Understanding Extended Warranty Insurance for Consumer Durables

You must have surely purchased some appliance or equipment from a retail store. At this time, you must have noticed that the sales executive is desperately trying to persuade you to purchase additional service in the form of an extended warranty. Have you ever thought about the importance of your property, even if it was purchased taking into account its value?

Your refrigerator is not working properly, and you request a repair. When the technician checks for errors, he realizes that the compressor is causing problems and needs to be replaced. When you check the user manual and warranty card, you will notice that the manufacturer says a few months ago that the warranty expired. Since the refrigerator is now one of the essential appliances, you need to fix it as soon as possible, but it will be a huge expense. In this case, extended warranty insurance will solve your problem.

What are the benefits of an extended warranty insurance?

  • Repair and Replacement

All consumer durables are under warranty from the manufacturer. This warranty is generally valid for 6 to 12 months for individual parts. Extended warranty benefits also include repairing the property even after the warranty period provided by the manufacturer has expired. Additionally, if repairs are not possible, replacement will also be provided based on the terms and conditions of your policy. *

  • Reasonable price

Each property purchased should be based on its maintenance and upkeep cost rather than its cost. Periodic servicing is required for appliances to work efficiently. Extended warranty insurance covers the cost of servicing your property. You can get expert services without having to worry about charges and thereby reduce the cost of maintaining the product. *

  • Flexibility

Extended warranty plans include the flexibility of insurance cover to suit your needs. For example, you can choose a policy with only three years of coverage. This will suit your needs and the repairs needed to the property. Even if you want longer coverage than what is generally offered, you can always go for insurance renewal. *

  • Coverage up to invoice value

Extended warranty benefits include the benefit of providing insurance coverage up to the invoice value of your product. This way, you can be sure that the product will last for a long time. So do not worry about defects and repairs but be sure to use the property according to the manufacturer’s guidelines. *

  • Buy later

The advantage of an extended warranty cover is that you do not have to buy it only at the time of initial purchase. Some extended warranty insurers also offer the option of making a purchase within six months from the date of the invoice. *

* Standard T&C Apply

It is always safe to have a general insurance policy to take care of your property as repairs can sometimes burn a hole in your pocket. So, you should start looking for a decent extended warranty policy as soon as you buy any product. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.