The Ultimate Extended Product Warranty Quiz

By: Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

Just bought a new, big-ticket electronic item? Being pressured by the salesperson to purchase an extended warranty? Not sure if by doing so you are making a good investment or getting ripped off? Take our quiz and learn more about the pros and cons of purchasing an extended warranty.

When does a product's extended warranty begin?

A product's extended warranty begins from when you purchase the item. This means that a three-year extended warranty lasts for only two years, since the first year is concurrent with the manufacturer's warranty.

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Statistically, when is a product most likely to break?

Statistically, a product is most likely to break early on, when it is covered by the manufacturer's warranty, or many years down the road, when an extended warranty no longer covers the product.

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How much profit do retailers usually make from extended warranty?

Retailers usually make 40 to 80 percent profit on an extended warranty, so the odds are greatly stacked in their favor.

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Why may it be a good idea to purchase extended warranty on an expensive item?

It may be a good idea to purchase extended warranty on an expensive item, because they are usually expensive to fix.

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What percentage chance is there that a PC will break within the first three years of purchase?

It is a good idea to purchase extended warranty for a PC; there is a 37 percent chance it will go on the blink within the first three years of purchase.

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What is another product that is likely to need repair in the first three years of purchase?

The bulb in a rear projection TV lasts for 5,000 hours. The average American will use up those hours during the first three years of purchasing the TV.

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What kind of personality is best off buying extended warranty?

If you know you are the absent minded or clumsy type, who is likely to lose or damage a product, it may be a good idea to purchase extended warranty. Just check what extended warranty actually covers!

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What does extended warranty for a cell phone usually cover?

Cell phone warranties usually cover lost or accidentally damaged phones, but not water-damaged phones. Because they are small or can easily be misplaced, it is a good bet to get extended warranty for a cell phone.

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Why may it be a good idea to get extended warranty for a BlackBerry?

Blackberries are the kind of item that are used hard by busy people, so an extended warranty would not be a bad idea.

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Where is the most inexpensive place to purchase an extended warranty?

It is cheaper to buy an extended warranty direct from the manufacturer, rather than from the retail store you are purchasing the item from.

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Which credit card companies give you an automatic extended warranty?

American Express and higher end cards from Visa and MasterCard will give you an extended warranty on products you purchase using their cards. You will have to submit the purchase receipt and the expired manufacturer's warranty.

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What are two products that rarely break?

Generally, refrigerators and ride-on mowers take many years to stop working. So before purchasing an extended warranty, research the likelihood of your product actually needing repair.

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When requesting a repair using your extended warranty, what is the procedure?

You must mail the manufacturer the defective product, which will include shipping costs and means you will be minus that item until it is repaired.

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What is a common extended warranty trap you need to be aware of?

Beware that often the warranty costs more than it does to replace the item!

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What is the total annual amount spent on warranties?

In 2004, the total amount Americans spent on warranties was a whopping $15 billion.

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