If your manufacturer’s warranty is about to expire, investing in Mi phone insurance and an extended warranty for TV is a good idea. An extended warranty, also known as a service contract, covers unexpected costs of repair or replacement that might arise due to electrical breakdown or failures.
And if you’re a first-time buyer, you might wonder which among the many available plans is a good value for money. Here we discuss what matters the most when looking for MI phone insurance or any other electronic device so that you can make a well-informed decision.
What matters the most to consumers when reviewing extended warranties?
Here are six things that matter the most to consumers when investing in extended warranties:
- Cost: The most critical factor impacting consumer decisions is cost. The cost of an extended warranty depends on several factors like the warranty type, service provider, coverage, level of coverage, etc.
- Length of coverage: The length of the extended warranty also matters for most consumers. Service providers that offer flexible term lengths or even month-on-month packages are more popular than their counterparts.
- Coverage offered: Every extended warranty is different than the other. Therefore, it is of utmost importance to consumers that their extended warranty provides the services they are looking for. For example, in the case of an extended warranty for TV, a consumer might need repair services or assistance with glitches or electrical shortages.
- Service provider reputation: When buying an extended warranty, consumers feel more comfortable purchasing from companies with a strong market reputation or high ratings.
- Customer service: Customers want stress-free and readily available customer service if they wish to avail themselves of their extended warranty. The faster customers can achieve the desired level of customer service, the easier it will be for you to turn them into advocates.
Ease of claim: No customer wants to battle weeks or months just to get their devices repaired or replaced. The easy it is to file and receive a claim, the more customers would choose you.
Things to consider when buying an extended warranty
The trick to ensuring that you get the most out of your extended warranty is to choose one smartly. Here are some points you must consider:
#1: When should you buy the extended warranty?
Rather than waiting to buy your extended warranty after your manufacturer’s warranty runs out, buy it outright when you buy your device.
#2: Who backs your extended warranty?
Knowing who underwrites your policy will help you determine your money’s value. Undeniably, the manufacturer’s warranty scores high in convenience and trust. Subsequently, you can even go for third-party service providers since they might offer you a better deal than the former.
#3: Is the warranty transferable?
If you sell your device, a transferrable warranty would mean that the new owner would also receive the MI phone insurance.
#4: Can the repairs be performed anywhere?
Some contracts state that repairs can be performed only at the dealership where it is bought from. Others take note of this inconvenience and offer a warranty at other service locations to choose from.
But more importantly, you need to check what comes along with the extended warranty.