Why Is The Market For Extended Warranty Gaining Popularity In India?

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The fast-growing market for flagship devices such as laptops, handsets, and tablets has led to an increasing popularity of extended warranty in India. Given the high repair costs in the event of damage to an expensive component, more buyers are willing to spend some extra money on a service contract like extended warranty when investing in a premium gadget.

A warranty in place helps users address immediate replacements and repairs, which is why they must check a concerned manufacturer’s warranty, such as check Lenovo warranty, to confirm the device is under its validity period. Before delving further into the factors that have contributed to this feature’s increasing popularity, it is important for buyers to understand the working of extended warranties.

Extended warranty – An overview

An extended warranty is a type of insurance plan for a device sold by the retailer on top of the already existing standard warranty provided by the item’s manufacturer. Although there are a number of third parties from whom customers can purchase an extended warranty later, they typically opt for this maintenance agreement from retailers at the time of sale to cover their expensive devices against any future repair and replacement expenses.

The types of extended warranties available in the market are –

  1. Warranty offered by manufacturer
  2. Warranty offered by third-party

Benefits of extended warranty

The rising popularity of extended warranty is primarily due to the hoard of benefits it provides users, as have been listed below.

  • Eliminates unnecessary worries of repair: Purchasing a high-end gadget comes with its own hassles of repairs and replacements in the long run. With an extended warranty, consumers no longer need to fear accidental damages like screen scratches or water-clogged speakers due to a sudden bump, after expiry of the manufacturer’s warranty.
  • Additional savings: Repairs of major and expensive components of a device can weigh heavy on one’s pockets and may unnecessarily strain the savings. An extended warranty helps cut down on recurring repair and maintenance costs, which can add up to a higher amount compared to the warranty price.
  • Prompt service: Extended warranties save owners the hassle of scampering around for a service provider during an emergency and help them save time. Many warranty providers even specialise in doorstep services, which is an additional benefit.

When purchasing a new handset or laptop from the brand, check HP warranty or such other concerned manufacturer’s warranty to ensure the benefits already offered and to better decide if you might need additional coverage for the future.

If you are finding it difficult to provide for the high gadget price as well as its additional warranty, opt for financing from any partner store of Bajaj Finserv EMI Network. For instance, if you are purchasing a high-end laptop model from Lenovo, you can purchase such Lenovo laptop on EMI via any of the partner stores in this network using your Bajaj Finserv EMI Network Card.

The card issuer also brings pre-approved offers on various financial products like personal loans and credit cards to make funding hassle-free. You can check your pre-approved offer with your name and mobile number.

Points to remember when opting for extended warranty

Now that you know why extended warranty is gaining high popularity, here’s a quick look at what you should know when choosing one for your device.

  • Device usage

Buyers need to decide on the duration they are willing to operate the device for before opting for such service contracts. It will help them realise the warranty period extension for which they might need some repairs or replacements.

  • Components insured

Many times, companies use complicated language for add-on warranties which may represent non-coverage of major breakdowns. Therefore, it is important that owners carefully check Lenovo warranty or such manufacturer warranty to confirm the repairs such coverage includes.

  • Dependability

Also, it is of utmost importance to opt for extended warranties from renowned manufactures or qualified companies to avoid any discrepancies.

Make sure to keep these points in mind to end up with an informed decision regarding an extended warranty purchase. You can also finance such warranty purchases with funding tools like EMI cards in place to make payments conveniently.

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