Electronic devices and gadgets play a major role in our day to day lives. With continuous innovation and new launches in the consumer technology segment, we are surroundedby more and more devices around us. A surge in the middle class aspirations, evolution of consumer technology as a lifestyle category, and easy payment options provided by merchants, we have witnessed increased affordability. The majority of households now easily own devices like smartphones, laptop, LED TV, iPad etc. which were a luxury some time back. These devices are still purchased with the intention of a long-term investment. Most of these devices serve as a lifeline, as our everyday communication, education, business etc. are relying on them and break-down causes huge losses financially as well as professionally.
No matter how carefully one operates their device, even a slightest mishandling or carelessness can lead to a reduced life span of the device. This is the biggest nightmare for any device owner, as shelling out a similar investment again to buy a new product might not be possible. While purchasing a device, consumer often put greater emphasis on the warranty of the device. This way they are rest-assured that in case of any damage or mishappening, the device will be taken care of. Hence, they prefer buying products with at least 2-3 years of warranty period.
What after the warranty period ends?
It is very essential to keep running a gadget smoothly for an initial couple of months and this supported by the warranty at the time of purchase, makes it simple and easy. But do we fail to notice that a device starts to face major issues or breakdown only after 2-3 years have passed. As by then, we have exhausted and depreciated the device and some of its parts might start creating trouble. Unfortunately, this is the time when are no more covered under the benefits of the warranty given by the manufacturer.
The consultation or repair cost for a gadget after a couple of years of its depreciation is on a much higher side. At the time of manufacturing a gadget, the company purchases spare parts in bulk and hence it cost them much cheaper. On the other hand, when a consumer needs a replacement of any spare part in the device which is no more under warranty, it costs exorbitantly high and in some cases, it costs as much the device itself as they are made to buy the parts at a retail price. It is after 2-3 years of usage that the device starts to burn a hole in the pocket and this is the time when the devices must to be guarded with an extended warranty to ensure smooth functioning.
Extended warranties are policies that extend the warranty period of consumer durable goods beyond what is offered by the manufacturer/company. The right time to buy an extended warranty is before the expiry of manufacturer’s warranty. This will help one decipher that out of the plans available in the market, which warranty plan is best suitable for their device. Extended warranty companies help you evaluate the lifeline of your device and lets you select the best suitable warranty plan.
Just like the basic warranty given to us at the time of purchase, extended warranties cover the cost of replacement or repair of consumer durable goods, if it is caused due to a manufacturing defect or poor workmanship. However, the user has to take good care of the product and use as per the instructions given by the manufacturer.