Should you buy a protection plan or extended warranty when you buy that holiday gift?

How many times have you dropped your phone and hoped it wasn't broken?

Maybe you bought a refrigerator and wondered if you really needed the extended warranty that was also being sold.

Are protection plans worth it? It depends on what you buy.

Experts say in most cases, they are bad ideas.

That's because  the products covered don't usually break during the warranty time and if they do, the cost of the warranty is more than the fix.

There are exceptions.

Experts say extended warranties might be worth it for more expensive electronics, and laptops that see a lot of wear and tear.

It may also be worth buying if it covers accidents, theft and if the coverage does not overlap the manufacturer's warranty.

Squaretrade.com is one site that offers protection plans.

For a tablet or e-reader valued at up to $500, the plan costs about $100.

Also, some stores, like Costco , add a year to the manufacturers warranty, for free.

Some credit cards do the same thing if you use their card to buy the product.

Make sure to check out what you can get for free before buying anything.

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