UK Money News
7th December 2007
Consumers 'should consider suitability of extended warranty'
Consumers are being urged to consider carefully whether they require an extended warranty when purchasing electrical goods over the Christmas period.
Those shoppers opting for an extended warranty for gods should "shop around" different providers carefully for the best deal, according to the government's advice body, Consumer Direct.
Decisions on whether to take out an extended warranty should be based on whether the cost of repairs justifies buying cover or whether items are covered by other factors such as home contents insurance.
A spokesman for Consumer Direct has stressed that shoppers are entitled to a refund if they change their mind about an extended warranty. A total of four per cent of complaints about insurance-related products received by the Financial Ombudsman during 2005/06 concerned extended warranties.
"If you turn [an extended warranty] down initially then the retailer is obliged to keep that offer open to you for an additional 30 days," he explained. "So you're under no obligation to say yes straight away, because that offer will be available to you later."
A new order in 2005, the Supply of Domestic Warranties on Domestic Electrical Goods Order 2005, details requirements that suppliers have got to comply with, including displaying prices of warranties with the prices of goods and providing information about consumer rights and alternatives to help consumers in understanding finance.
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