Here is an all too familiar scenario. Mary buys a brand new gadget from a dealership. It comes with a three-year warranty, so Mary rests easy, knowing that she has acquired a fantastic deal. And indeed, it was smooth sailing for the next three years. Sure, she may have had a couple of minor problems with the gadget along the way, but it was nothing that the warranty could not cover. Mary couldn’t be happier. She has grown much attached to this gadget, so she decides to hold on to it for as long as she can.
A couple of months after the warranty runs out, something starts acting up. So, of course, Mary takes it back to the dealership to get it serviced. She was horrified to find that her warranty has already lapsed, and she now had to pay for the repairs out of her own pocket. Oh, how Mary wishes that she could have extended her warranty! The worst part is she could have if she had only known. And so Mary ended up paying a hefty bill for what would have been a routine problem, all because she did not know that there is such a thing as an extended warranty.
Extended what?
If you are reading this, then you are very lucky because you are now learning from Mary’s mistake. You are now fully aware that there is, in fact, a way to extend your warranty, and essentially, extend your peace of mind and convenience.
But first thing’s first—what is extended warranty? It is pretty much self-explanatory, but in layman’s terms, extended warranty allows you to prolong the protection of most of your vehicle or gadget or appliance’s mechanical and electrical components against problems and breakdowns well beyond that of the standard coverage provided by the dealership when you purchased it. Like the standard warranty, your extended warranty will usually cover all aspects of repairs, including parts and labor. Generally, however, consumable items that are subject to wear and tear are not included.
How do you get extended warranty?
An extended warranty can be financed in conjunction with your loan (if the product is purchased with such), or purchased using a major credit card. You can even arrange monthly payment schemes. It all depends on your dealer and/or lender. If you are not buying from a dealership, or if you wish to opt out of the dealership’s extended warranty offering, you can also purchase this directly from various reputable insurance providers.
Not only will having an extended warranty protect your finances from unforeseen problems beyond your standard warranty period, but it is also completely transferrable. The latter even allows the value of your gadget or appliance to increase significantly when you sell it.
Be protected against mechanical breakdowns.
You can even get an extended warranty for a used product. This is more appropriately called a mechanical breakdown cover. You may have bought a secondhand product that looks good and works like a dream. However, you cannot really know for sure how if it is as well taken care of as the previous owner claims it was. It may have been in an accident in the past, or it could have had gone through several servicing cycles.
A mechanical warranty will extend the coverage for up to three years. This ensures that should there be any surprises down the line, you are prepared to face it head on without much liability on your part. After all, as your gadget or appliance value decreases, the price of spare parts increases and this could potentially be a huge hardship in the long run. Factor in the cost of labor, and you could be looking at some serious expenses.
Indeed, you can never have too much protection, when it comes to mechanical and electrical gadgets, and an extended warranty or mechanical breakdown cover will surely provide you with all the extra protection you could possibly need. This way, you can keep your contraption longer without having to worry about running into unexpected problems that could be really costly. Sometimes, a little bit extra can be worth many times over in terms of savings, peace of mind, and time savings. So consider extended warranty as an added investment as it is certainly a feasible one.
