Monday, 18 Nov 2024

Millions still buying warranties – but you may be better off without one

Every year millions of us buy warranties to protect our purchases.

The problem is that what sounds like a good idea, can often work out as an expensive mistake.

Worse, it’s one that people often feel pushed into making.

When consumer association Which? asked, a quarter of the people who’ve bought warranties in the past 12 months said they felt pressured into doing so by the sales staff.

And that means we could be buying them without understanding what they’ll cost or what they cover.

Which? found more than two people in five bought warranties for products costing under £100, with one person in eleven of those forking out more for the cover than they spent on the item itself.

And they can cost a lot. One person in eight said they spent more than £100 on a warranty with another one in 25 spending more than £300.

Adding to the problems is the experience of people who actually used theirs to claim.

Worryingly, the people who did claim were more than twice as likely to think their warranty was bad value than those who paid and didn’t need to claim.

The rights you get free

The UK has set in law a series of rights customers have when buying a product.

Chief of these being that it must be as described and up to the job.

That means, warranty or not, you have a right to take something back if it lets you down.

“While warranties can sometimes be helpful for covering those goods you can’t live without, you may actually be better covered by your consumer rights which don’t cost you a thing," said Which? consumer rights editor Eleanor Snow.

Your key rights include:

  • In the first 30 days – a full refund if goods develop a fault

  • In the first 6 months – a repair or replacement, without you needing to show evidence of the fault

  • The first 6 years (5 in Scotland) – a repair or replacement for a faulty purchase, provided you can show the fault wasn’t a result of something you’ve done

Warranties can offer more protection than this, but they might also exclude things you’re entitled to by law.

“Always read up on what a warranty will and will not cover as you may just be better off without one,” Shaw advised.

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Source: Read Full Article

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