Companies have a lot of ways to earn a lot of money from your purchase, and one of these is to offer you an extended warranty. This guarantee tends to have a longer timeframe than the basic and wider coverage, which may not be supported by the product’s primary warranty. However, it can also be expensive. Before you get one, ask yourself this question: “Is an extended warranty worth it?”
why an extended warranty is worth it
If you aren’t sure if you’re getting an extended warranty, then these may convince you to do so:
1. It gives you peace of mind.
To be more specific, it provides you with a more financial security and stability. There’s nothing more worrisome than the thought you may end up paying thousands of dollars for a valuable product like a car that stops working properly. Extended warranties can cover costly repairs and replacement of parts.
2. You don’t have sufficient insurance.
Depending on the insurance, it can be optional or a necessity. Take, for example, car insurance, which is a requirement before you can drive. Every state has its laws on the minimum coverage you should get, and insurance companies can have its specific conditions before you can buy a policy. Because of the complexity of owning a car insurance, there’s a good chance your coverage may not be enough. The same thing goes with contents or home insurance, which usually doesn’t include electrical damages.
Although your extended warranty cannot take over the role of these insurance policies, they can supplement, and if you choose wisely, they can be cheaper than buying more coverage.
Consider the Following as Well
Despite the bad rap it’s been getting, extended warranties are not evil, but you have to make it worth every penny you spend. To do that, you need to balance the advantages above with the following considerations and find out why an extended warranty is worth it:
1. Price and Reliability of Products
Thanks to science and technology, products these days, especially electronics and appliances, are more reliable than several years ago. This may mean the chances of actually using the extended warranty are slim. Not only that, competition has made them a lot cheaper. In other words, sometimes it may be more economical to buy a new product than pay for an extended warranty.
2. Consumer Laws
The state protects you from misleading advertising from manufacturers, as well as faulty or defective products. The process of asking for refunds, replacements, or repairs under these laws may be difficult, but getting what you deserve in the end is not impossible.
These laws can vary between states, so don’t forget to approach your local consumer rights agency for specific information.
3. Coverage of the Warranty
Extended warranties don’t guarantee everything, so it’s still possible you have to spend for the repair or maintenance of the product.
The decision whether to buy an extended warranty depends on you, but know what matters to you. If you believe you cannot put a price tag to peace of mind and financial stability, then say yes to extended warranties.
To buy or not to buy an extended warranty, that is the question. Let our experts at ExtendedWarranty.company tell you why an extended warranty is worth it.