Whenever you go to buy a new AC, TV, refrigerator, laptop or any other electronic item, the shopkeeper advises you to get an extended warranty. Even when buying online, there is an option to extend the warranty along with the product by paying some extra money. Many times the salesman explains that if you don’t take the extended warranty, you may suffer a huge loss in the future. But is it really necessary to spend money for this? Or is it just another way for companies to make money? Let’s understand what an extended warranty is and what to keep in mind before buying it.
What is an extended warranty?
When you buy a new electronic product, the company comes with a fixed period of warranty. Usually this period is 1 or 2 years. During this period, if there is any defect in the product, the company provides the facility to repair it or replace the defective part as per the stipulated conditions.
An extended warranty is an option to further extend this period. That is, if the company is giving 2 years warranty on your AC or refrigerator, you can extend it by 1 or 2 years by paying extra. A separate charge has to be paid for this.
What are the benefits of taking an extended warranty?
Its biggest advantage is that during the extended warranty period, the cost of repairing the product can be saved if it is damaged. Some plans also provide replacement or servicing of defective parts. However, it all depends on the terms of your chosen warranty plan.
A point to note is that no uniform rule has been laid down by the government regarding extended warranty. Different companies and service providers offer these plans according to their terms. So, before buying it, it is important to know what defects will be covered by it.
How do companies benefit?
Extended warranties not only help consumers but also help companies make money. Most electronic products do not fail during the initial warranty period. In such a situation, even after taking extra money from the customer, the company does not have to spend on repairs.
Apart from this, customers opting for warranty extension usually visit the company’s registered service center for repairs. The company’s service network also benefits from it.
What should be considered before taking warranty?
Before purchasing an extended warranty, find out whether it is being provided by the product manufacturing company or a third party or retailer. Understand its terms, coverage and claim procedure well.
Many times online platforms or shopkeepers sell warranty, but if the product is damaged then the customers face the problem during the claim. So, don’t spend money just following the salesman’s word. First check what the warranty covers, how long it will be available and where the service will be available. Only then decide whether an extended warranty is beneficial for you.
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