You might be familiar with the extended warranty suggestions that a seller or e-commerce website gives every time you purchase an appliance, gadget, or device. You might wonder what these extended warranties are all about, and why are they offered every time you make a purchase? Let’s dive deeper into understanding what these warranties are all about!
What are Extended Warranties?
Extended warranties are nothing but extra protection for your electronic appliance that goes beyond the manufacturer’s original warranty. This means that if you have purchased a refrigerator with a one-year manufacturer’s warranty, the extended warranty can provide you coverage beyond that one year. This can be for a period of two, three, or five years based on your choice for any kind of repair and maintenance work.
Today, the extended warranty market size has expanded dramatically and is expected to reach $169.82 billion by 2027, according to a report by Allied Market Research.
Check out this short video on how an Extended warranty works!
Why should you buy an extended warranty for your appliance?
Let’s look into the science behind extended warranties. Usually, an end-user finds their product landing into trouble only after the official warranty period ends. Most electronics only offer a basic warranty which is short-lived and comes solely from the (Original Equipment Manufacturer (OEM). These OEM warranties are more often than not of zero value because of the short duration, and during this period, the appliance is less prone to breakdown or malfunction. The actual probability of its breakdown or malfunction comes after this period ends.
This is where the extended warranties come in. These extended warranties will be applicable as soon as the manufacturer’s official warranty ends, so you are insured when the actual trouble occurs!
Extended warranties have to be purchased before the expiry of the original warranty. The terms and conditions mentioned in the extended warranties are similar to that of the original warranty even if they are sold by third-party providers. It can also help you to easily claim replacement that may be needed due to defects.
Lastly, extended warranties are easy to use with hassle-free claims and resolutions, onsite service, and more. Having an extended warranty in place can help you save money in the long run as repair bills or replacements after the manufacturer’s warranty completes can be expensive. At the same time, finding a service appointment can also be tiresome, but with extended warranties, you save all this time and effort.
What appliances are covered under it?
It covers every electronic appliance like washing machines, dishwashers, refrigerators, air conditioners, televisions, laptops, and more. While the extended warranty usually covers almost all the things that a manufacturer’s warranty provides, it may have some minute changes and may change from provider to provider.
Important Points to Keep in Mind!
Selecting the right coverage period:
It is important to assess the time period that is being covered for certain products before you purchase the extended warranty. You would want a longer period of coverage for your larger appliances like washing machines, refrigerators compared to smaller appliances like iPads, laptops etc. Make sure you understand this requirement and do thorough research before purchasing the warranty.
Parts covered in the warranty:
Before investing in an extended warranty, you must thoroughly learn what service and repairs are included. Many times, the components that are likely to go bad are the ones not covered in the warranty. Also, it is important to read the terms and conditions of the contract to save time later on.
Knowing the process of claim:
Based on the contract and provider, the repair work will either be taken care of by the manufacturer or by the third-party maintenance engineers. In any case, you should learn about the process beforehand and also find out if you have to take the product to the workshop or call the maintenance engineer to resolve the issue.
Check for deductibles:
You need to check the contract for work that is free and one that is chargeable. While your product comes under an extended warranty, some services might still be chargeable. It is also better to find out any costs such as shipping charges that may not be covered in the warranty.
The credibility of the company:
You need to verify the provider’s background history to know about their reputation and previous work. If unsure of the organization’s reputation, steer clear from providing any kind of payment information.
Where can I buy an Extended warranty for my appliance?
If you don’t know where to get your extended warranties from, you can check out GoCare. GoCare is not just any insurance, but all-around support for your appliances. You can buy this extended warranty for all your appliances here.
In a nutshell, an extended warranty is an essential purchase after buying a heavy-duty appliance. However, one must keep in mind that if not required (no issues in the product), the extended warranty may never be used. An extended warranty is like health insurance, you never know if or when you may need it but ‘prevention is better than cure’.
Also Read: How to save electricity on your Appliances