When you purchase an item, you're making an investment. You want your purchase to serve you for a long time to come; that's why you should protect it in any way possible. While properly tracking and maintaining your purchase will certainly help extend its life, you know the high frequency of circumstances beyond your control that will have an effect on a purchase's longevity. Manufacturer defects, power surges, features damaged in shipping or improperly handled, normal wear and tear: The list goes on and on. That's why you, the smart shopper you are, will want to consider charging your purchases with extended warranties.
The world of extended warranties can be tricky to navigate. There are lengthy considerations you need to make before committing to an extended warranty, and Overstock.com is here to help clear up any confusion you may have. This extended warranty buying guide includes some basic information to help you wade through the available options, so you'll know what will best meet your needs.
When purchasing an extended warranty, you'll undoubtedly have many questions: What purchases should my extended warranty be billed to? What does an extended warranty cover? What are the differences between service plans and replacement plans? Don't worry about your warranty wonderment; being inquisitive will help you get a guarantee that will work for you.
The necessity of an extended warranty varies from purchase to purchase. You will want to think about the item you've bought and its potential weaknesses before settling on a protection plan.
Consumer electronics and computers
Due to their fragile inner-workings and frequent use, consumer electronics are some of the most popular nominees for extended warranties. For portable electronics like laptops, protection plans are essential. These portable devices face more wear and tear than stationary products such as desktop PCs, so extended warranties are a must. Don't overlook guarantees for your stay-at-home electronics, however. Electronics, from LCD TVs to stereos, are big purchases, and protection plans help defend them for longer periods of time than manufacturer warranties.
Appliances
From your washing machine to your microwave, your appliances help keep your life running smoothly. To keep your appliances running smoothly, an extended warranty is a brilliant idea. Most appliances come with limited warranties, but a protection plan offers the peace of mind of knowing your product will be protected long after the short manufacturer warranty has expired.
Fitness equipment
The moving parts that fitness equipment utilizes to keep you fit are constant targets of wear and tear. A malfunctioning piece of fitness equipment isn't only an inconvenience, it's also dangerous. That's why an extended warranty is such a boon to exercise buffs. If your machine starts acting faulty, a protection plan can help whip your machine back into shape.
Camping gear
It's fun to buy camping gear, but doing it over and over in short periods of time can put a damper on your enjoyment of the great outdoors. Avoid paying to replace worn and torn gear by investing in an extended warranty. No one enjoys finding just the right camping spot and then finding that their gear is out of order. With a protection plan, these kinds of headaches are easily preventable.
There's often a lot of confusion as to what a protection plan will actually end up protecting. Before making the plunge on an extended warranty, you should confirm what the costs generally do and do not cover.
Will cover
Most extended warranties cover failures caused by defects in workmanship and materials, so you can rest assured knowing that if the manufacturer skimped, you won't be to blame. Mechanical and electrical failures, whether brought on by a faulty product component or a power outage, are usually covered by protection plans. The most prevalent reason for products failing -- normal wear and tear -- is often covered by extended warranties. Of course, nearly all extended guarantees are required to cover lemons as well.
Won't cover
No extended warranty covers abuse, misuse or simple product dissatisfaction. It's good to keep this in mind when preparing to smash your laptop over your knee after losing a particularly tense computer game. Also, buying an extended warranty on top of an existing limited warranty usually doesn't constitute double coverage. Protection plans won't cover losses either, so it's best to check under your bed before expecting your extended warranty to conjure up a replacement.
It's easy to mix up replacement plans and service plans. These popular extended warranties do share similarities but are actually quite different from one another.
Replacement plans
Replacement plans do just what you expect them to do: replace a faulty product. If something goes wrong with your purchase, these protection plans provide you with a reimbursement of the purchase price, so you can get a new, working product. Generally, replacement plans are offered on lower-ticket items in the two-hundred dollars or less range.
Service plans
For pricier items, such as computers and large appliances, service plans are a great option. Service plans promise to fix covered items, and if said products can't be repaired, they are replaced. For something like a laptop, which holds unique value to each individual owner, a service plan is actually preferable to a replacement plan; no computer owner wants to have to start over completely.
Can I get an extended warranty after my purchase?
Most extended warranties are available for a very short time after purchase. The Platinum Protection Plan offered by Overstock.com, for example, can be bought up to ten days after your initial purchase.
Will charging a protection plan allow me to have my money refunded?
With the Platinum Protection Plan offered by Overstock.com, you are guaranteed a full reimbursement of the purchase price. You'll be given the choice of receiving the reimbursement to your credit card or as an in-store credit on your Overstock.com account. Plus, should you choose to be reimbursed with in-store credit, you will receive the purchase price plus 10 percent back: good for an exchange and then some.
How long do extended warranties last?
On average, extended warranties last between two and four years. Most replacement plans cover you for two years, while service plans usually promise to repair your purchase for anywhere from two to four years at the longest. This all varies, of course, by product type and recommended coverage.
Defend your purchase with Platinum Protection
Extended warranties are an intelligent precaution for virtually any purchase, and that's why Overstock.com has taken the concept to the next level with the Platinum Protection Plan. The coverage of the Platinum Protection Plan is available to you 24 hours a day, 7 days a week, 365 days a year, so it doesn't matter when your purchase is in need of attention; you can get the ball rolling on a repair or replacement any day you choose. With a flexible network of over 25,000 professional repair facilities at our disposal, we can ensure and insure quick, quality service for your product. Plus, the Platinum Protection Plan offers other perks, such as easy owner-transferability and transmission, remote control coverage, in-home service (if supported by the manufacturer), an online care portal that includes trouble shooting, 24-hour chat and product information. Platinum Protection also covers accidental damage on laptops and portable electronics, a huge benefit for these fragile devices.
Act quickly
Many people avoid building a protection plan at the same time they make a purchase, promising themselves they'll get the extended warranty at a later time. Unfortunately, that "later time" never comes, and they are faced with a broken product and no insurance. Most extended warranties are only available for a short time after your initial purchase, so avoid the regret associated with forgetting a protection plan and get yours on day one. You'll have peace of mind, and your budget will will be better for it.
