It's pretty common these days to be asked on almost every large purchase or purchase of electronics if you want to buy an extended warranty, and it's just as common for buyers to decline. Maybe we think that a new purchase will last long enough that it won't matter or go bad quickly enough to qualify for the standard warranty, but there are times when you'll be glad to have made the investment. If you have purchased a warranty and a manufacturer or retailer isn't holding up their end of the bargain, our network of qualified, dedicated attorneys may be able to help you. In the meantime, here is some information about warranties in general:

What Is A Warranty?

A warranty is a manufacturer's guarantee of a product, that it is in good condition and will function well for a stated period of time. A warranty assures customers that the sellers will make it right if the product doesn't meet a certain standard of use. Warranties, and their mechanisms for "making it right" with the customer can vary. Some warranties are manufacturer's warranties, and the manufacturer may want the customer to ship the product to them so that they can make repairs and then return it to you afterward. Some manufacturers will send you a replacement part if the repair is simple enough that the customer can make the repairs. Other warranties replace defective, broken, or malfunctioning products; some of these replacement warranties will replace products with refurbished models. Still other warranties offer cash back refunds, so customers can replace the defective products or buy a different product altogether. How the company decides to handle warranty claims depends entirely on the written warranty - either on printed material with the product or on the manufacturer's web site - and while it's pretty common to skip reading all the fine print, it is probably worthwhile to keep those documents in case something goes wrong with your new purchase, particularly if it is an expensive product.

Warranties have terms and stipulations that govern the use of the warranty; for instance, if the product breaks while you're using it for a purpose for which it was not intended, the warranty may become null and void. Most warranties will not cover damage that is done when the product breaks, either. For instance, if a product has an electrical short and starts a fire, the product warranty won't cover any damage to your house or other belongings.

Warranty Types

Much of what we've covered so far falls under what is known as "express warranties" and "implied warranties." An express warranty is a warranty that is written or otherwise put into words and references the quality and performance of a product. It generally details what is covered, how long it's covered, and what the manufacturer will do to make it right if something goes wrong. Some express warranties can include guarantees made by salespersons or a company orally, but those types of guarantees can be harder to enforce if the need should arise. Getting things in writing is always the best practice.

Implied warranties are assumed standards of function and reliability regardless of if there is a written warranty or not. These are generally referred to as "reasonable expectations." If you've purchased a television, for example, no matter what it says on the box or in any written warranty included in the packaging, consumers have a right to know that the product inside will work for its intended purpose. Implied warranties are laws, so manufacturers can't dodge the responsibility of bad products by not including a written warranty.

Extended warranties are optional and the ones we get asked about at the check stand as we're purchasing products. These offers are usually for $20-$50 or so, but the price can vary; many people pass these offers over because they would rather keep that money now at the risk of spending much more later on repairs and/or replacement. Extended warranties are pretty self-explanatory: they provide additional coverage above and beyond the standard manufacturer's or store warranty, either by providing return, repair, or replacement services for a longer amount of time, or sometimes, broadens the scope of what is covered when it comes to repairs or replacements. Most people encounter extended warranties when purchasing electronics, and, for most electronics purchases, the extended warranty is a coverage period that is longer than the standard warranty. Extended warranties still have terms and conditions, and the extended warranty may be voided if you use the product in ways it wasn't intended or if you try to fix a problem with the product yourself, or if you modify the product in some way.

So, Should You Get The Warranty?

For larger purchases that you may not be able to replace yourself at the end of the standard warranty period - a refrigerator or other appliances, or exercise equipment, for example - the extended warranty is probably a wise investment. Portable electronics that may get damaged from regular use - things such as cell phones or laptops - may also be good investments for extended warranties or additional insurance coverage. Cars and homes, as well as repaired items for both of these - are also good candidates for extended warranties.

But, while manufacturers and retailers would love it everyone bought the extended warranties on everything, the fact is, for many purchases, it may not be economically smart. Buyers should weigh the pros and cons of each offer of extended warranties and decide if the cost is worth it. Is the product likely to break during the time covered by an extended warranty? How much will it cost to repair or replace it on your own? How much effort will you have to put in to get the manufacturer to fix or replace the product? Is the potential benefit worth the cost up front?

In the end, extended warranties can be good investments, but if you have ever had trouble getting a manufacturer or company to hold up their end of the bargain with a repair or replacement agreement in a standard or extended warranty, your attorney through our legal subscription plans may be able to help you. Your lawyer can look over the warranty agreement, get details on what happened while you used the product, and, likely, help you reach a resolution to the matter quicker and easier than you can on your own. Our legal plan memberships cost just $29.95 per month, and pay for themselves the first time you use them! Learn more about all the ways you can benefit from our legal subscription plans, or sign up today!