Every time you go out for buying a new appliance you end up making another choice – Whether to buy Extended Warranty or not? The Extended Warranty is a repair contract for an extended duration after the manufacturer warranty expires. This may be offered by the manufacturer itself, or by a third party company which is not the manufacturer but in the business of providing warranty and repairs. So the main question is – Is the Extended Warranty worth the additional investment or not? Deciding if the appliance will require Extended Warranty involves considering various factors. We hope the below-mentioned parameters will help you decide accordingly:
1. Homework is Important
Research about the appliance you are going to buy and the original warranty you are being offered along with it. Then look at your needs and calculate the usual age of the appliance. No matter what the salesperson has to say, you have to make the decision based on your own assessment. And then decide, how many years of Extended Warranty will suffice your requirements.
2. What does the Extended Warranty cover?
Before just buying the Extended Warranty, it is necessary to understand what is covered in it. Read carefully, with an eye to assess whether the Extended Warranty provides an additional coverage sufficient to warrant the additional expense. As your device surely includes a partial term product warranty, you have to be sure that you’re not just buying more of the same in the Extended Warranty.
3. Know the appliance
The Extended Warranty is a form of insurance. And there is a famous saying that you never need insurance until you need it. But, in practical terms, just like you may want to have insurance in case your car breaks down, and you don’t have to pay for repairs and replacement of various spare parts, engine, wheels, etc, the same logic applies here. The better you know about the appliance or device you are going to buy, the better armed you are for making a sound decision.
4. Are there hidden costs?
The Extended Warranty is like an insurance policy packaged in a different manner. Not every type of damage or repair is included with all the Extended Warranty plans. In many plans, there may be some charges that you have to pay when you file a claim or send your device for repair. Ensure you’re fully aware of all the expenses that will be included and excluded in actually using such an Extended Warranty. If you don’t adequately take the exclusions into account, your cost-benefit calculations could end up being off, leading to unhappy realizations later.
5. Do you have to decide today?
Generally, the question of buying an Extended Warranty arises exactly at the time of buying any new appliance, however, you will be surprised to know that you don’t really have to make the decision right away. Often you can wait until after using the product for a while before deciding. As a rule of thumb, you can buy Extended Warranty as long as your appliance is under manufacturer warranty period.
Extended Warranty on appliances can be a tricky thing. It can provide great value, but if poorly chosen it can be a waste of your valuable money. We hope these tips on assessing the value of Extended Warranty prove helpful for you in making the best decision for your needs.
In case you are looking for the best and most fair Extended Warranty program, ask for Zopper Extended Warranty at the store.