Extended Warranties or Mobile Insurance Worth the Investment!

An extended warranty is a form of insurance policy that covers the repair costs after the manufacturer's or retailer's guarantee period has expired. But the real question is, are insurance or extended warranties worth it? Both warranties and insurances are an expensive investment, but since most new items are of a high standard and already comply with the statutory rights, that promise the highest level of protection, extended warranties and insurance are being questioned for their necessity. 

Your devices are already covered:

As per the Consumer Rights Act 2015, all industries must manufacture goods of satisfactory quality, fit to do the intended job and must last for a reasonable time. For example, if you buy a new TV or a washing machine and it breaks down soon after the purchase, you can take it back to the shop. Now, it's up to them to prove whether the appliance you bought was faulty. You can even return the goods up to 4-6 years after you bought them. But all of this depends on whether you can prove that the machine you bought was faulty while purchasing. However, if the issue is caused by usual wear and tear, chances are you cannot get it replaced or repaired without hefty expenditure. 

#: Check your manufacturer's and retailers' current guarantees:

Before you go around investing in an extended warranty for a TV, you must read the terms and conditions of your manufacturer's guarantee and how long it lasts. Most manufacturers offer repair and replacement coverage from 12 months to 5 years. Plus, some retailers top up the guarantee period over the manufacturer for free. 

# Credit card protection:

If you pay for the device by credit card, you're automatically covered for the value of the purchased goods between $100 to $30000. The law states that the credit card company must cover the faulty goods if the manufacturer or the retailer does not provide the same. You can plan for iPhone 13/14 or it means trends iPhone insurance for a better user experience, happy hand, and long time solutions.

#: Home contents insurance :

Most times, electrical and mechanical breakdowns aren't covered by an extended warranty for TV. However, theft and accidental damage are. So, it is worth checking your policy details before paying twice for the same thing. If something isn't covered, you can make a claim and purchase it. 

#: Are extended warranties for electrical appliances like TV value for money?

Extended warranties cover not all electrical appliances. 

• Most electrical appliances are getting cheaper and, therefore, affordable over time. 

• As electrical companies manufacture reliable appliances, you are less likely to invest in an extended warranty.

• Repairing is getting expensive as more and more complex appliances are being manufactured. This makes it cheaper to buy new appliances than repairing the old ones.

• As technology advances, buying new appliances will let you leverage modern energy-efficient features more than you did with your old device. 

#: Treat extended warranties with caution:

When investing in an extended warranty for TV or mobile phone insurance, it is imperative to know what you're buying. These warranties often have limits over the repair allowed. So, read the terms and conditions carefully before investing.