Sunday, October 18th, 2009 (
No comments yet)
Before you can understand extended warranties, you should know what you get for free. Most product manufacturers warranty their products against defect for a set duration which begins from the time of first purchase. During the warranty period, if the product does not function as intended, the manufacturer will provide for repair or replacement.
The coverage
- Parts Coverage – The length of time that the manufacturer will pay for replacement parts for the item. For most retail products, the time period is 1 year from purchase.
- Labor Coverage – The amount of time that the manufacturer will pay for a service center to perform a repair on a product. This is quite often shorter than the parts coverage leaving you in a situation where they have sent you a replacement gear for your camcorder for free, but left you with the 90 dollar service charge to get in and replace it.
- Other/Excluded – Some parts are so expensive that they have their own category in the warranty or arent covered at all. For example, picture tubes in televisions are typically covered for a shorter term than other parts. Included rechargeable batteries are often excluded entirely.
Use of the warranty
Assuming you have a product that is no longer functioning properly that is still under warranty, you will need to find a copy of your receipt and warranty statement (both of which you should have kept filed away for just such an occasion). Check the warranty statement for details, but the most common ways to use your warranty are:
- Take the product to an authorized service center – you will need to contact the company to find a nearby service center. Never take it somewhere assuming that they are authorized to repair your product just because they sold it to you.
- Mail the product to an authorized service center – For cases where you dont live anywhere near a service center or the company isnt large enough to have service center agreements throughout the country. Typically, this will be for smaller items that are easier to ship and you will pay one-way shipping costs (they'll cover the return shipping while you pay to ship it to them).
- Contact a locally authorized service center to arrange in-home service – Only applicable to larger items such as TVs and Frigerators and such. For large-ticket items, its better to buy well known brands for wider warranty support.
In closing
Why even consider an extended warranty before knowing what the manufacturer gives you for free?
Remember that products usually have their own warranties when you are presented with the option of buying extra warranty coverage.
Some products have warranties 3 years or longer! Some credit cards have a feature where any product you buy with them have their warranty coverage automatically doubled.
Also remember that to make a warrany work, you have to remember that you have it. When it starts to act up, don't throw it away or sell it like many people do, go to your file cabinet (or find the scanned copy in your computer) and get your original reciept and warranty information (you did keep them right?)
Then just follow directions for getting your coverage.
Warning!
Just because a warranty is long or extended by your credit card doesn't mean much if the coverage is weak. Are there many exclusions? How do you get the warranty work done? What portion do you pay for vs what they cover?
| When offered an extended warranty, make sure you understand the basics. |
| They want you to buy it, but is it as easy to use as they say? |
| Know beforehand what circumstances and terms put the purchase of a warranty in your favor |
| Once you need to use the warranty, make sure you know the steps to take. |
Share This
