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Electronics Warranty Reviews
Electronics Warranty Companies:
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In the News ( more )
Rings of Ire
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| Source: |
Newsweek |
| Date: |
July 6, 2007 |
| Summary: |
Sometimes, it just doesn't pay to be first. Microsoft's Xbox 360 videogame console beat its competition... |
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Extended warranties on electronics are becoming mainstream, offering peace of mind and ensuring that expensive purchases are protected. Computer workstations, home entertainment systems, and other applicances can represent a major investment, which may not be covered by the insurance policy on your home or renters insurance. The first order of business when considering these services is to review your home or renter’s insurance to see what is and what is not covered. Many insurance companies will cover total loss (occuring from fire or theft), but not routine maintenance or incidentaly damage (such as oatmeal in the disk drive). An extended warranty on electronics and applicances may be an ideal companion to traditional home insurance, providing more coverage and protecting those investments. But if you do have a toddler who likes to "feed" your computer, remember to review the extended warranty before purchasing to ensure that would be a valid claim. If unclear, feel free to contact the company directly and ask, having the salesperon point out the section in the policy that supports their claim.
disclaimer
Explanation of Terms
| Insurer: |
Most reputable auto warranty companies contract with another company to insure their obligations for a service contract. For example, if a warranty company ran into financial difficulties and failed to meet their obligations under the service contract, the insurer could step in to pay the claims. As the exact arrangement between the warranty company, the insurer, and any re-insurers varies from company to company, always read your contract carefully. |
| Re-insurer: |
Reinsurance is an arrangement between two or more insurance companies to spread out the risk of an insurance contract. This is done so that an unusually large loss from a policy does not fall on a single company. Once again, the exact arrangement between the warranty company, the insurer, and any re-insurers varies from company to company, so always read your contract carefully. |
| Ratings: |
When possible, I've tried to include the A.M. Best's rating for insurers and re-insurers. A.M. Best's ratings are widely recognized as the benchmark for determining an institution's financial strength. |
| BBB: |
For years, the Better Business Bureau (BBB) has provided an excellent way to gauge a company’s overall success and satisfaction. It is comprised of 145 independent local Better Business Bureau chapters, which are affiliated with the national umbrella organization, the Council of Better Business Bureaus (CBBB). Do keep in mind that there is little to no reporting consistency across the independent chapters, so it may be difficult to compare companies using only this information.
The National BBB runs a program worthy of some consideration. In order to participate in the BBB Online Reliability Program, a company must have a satisfactory complaint handling record, agree to participate in the BBB's advertising self-regulation program, agree to abide by the BBB Code of Online Business Practices, and agree to dispute resolution with the BBB. Most of the companies who participate in this program value their standing in the BBB, and tend to do a better job at handling complaints. |
| Sample Contract: |
If the auto warranty company has a copy of their contract online, I've tried to include a link to it. When you make a purchase, still read your contract carefully and look for any differences. |
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| Available for: |
Computers, televisions, home theater, home audio, car audio, cell phones, video equipment, DVD players, vcrs, camcorders, cameras and home appliances |
| Coverage Area: |
United States |
| In Business Since: |
May 1994 |
| BBB: |
Yes (view report) |
Warranty By Net is probably the biggest name for car, truck, and motorcycle warranties on the web, and recently began offering warranties on consumer electronics. They currently provide the online warranty services for Kelly Blue Book and Auto Trader.
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