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Top tips for picking the right warranty

Your Money
Written By:
Your Money
Posted:
Updated:
26/07/2013

We reveal the six questions you should always ask retailers.

From electrical items to white goods, retailers are constantly trying to sell us warranties. But how do we know whether the warranty we are offered is up to scratch?

The experts at SquareTrade share their tips on what you need to look out for…

Have you done your research?

Make sure that you have done your research on the warranty provider you are going to use. How do they stack up in customer reviews? What do customers say about them on their Facebook page? Who else is better to give you first-hand, honest feedback than other customers?

You want a company that makes filing a claim easy, who will get it fixed or replaced fast, and help get your life back to normal with as little hassle as possible!

What will the company do if the product fails? Read to see whether the company will repair the item, replace it, or refund your money.

Is accidental damage covered?

You need to always need to check the terms and conditions of your warranty to make sure you are covered for what you need. Often you will find there is a lot of small print explaining what is and isn’t covered. Is your device covered for accidental damage? Does it cover your device if you are on holiday when it is damaged?

Remember that some warranties provide coverage only if you maintain or use the product as directed.

What parts and repair problems are covered?

Check to see if any parts of the product or types of repair problems are excluded from coverage. For example, some warranties require you to pay for labour charges. Also, look for conditions that could prove expensive or inconvenient, such as a requirement that you ship a heavy object to a factory for service, or that you return the item in the original carton.

What company is insuring your device?

You may think that you’re insuring your goods with a retailer or a familiar brand or bank, but often the small print tells you this is actually covered by a third party. Make sure you check who your device is covered by, so you know what to expect if you make a claim and who to make a claim to.

Can you file and manage your claim online?

Or do you have to send it via a post. Check how long they estimate claims processing will take – as you may find yourself without your device for a short period of time.

How long is your contract?

Be sure to check the length of your contract. You need to be sure how long you are being covered for – is it a rolling month-by-month contract? Are you tied in for 12 months? Check this detail before agreeing to take it up.

Remember to always save your receipt and/or any other documents that come with your good.

 


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