An extended warranty means you don't have to pay for repairs for a specified period after the manufacturer's own warranty has expired. Manufacturer warranties can last for anything up to two years, while extended warranties generally give cover for three to five years beyond that.
You can buy an extended warranty for a huge range of items, from breadmakers to plasma televisions, and even for furniture. Extended warranties are also offered on cars, but in this article we focus on home-based products.
Customers' uncertainty about their legal rights and their insurance cover creates an opportunity for retailers to sell extended warranties. The costs involved can be significant - up to 15 percent of the purchase price.
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