Condo Media - November 2013 - 28

HOMEOWNER'S
COLUMN NAME CORNER

Extended Warranties and Service Contracts
Extra Protection or Waste of Money?

W

hen you buy cars, computer equipment, major
appliances, home electronics, or other expensive
household items, chances are you
will be offered a service contract or
extended warranty for an additional
fee. Often charged as a percentage of
the purchase price, service contracts
and extended warranties range in cost
from less than $50 to several thousand dollars. While they may seem
like a good way to protect your investment and buy some extra peace of
mind, consumer advocates generally

28

CONDO MEDIA * NOVEMBER 2013

advise against purchasing this extra
coverage and report that it is rarely
worth the cost.

Other Warranties
and Coverage

Most big-ticket purchases come with
a standard manufacturer's warranty
that usually covers the item for at
least the first year. More often than
not, if a product is faulty, any defects
will become apparent during that
period and will be covered by the
standard warranty. If a product is not
defective, problems typically show
up much later in a product's life
cycle, beyond the term covered by
an extended warranty. In addition,
extended warranties often overlap
the manufacturer's coverage - you
might buy a two-year extended warranty, but with the manufacturer's
warranty covering the first year, you
are really only receiving one additional year of coverage.
Another reason consumers are
discouraged from purchasing service
contracts is that they can contain so
many conditions, terms, and exclusions that they are virtually ineffective. In most cases, you will not have
protection from common wear and
tear, and some manufacturers do not
honor contracts if you fail to follow
their recommendations for routine
maintenance.
One more thing to consider when
weighing the pros and cons of service
contracts is credit card coverage. Some
credit card reward plans will double the
length of a manufacturer's warranty,
free of charge, when you purchase the
item with the card, making additional
coverage unnecessary. CM

Ask Before
You Extend
If you do decide to purchase extra
protection for a product, make sure
you read the fine print in the service
contract and ask the following questions to be sure you're getting the
protection you're paying for:
* Does the dealer, manufacturer, or
an independent company back the
service contract?
* How are claims handled?
* Who will perform the service and
where it will be done?
* What happens to my coverage if the
dealer or administrator goes out of
business?
* Is prior authorization required for
repair work?
* Are there any situations when
coverage can be denied?



http://www.ccaco.com http://www.ccaco.com

Condo Media - November 2013

Table of Contents for the Digital Edition of Condo Media - November 2013

Condo Media - November 2013
Contents
From the CED’s Desk
Editorial Board
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Maintenance
Lending
Making the Grade
Vendor Spotlight
Legal
Volunteer Spotlight
2013 CAI-NE Management Directory
Classifi ed Service Directory
Advertisers Index
Condo Media - November 2013 - Condo Media - November 2013
Condo Media - November 2013 - Cover2
Condo Media - November 2013 - Contents
Condo Media - November 2013 - From the CED’s Desk
Condo Media - November 2013 - 3
Condo Media - November 2013 - Editorial Board
Condo Media - November 2013 - 5
Condo Media - November 2013 - CAI News
Condo Media - November 2013 - 7
Condo Media - November 2013 - 8
Condo Media - November 2013 - 9
Condo Media - November 2013 - 10
Condo Media - November 2013 - 11
Condo Media - November 2013 - 12
Condo Media - November 2013 - 13
Condo Media - November 2013 - 14
Condo Media - November 2013 - 15
Condo Media - November 2013 - CAI Regional News
Condo Media - November 2013 - 17
Condo Media - November 2013 - 18
Condo Media - November 2013 - 19
Condo Media - November 2013 - 20
Condo Media - November 2013 - 21
Condo Media - November 2013 - 22
Condo Media - November 2013 - 23
Condo Media - November 2013 - 24
Condo Media - November 2013 - 25
Condo Media - November 2013 - Asked & Answered
Condo Media - November 2013 - 27
Condo Media - November 2013 - Homeowner’s Corner
Condo Media - November 2013 - 29
Condo Media - November 2013 - Maintenance
Condo Media - November 2013 - 31
Condo Media - November 2013 - 32
Condo Media - November 2013 - 33
Condo Media - November 2013 - Lending
Condo Media - November 2013 - 35
Condo Media - November 2013 - Making the Grade
Condo Media - November 2013 - 37
Condo Media - November 2013 - 38
Condo Media - November 2013 - 39
Condo Media - November 2013 - 40
Condo Media - November 2013 - 41
Condo Media - November 2013 - Vendor Spotlight
Condo Media - November 2013 - 43
Condo Media - November 2013 - Legal
Condo Media - November 2013 - 45
Condo Media - November 2013 - 46
Condo Media - November 2013 - 47
Condo Media - November 2013 - Volunteer Spotlight
Condo Media - November 2013 - 49
Condo Media - November 2013 - 50
Condo Media - November 2013 - 51
Condo Media - November 2013 - 52
Condo Media - November 2013 - 2013 CAI-NE Management Directory
Condo Media - November 2013 - 54
Condo Media - November 2013 - 55
Condo Media - November 2013 - 56
Condo Media - November 2013 - 57
Condo Media - November 2013 - 58
Condo Media - November 2013 - 59
Condo Media - November 2013 - 60
Condo Media - November 2013 - 61
Condo Media - November 2013 - 62
Condo Media - November 2013 - 63
Condo Media - November 2013 - 64
Condo Media - November 2013 - 65
Condo Media - November 2013 - Classifi ed Service Directory
Condo Media - November 2013 - Advertisers Index
Condo Media - November 2013 - 68
Condo Media - November 2013 - 69
Condo Media - November 2013 - 70
Condo Media - November 2013 - 71
Condo Media - November 2013 - 72
Condo Media - November 2013 - Cover3
Condo Media - November 2013 - Cover4
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