Are Refrigerator Extended Warranties Worth Buying?

The last time you visited an electronics store, you might have seen the retailer pushing hard to get you buy refrigerator extended warranty to protect the refrigerator being bought by you. 

And sometimes you might have felt tempted, particularly if the refrigerator was a costly one and the repair or damage costs after the original warranty expired were also likely to be huge.

"Extended warranty increases the warranty of an existing purchase beyond the standard warranty timelines that too with its pre-existing exclusions. It is a need-based product which always varies on a case to case basis.

In fact, these are of two types one being offered by the manufacturer of a product and the other being offered by a third party. Purchasing an extended cover from a manufacturer will provide convenience to a consumer, but third-party vendors generally provide extended warranties with better features.

Extended insurance is a good investment for consumers who use the products over and above their average use. In such cases, the chances of wear and tear and other warranty-based inclusions are higher than usual.

The main benefit of extended warranty providers in India is that it gives you good protection against the failure of a major & expensive part of the product.

Some cautions you need to exercise before going in for extended cover. Here are they:

Inquire about the company: It is important that the warranty is backed by a qualified company with certain years of existence in the market. If not, you need to be careful while buying an extended warranty.

Evaluate the services: It is important for consumers to evaluate the services. 

Hidden cost: It is also important to check for any hidden costs such as in cases of home repair or pick up facility or cost beyond a threshold coverage amount etc. 

Warranty exclusions: It is always recommended to read all the warranty exclusions. It is important to know what is covered and what is not. Also, keep in mind how you are going to use the product. For instance, if you use the product more frequently, then a service plan that covers damage makes sense and may be worth the extra money. 

Check the coverage: If the extended warranty gives you enough coverage for the product, only then it is worth the extra cost. In most of the cases, extended warranties cover only small wear and tear, but do not give any coverage for replacing the costly breakdown or damages which are out of your control. 

You should check which items will get repaired and where a replacement will be done in an extended warranty.

Check for duplication: There are extended warranties given by the manufacturer such as in 'refrigerator' and by external companies such as in 'laptop'. Therefore, it is important to check who is offering the extended warranty and also that it's not getting duplicated. 

Final words

Customers get more peace of mind with an extended cover. With extended insurance, appliances and consumer electronics are covered beyond the life of the manufacturer’s warranty. 

Buy it and enjoy some of these benefits for years to come!