How do I know if I should get an extended warranty?
Alex Sink, the state's Chief Financial Officer, says in her recent review of the issue of extended warranties that they can be "a great way to provide continuing protection when purchasing valuable assets such as a home, automobile, or even electronics."
But there are several considerations consumers should take into account before they pay for the extra coverage with an extended auto warranty, home warranty or electronic warranty.
Here are some suggestions Sink offers when considering extended warranties:
• Be sure you know the complete name of the warranty company providing your coverage. It may be listed as "underwritten by" somewhere in the materials provided at the time of solicitation or purchase.
• Research complaints involving the warranty company through the Better Business Bureau, the Internet, the auto dealership's service department or our Division of Consumer Services at 877-MYFLCFO.
• Read the warranty materials provided and be sure you understand the coverage, including deductibles, service charges or the length of the coverage period, before you make a purchase. All warranties are different.
• Keep all documents related to your warranty (receipts etc.) together in one location. This documentation may be needed when you submit a claim.
• Note that the majority of solicitations received through the mail are not from the manufacturer of your product. They are generally solicitations from marketing agencies representing Extended Warranty Companies.
For a full review of the Sink's suggestions on extended warranties, visit: http://www.myfloridacfo.com/PressOffice/Newsletter/