money sectionmoney section
When you find the HDTV you want, you probably want to just get it and use it, especially if you found the TV in a store and not online. Then the salesperson (or website) starts in on warranties and repair costs, and you're left wondering if you need that extended warranty and what might go wrong if you say no. While there isn't one right answer, you can reach the best decision for you by evaluating both the TV and the warranty.
Many products you purchase do not come with manufacturer’s warranties that last as long as you want. To address this issue, many retailers sell extended warranties to provide additional protection for customers. The tax associated with any extended warranty varies from state to state. In South Carolina, you will have to pay tax on any extended warranty you purchase regardless of when you purchase the extended warranty.
Extended TV warranties are usually offered by retailers or third-party insurers to offer buyers protection against defects or damage to their sets. Nearly all TV sets come with a one-year manufacturer warranty. Extended warranties offer protection for one to four years after this date. According to the This Is Money financial website, extended warranties can sometimes be costly and unnecessary, as electrical manufacturers often state appliances have an average life of seven years.
A service contract, or agreement, is an optional feature offered in addition to a warranty. A warranty implies that the manufacturer or seller of a product promises to stand behind the product and the product will do what it's supposed to do---an overall statement of assurance. A service contract goes a step further in detailing what service you are entitled to in the event of product failure or breakdown.
The New Home Warranty Act in Louisiana is a standard warranty that extends to all homeowners who solicit the construction new home. The act provides coverage to homeowners who hire builders, and acts as a warranty extended to the homeowner that is guaranteed by the builder. The builder must follow the act’s requirements, and cannot force a buyer to waive his rights to protection under the act. Builders may, however, offer an additional warranty that covers items that are excluded, whether explicitly or implicitly, from coverage under the act.
Grohe is an American manufacturer of consumer kitchen and bathroom fixtures, although the company predominantly develops and sells premium faucets. Grohe is also well-known for offering a lifetime warranty to all consumers who purchase their products.
As retail business blossomed with the rise of shopping malls and big box chain stores someone decided that it might be a good idea to offer consumers an extended warranty above and beyond the manufacturer's warranty on products purchased. It could be a car, a blender or a DVD player, but the extended warranty soon became a part of the parlance of the consumer vernacular.
In most cases when you purchase appliances, electronics and cars you receive pressure from the salesperson to purchase an extended warranty. You will be told that the extended warranty will cover repairs that are not covered by the manufacturer's warranty or will cover repairs after the manufacturer's warranty expires. The hard part is determining if the extended warranty is a good deal or a scam.
