Extended Warranty

We all know we can’t live without our TVs. But our other home appliances don’t get such undying devotion, even though they’re a big part of our everyday lives. They make the food we eat, clean our clothes, and even wash our dishes. So when one breaks down, it’s a huge inconvenience. (Ever tried hand-washing jeans?)

Since home appliances aren’t cheap, any malfunction could mean a chunk of change in repairs: Unless you have a warranty.

A warranty refers to a manufacturer’s promise to repair an appliance if it develops any problems. Luckily, most brands come with a free warranty for one year or more. But not all warranties are created equal. Since manufacturers offer so many different types, make sure you understand the one you’re getting before buying any new appliance.

The most popular is the on-site warranty. Under this policy, the vendor sends their technician to your home to do repairs. Another plus? Problems are solved immediately and you can quickly put your appliance back to work.

If your manufacturer gives you a carry-in warranty, it is your responsibility to take the appliance to the service center and pick it up when repairs are done. This may be okay for a vacuum but not very practical for a refrigerator.

So what about a parts-only warranty? You guessed it. It only covers defective parts; paying for labor will be up to you.

Keep in mind that most warranties only cover repairs to the model you purchased. But a replacement warranty entitles you to a new appliance if the old one proves defective.

Similarly, An extended warranty, sometimes called a service agreement, a service contract, or a maintenance agreement, is a prolonged warranty offered to consumers  in addition to the standard warranty on a new items. The extended warranty may be offered by the warranty administrator, the retailer or the manufacturer. Extended warranties cost extra and for a percentage of the item's retail price. Occasionally, some extended warranties that are purchased for multiple years state in writing that during the first year, the consumer must still deal with the manufacturer in the occurrence of malfunction. Thus, what is often promoted as a five-year extended guarantee is actually only a four-year guarantee.

Advantages of  Extended Warranty

It will provide the owner  with peace of mind in knowing various aspects that are covered.

It ensure  your financial investment is protected.

Saves time and minimizes risk.

Covers warranty period to the extended length of time.

You can get original spares and service within the extended warranty.

Disadvantages of Extended Warranty

Expensive to buy as you have to spend more money for additional warranty.

Don’t covers all repairs

Claims are limited to the value of electronic products.

So, Extended Warranty has many advantages with limited disadvantages. I thinks its good to have since, it creates a safe platform for the consumers by saving time , minimizing risk, protecting our investment.