Extended warranties are not a part of the warranty you automatically get when you buy a product you must purchase them on your own. It is a prolonged maintenance agreement offered to consumers. It may be offered by the warranty administrator, the retailer or the manufacturer. It could be coverage for electrical or mechanical breakdown but sometimes they don’t provide extended warranty for peripheral devices or damage created by computer viruses.
It is the prerogative of the manufacturer or the dealer to provide extended warranty with a price that is added to the cost of the product while it is billed to you. According to Warrantech you have to be careful when purchasing these because some unethical traders may show extended warranty as an add on with the product without any cost whereas the price of the extended warranty has already been added to the product.
Sometimes extended warranties that are purchased for multiple years make a clause in agreement that during the first year, the consumer will deal with the manufacturer if there is some fault, therefore what is often promoted as a five-year extended guarantee is actually only a four-year guarantee. Consumers can purchase an extended warranty when they buy a new product or any time in their whole life. Many wait to do so until the manufacturer’s warranty runs out. While that’s a reasonable choice, the longer you wait to buy a warranty, the more costly it usually becomes. The chances then are increased for more expensive and frequent repairs.
At Warrantech, extended warranty is provided on automotive, and consumer products including peripheral devices. Warrantech also offers service contracts and after-market extended warranties along with customized extended service plans to help clients meet their requirements. Warrantech markets service plans directly to consumers through sophisticated, complex programs.
While choosing an extended service provider, be aware while signing the agreement with them. Here are some points to remember while purchasing an extended warranty:
Take some time, so that you completely read and understand the extended warranty’s terms and conditions before agreeing to purchase one. Once you have signed the document it does not matter whether you have read it or not. It is on paper that you have agreed to the terms and conditions that have been set by the vendor who has agreed to provide you extended warranty. Do not make rushed decisions on the spot. Take the booklet home and read carefully it before committing to buy it. Always confirm all terms and conditions in writing only. Do not accept verbal statements.
Selection of the right plan is in your own hands so you need to sift through numerous extended warranty programs offered by various companies like Warrantech. You need to know the product in a bit of detail so that you are able to comprehend what kind of plan will supplement your needs. Apart from that, your budget is also crucial in deciding the right plan for your needs.
Make sure that you are not pressured into a plan at a dealership. There is always an option of coming back and buying the plan another day. Many dealerships force people to take extended warranties since people are looking for financing. Although this practice is not illegal, but this indicates that the dealer’s business practices are less than above board. Change the dealer as there are numerous in the market that will not coerce you into buying something that you don’t really require.
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