Q:

How do you buy an extended warranty?

A:

Quick Answer

Retailers offer consumers the chance to buy extended warranties for items at the time of purchase. Extended warranties are often available on appliances, vehicles and electronics.

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Full Answer

Some retailers offer their own extended warranties or service plans. Other retailers have agreements with third-party warranty vendors. This allows the consumer to get the warranty at the time of purchase without going out and finding the warranty company.

Most retailers who offer extended warranties present the options before a transaction is complete. Some retailers push the warranty plans to convince consumers they are necessary. The retailer may have several different warranty plans available for the product with varying coverage and deductibles. Comparing all of the options allows the consumer to find the best value in an extended warranty plan. If the cost of the extended warranty is more than 20 percent of the item's cost, it likely isn't a good value, according to U.S. News and World Report.

If the consumer decides to purchase the warranty, the cost is part of the total purchase price. The consumer pays the cost of the item and the warranty in one transaction. The consumer may need to provide additional information or sign an agreement for the extended warranty, depending on the specific requirements.

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