Understanding Warranties

 

Understanding WARRANTIES 

In the world of CONSUMERS, warranties play a crucial role in protecting your purchases. Nowadays, most things come with warranties, whether you're buying a new smartphone, a washing machine, or even a car, knowing about the warranty of the related good or service purchased or used, can save you time, money, and frustration. In this blog, we'll explore what warranties are, and the types of warranties available as we move further in our blog.

What is a Warranty?

A warranty is essentially a promise or guarantee from a manufacturer or seller regarding the quality or performance of a product. When you buy something, the warranty ensures that the product will work as expected for a certain period. If it doesn't, the manufacturer or seller typically agrees to repair, replace, or refund the item, depending on the terms of the warranty.

Warranties can be either Expressed or Implied:

1. Express warranty: This is a written or verbal statement from the seller or manufacturer that clearly defines the terms of the warranty. It might specify what is covered, the duration, and any conditions or exclusions.

2. Implied warranty: Even if a product doesn't come with a written warranty, it may still be covered by implied warranties.

These are automatic protections that the law provides, ensuring that products are fit for their intended use and free from defects.

Types of Warranties

There are several different types of warranties that you might encounter as a consumer:

1. Manufacturer’s warranty: This is the most common type of warranty, typically provided by the product's maker. It can cover defects in materials or workmanship and may last anywhere from a few months to several years. Manufacturer warranties often apply to electronics, appliances, and vehicles.

2. Extended warranty: This is an additional warranty that can be purchased beyond the manufacturer’s standard warranty. It might cover repairs or replacements after the manufacturer’s warranty expires. Extended warranties can be useful, but it’s important to assess if the cost justifies the coverage.

3. Lifetime warranty: Some products come with a lifetime warranty, meaning the item is guaranteed to last for as long as you own it. However, there are often stipulations regarding what 'lifetime' means (e.g., the product's usable life rather than your life) and what conditions might void the warranty.

4. Limited warranty: This type of warranty covers only specific parts or issues. It’s often limited in terms of time and conditions, and the seller may exclude certain types of damage, such as accidental or misuse-related harm.

What Happens When a Warranty Expires?

When a warranty expires, you may still have rights under consumer protection laws. In many regions, the law gives you a reasonable period to return or exchange faulty goods. For example, In India, when a warranty expires, consumers may still have legal rights under the Consumer Protection Act, 2019 and other relevant consumer laws, even if the warranty period has ended, In the European Union, consumers are generally entitled to a two-year period during which they can return a faulty product, regardless of the warranty status.

If a product breaks down after the warranty period, and it’s clear that the fault is due to inherent defects or poor workmanship, your legal rights may still entitle you to a repair or refund, depending on the situation.

Conclusion

A warranty is a guarantee from a seller or manufacturer that a product will perform as expected for a certain period. It promises that if the product is defective or fails to meet its intended purpose, the manufacturer will repair, replace, or refund the item. There are different types of warranties: manufacturer’s warranties, which cover defects in materials or workmanship; extended warranties, which provide additional coverage beyond the manufacturer’s warranty; lifetime warranties, which cover a product for as long as it is owned; and limited warranties, which have specific conditions or exclusions.

Warranties provide peace of mind, but they are separate from statutory consumer rights, which ensure that products must be of satisfactory quality, fit for purpose, and as described. Even if a warranty expires, consumers may still be entitled to remedies under consumer protection laws for faulty goods.   

Warranties and consumer rights are critical to maintaining fairness in the marketplace. Always check the terms of a warranty before purchasing and familiarise yourself with your legal rights as a consumer. Whether it’s a faulty phone, a broken appliance, or a misrepresented service, knowing what’s covered and how to seek a remedy gives you confidence in your purchases.

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Blog by:- Lucky Sharma