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?
from when you purchase the item
from when your manufacturer's warranty expires
six month from when your manufacturer's warranty expires
Statistically, when is a product most likely to break?
as soon as the manufacturer's warranty expires
early on, or many years down the road
after five years
How much profit do retailers usually make from extended warranty?
1 to 5 percent
10 to 20 percent
40 to 80 percent
Why may it be a good idea to purchase extended warranty on an expensive item?
If you're already spending that much money, you may as well spend a little extra and go all out.
Expensive items usually cost a lot to fix.
Expensive items are more complicated and therefore more likely to break.
What percentage chance is there that a PC will break within the first three years of purchase?
no greater chance than any other product
What is another product that is likely to need repair in the first three years of purchase?
a rear projection TV
a hair blow dryer
What kind of personality is best off buying extended warranty?
the absent minded, clumsy type
the anxious type
What does extended warranty for a cell phone usually cover?
lost or stolen cell phones
lost or accidentally damaged cell phones
Why may it be a good idea to get extended warranty for a BlackBerry?
It is an item that often gets stolen.
It is an item that is used hard.
It is an item that breaks easily.
Where is the most inexpensive place to purchase an extended warranty?
direct from the manufacturer
in the mall
Which credit card companies give you an automatic extended warranty?
Capital One and Simmons First National
Bank of America and HSBC
American Express and higher end Visa and MasterCard
What are two products that rarely break?
irons and toasters
PCs and televisions
refrigerators and ride-on mowers
When requesting a repair using your extended warranty, what is the procedure?
You must fill out an online form.
You must mail them the defective product.
You must return the item to the store you purchased it at.
What is a common extended warranty trap you need to be aware of?
A product will not be replaced, only repaired.
The warranty does not cover regular wear and tear.
Often, the warranty altogether costs more than it does to replace the item.
What is the total annual amount spent on warranties?