CLEVELAND -- Buying a warranty is worth it... sometimes.

Warranties can cost as much as 30 percent of the purchase price. WKYC's money man, Matt Granite, only recommends buying a warranty on a product valued more than $400 if you think you could drop it. This includes a smart phone, a really nice camera or laptop.

A GPS unit probably wouldn't be worth it. When it comes to major appliances, you should look into warranties if it is more than $1,000. Matt also recommends major retailer warranties over third party warranties, and suggests not buying any warranty more than five years.

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We do not receive any financial compensation from any deal or for mentioning any store / product.

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