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Extended Warranty
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Overview

An extended warranty is coverage for electrical or mechanical breakdown. It does not cover peripheral items, wear and tear, damage by computer viruses, re-gassing, normal maintenance, accidental damage, or any consequential loss. The indemnity is to cover the cost of repair and may include replacement if deemed uneconomic to repair. It is important for consumers to read and understand the terms and conditions offered at the point of sale.

The value of extended warranties lies behind the organization promoting and selling them. Most of the major retailers employ specialist administrators to manage the claims and to ensure the product is priced on a sustainable basis. An essential part of this is to determine the appropriate provisions on the balance sheet to reserve for future claims. Similarly, the income must be earned over the period of cover.^[3] Companies that have been around for several years will usually have the systems and data in place with which to do this. Less reputable organizations may not adequately price their extended warranties and may therefore have insufficient funds to provide for future claims costs.

Consumer advocate groups, such as the non-profit Consumers Union, advise against purchasing extended warranties. David Butler of the Consumers Union says, "The extended warranty is definitely in the best interest of the company, but isn't often in the best interest of the consumer." He adds, "The company is much more likely to profit from the extended warranty than the consumer is." In many cases, if the item does need repairing, the cost of repairs are less than the cost of the extended warranty.

Consumers Union says only two products deserve extended warranty consideration: projection TV's and digital camcorders. Both are expensive to repair and need repairs frequently.