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When you buy a consumer durable good, such as a new refrigerator, and the person making the sale keeps trying to sell you an extended warranty on the product, what does that tell you

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An extended warranty, known as a service contract, is a type of insurance contract for the product you buy. It's usually provided by the merchant at the time of purchase.

What is the idea of an extended warranty?

Extended warranties are plans that extend the manufacturer's warranty duration on consumer durable items beyond the manufacturer's offer. It pays for the cost of replacing or repairing the product if it is damaged as a result of a manufacturing flaw or shoddy workmanship.

  • The explicit warranty,
  • implicit warranty,
  • extended warranty, and

special warranty deeds are the four most frequent forms of warranties.

As a result, in the preceding scenario, the vendor is attempting to add value to the product by insuring it under an extended warranty coverage.

Learn more about extended warranty:

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