Extended warranties offer more than peace of mind, they offer the ability to fix or receive maintenance on your product within a specific time frame, without breaking the bank.
As more and more people find the need to protect the products they love, extended warranties have become more of a need than a luxury, creating a $40 billion industry.
But purchasing protection on all of your frequently used products can add up. So when should you really consider purchasing an extended warranty?
How to determine when you need an extended warranty:
Financial Strain: If replacing the product causes financial pressure, an extended warranty is key.
Big Purchases: The bigger the purchase, the more likely you should consider a service contract. While durable goods like refrigerators, televisions, dishwashers, washers, and dryers all come with standard warranties, it’s best to investigate objective sources for repair histories for brands you're considering.
Weakness: According to a Service Contract Industry Council study, in 2016, 70 percent of people broke an electronic device. So, if you’re on the clumsy side, coverage on items like laptops and cell phones is probably crucial in your book.
Frequency: How often will you use item? Will the product experience a significant amount of wear and tear? If so, cover it.
In today’s world, extended warranties should be purchased as of course of preventative action. This especially holds true if your purchase is expensive and/or used often. So on your next purchase, consider an extended warranty as they provide peace of mind and allow you to fix or receive maintenance on your product without causing financial stress.
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