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Extended Warranty Complaint

Things to know before purchasing extended warranties

Here are some vital tips to help you decide, next time, whether the extended warranty being offered is good value.

1. Check the extended warranty covers multiple replacements of the item for the entire length of the policy. Some policies only allow one replacement and then the policy no longer covers you.
2. Confirm there is no cap to the value of repairs that are covered by the extended warranty. Some policies limit the cover they offer for repairs. If you need multiple repairs on the item, or if parts and labour for one specific repair exceed the cap, you might be left out of pocket.
3. Ascertain whether you'll be dealing directly with the retailer or with a third party, if you make a claim. Some policies stipulate that claims are administered by a third party. If the claim is to be administered by a third party, ensure you're comfortable with the process you'll need to follow to make a claim. This process should be outlined in the policy document.
4. Determine whether your item will be automatically replaced without attempting a repair. This is often the case on low value items. Some policies for low value items will not replace your item with an exact replica - instead, you may receive a similar item or a gift card to the value of your original purchase. If purchasing a low value item, ensure the policy delivers your preference in regard to the replacement options.
5. Confirm you're able to transfer the warranty if you sell the item. If so, the policy document should tell you what do you need to do. Be aware that some extended warranties aren't transferrable.
6. Read the policy document! And ask questions if you are unclear on anything; the policy should list a contact for you to direct your questions to. Don't rely on the word of the salesperson as they are unlikely to be the person who handles your extended warranty claim.
7. Ensure the policy incorporates a "cooling off period" in case you change your mind, after you've purchased the extended warranty. Most cooling off periods will be for 7 to 14 days.
8. And finally, before going ahead and purchasing an extended warranty on the spot, ask the retailer if you can have some time to think about whether or not you'd like to purchase the extended warranty. Most retailers will agree to this. In fact, some policies allow up to 30 days after the item is purchased to also purchase the extended warranty.
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