Every brand-newhome appliance you choose to buy today will roll off the showroom floor with a standard feature, known as the ‘guarantee’ aspect of the policy.
A warranty is a written guarantee to the buyer that the manufacturer will replace or repair the appliance that malfunctions. The warranty has limitations, but the basic idea behind this concept is that if the damage to the appliance is not the fault of the owner, the manufacturer must make sure that the appliance is returned to its original condition.
Warranty plans vary by manufacturer. These plans depend on how long ago you purchased the appliance and how you use it. But what happens when the warranty expires? Basically, the benefits provided by the manufacturers are eliminated. To continue receiving these benefits, you can buy an extended warranty policy.
What is home appliance insurance?
Extended warranty insurance or home appliance insurance basically guarantees that you will continue to receive the same benefits for a longer period of time than what the manufacturer provides. It is applicable after the expiration of the standard warranty provided by the manufacturer. Just like the standard warranty, the policy guarantees replacement or repair if a particular appliance fails. *
Do you really need home appliance insurance?
Whether or not you need to purchase a home appliance insurance plan depends on your personal way of owning and using an appliance. If you plan to use the appliance under the standard warranty and then plan to buy a new appliance eventually, you may not require the policy. However, one benefit of this kind of insurance is that an extended warranty helps negotiate a higher price when you sell your appliance.
However, if you plan to keep the appliance longer than the standard warranty allows, the extended warranty will be very beneficial. Yes, recent versions of popular home appliances are more reliable than ever.But like anything mechanical, they can still break down, especially after a few years. Extended warranties are especially helpful in this regard. *
How can I purchase a home appliance insurance plan?
Home appliance insurance plans can be purchased from the manufacturer or an insurance company. It is recommendedto buy an extended warranty when you shop the appliance itself because you’ll probably get a better deal. If you’re not sure about buying an appliance insurance policy and want to think about it for a while, know exactly when you should buy it. These policies can usually be purchased before the standard warranty ends.But some manufacturers may have expiration dates. Also, carefully check the coverage when purchasing a plan. Sellers will try to lure you in with tempting deals, but you should make sure your warranties provide adequate coverage. *
What does home appliance insurance cover?
The exact coverage of the extended warranty policy depends on the manufacturer and model in question. Manufacturers usually offer plans that cover mechanical and electrical damage, but not normal wear and tear. They also cover labour costs, so replacements and complex repairs are covered. Many insurance companies offer great deals on such policies. However, if you don’t want to spend a lot of time shopping for an extended warranty, you can always get one from the appliance manufacturer. *
* Standard T&C Apply
Buying a home appliance insurance plan is always beneficial, especially if you want your appliances to last longer. Yes, some parts and defects may not be covered, but you will have a longer warranty. And although it costs money, it will save you a lot of money in the long run as it helps you handle the costs of serious damage to your appliances. Plus, the insurance renewal process is quite easy as well.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.