So, How Does Warranty Work?
Well, in the quick and short. If you buy the right warranty, you get new stuff if anything breaks! Now, understanding the do’s and don’ts of the limitations here, that is where we want to focus our attention.
There are many things that a lot of people don’t understand about their warranty. I’d like to clear up a few things about that in this article here today on How Does Warranty Work.
First Off, Know What You are Buying a Warranty For
Not all warranties are the same. Understanding if you really even need the warranty is one of the biggest things. This might surprise you, but there are a large portion of major companies that make a huge percentage of their revenue by selling warranties! Buying a warranty on something that will be cheaper in the long run to replace is basically a waste of money.
When you really think about it, companies aren’t going to sell extended warranty programs if they are losing money on them. Most extended warranty programs, just go unclaimed and expire. Manufactures have to have a standard for their products. So, if a company can make a product and have enough problems and failures that justify a consumer to purchase the extended warranty. There is a problem!
Most companies have a standard factory warranty on their products. So if their is a manufacturer defect, they will cover your loss. A large portion of warranties, for the cost, are not worth it. When you could buy the item again and have a brand new one, over an older “just fixed” item. Make sure the price justifies the purchase of the warranty.