lowe’s Protection Plan. After viewing the pros and cons of Lowe’s Protection Plan, the pros outweigh the cons. Choosing the Lowe’s Protection Plan may be worth it if you’re interested in protection that extends past the manufacturer’s warranty.

Along with the accessible customer service portal, joint coverage options, and many other coverage benefits, a Lowe’s Protection Plan may be worth it. 

After examining the pros and cons of the Lowe’s Protection Plan, the pros seem to outweigh the cons. Regarding premium hardware supplies and major appliances, it’s better to be safe than sorry. However, according to customer reviews, it may be challenging to receive service because of parts and labor shortages.

In this case, you will need to weigh your options carefully. Would you prefer an extended warranty on your new purchase in case of a malfunction, even if it means waiting for service? Or would you instead outsource repair quickly but for a higher cost? Remember that you can accept or deny the purchase based on your needs. 

If you’re still on the fence about the protection plan, you can cancel the plan within 30 days for free. With all major purchases, keep receipts, documentation, and owner’s manuals to file claims easily with Lowe’s Protection Plan. 

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