When you purchase something expensive, you might think about getting an extended warranty that goes along with it. You would be doing this in the fear that the product you purchased might end up breaking at some point further out than the warranty that came with the product. Extended warranties can come with some issues, though.
With these issues, you might end up having to pay money out of your pocket or not even have your product repaired at all. You’ll want to make sure you fully understand what you’re getting yourself into before purchasing one of these warranties. Check out these common mistakes consumers make when purchasing extended warranties.
Coverage
Every extended warranty comes with a list of purposes that allow the warranty to be used. Consumers tend to think that their coverage will enable them to replace their product for various wear and tear issues that might happen in the life of that product. However, many extended warranties do not cover this, as these types of problems can be a lot more common than your traditional breakdown.
However, some products do other multiple types of warranties that will cover all of the issues you could have. It’s your responsibility to look up all of these warranties and pick the right one that gives you the coverage you want.
Pre-Existing Issues
When purchasing a used car, you might end up purchasing an extended warranty that will cover any issues that might pop up in the future. Depending on the car’s age, though, you might start running into those issues just days or weeks after purchasing the vehicle. This will leave you trying to submit a coverage claim before finding out that they won’t cover the problems. What is the reason for this?
Many companies outline any issues that they find with their used cars before they end up selling them to consumers. These issues are then marked in a way that consumers can’t get fixed within a certain amount of time. Some coverage centers even make it so that you can’t get any part of your car fixed within a certain amount of time or mileage. Just make sure that you understand any pre-existing issues a product might have before you end up purchasing an extended warranty for it.