You might have noticed when buying equipment or appliances from any retail store, sales executives try hard to convince you to buy additional service in the form of an extended warranty? While you might have purchased it considering the value of your asset, have you ever thought about its importance?
Say, your refrigerator is not functioning properly, and you request for repairs. As the technician checks for faults, he realises its compressor is malfunctioning and needs replacement. On checking the user manual and warranty card, you realise the manufacturer stated warranty has expired a couple of months prior. Now that a refrigerator is one of the necessary home appliances, you need to fix it as soon as possible but it will be a hefty expenditure. In this situation, an extended warranty insurance solves your problem.
Why should you purchase extended warranty insurance?
When purchasing any electronic appliance, you invest a considerable time comparing the various products and its features. Why? To have longevity as well as the use of the product. But you might notice that manufacturers provide limited warranties on its spares and components to keep its risk low. An extended warranty insurance
cover helps you extend these benefits offered by the manufacturer for longer periods. You can continue to use your gadgets and appliances without having to worry about its repairs or replacement. You can relate it as an exclusive members-only club to maximise your investment.
What are the advantages of extended warranty insurance?
Repair and replacement:
All consumer durables have manufacturer provided warranty. This warranty is generally valid for 6 to 12 months for varying parts. Extended warranty benefits
include repairing the asset even after the manufacturer provided warranty ends. Further, if no repair is possible, replacement is also offered depending on the terms and conditions of your policy.
Each asset purchased should not be based on its price but also the cost to operate and maintain it. Home appliances do require periodic servicing to keep them operating effectively. Extended warranty insurance covers the cost of servicing your asset. You can avail the services of an expert without having to worry about the charges and thus lowering the chances of a breakdown.
Extended warranty plans include the flexibility of insurance cover according to your needs. For instance, you want to opt for a policy with three-year coverage only. This can be tuned to your requirements and the repairs the asset requires.
Free home visit at claim:
Purchasing extended warranty insurance by way of waiver of any charges that are required for inspection at the time of claim. You can be assured that your insurer covers these expenses and all you need to do is initiate a claim for repairs.
Coverage up to invoice value:
Extended warranty benefits have the advantage of offering an insurance cover right up to the invoice value of your product. This way, you can ensure the product lasts in the long run as well. So do not worry about malfunctions and repairs but make sure to use the asset as per the manufacturer’s guidelines.
Buy at later date:
One benefit for an extended warranty cover is you need not purchase it only at the time of initial purchase. Some extended warranty insurance companies also offer the facility to purchase it on a later date within six months of the date of invoice.
Keep in mind not only your health needs insurance but also your home appliances. It is always safer to have a general insurance
policy look after your assets as repairs at times can burn a hole in your pocket. Hence, you should take advantage of this insurance facility and purchase an extended warranty insurance cover today!