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by Answerbag Staff on November 8th, 2009

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What is an extended warranty?

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  • by Susan Payton on November 8th, 2009

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    Extended warranties cover parts and labor beyond what a standard warranty covers for vehicles and appliances. At the time of purchase, you may be encouraged to buy an extended warranty to protect your asset.

    Extended Warranties Give Peace of Mind

    If paying for unexpected car or appliance repairs down the road isn't your cup of tea, buying an extended warranty up front can make you feel safer, knowing that you are covered for several additional years. This can prevent you from having out-of-pocket expenses later.

    What Extended Warranties Cover

    Check the fine print to see what your extended warranty covers. For a vehicle, it may cover electrical or just the power train, so if your computer system goes on the fritz, repair may not be covered. For appliances, ask if labor is covered or just parts.

    How Long are Extended Warranties?

    Extended warranties do not kick in until the manufacturer's warranty runs out, usually at around 36,000 miles for a car. Beyond that, you will be covered for three to five years.

    Are Extended Warranties a Scam?

    Many people think extended warranties are a way for car dealers to make extra money, since there's only a small chance that the things that are covered under the warranty will actually break down during that time period.

    Are Extended Warranties Worth the Money?

    You have to decide for yourself whether spending money up front on the off chance you experience problems with your car or appliance in three to five years is right for you. Repairing any issues may in fact be cheaper than the cost of the warranty.

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    Definition of Extended Warranty

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