DUBLIN, OH--(Marketwired - April 12, 2017) - Consumers utilize extended warranties to protect their major investments and prized possessions including furniture, fitness equipment, technology, cars, homes, jewelry, and more. According to Safeware, a leading provider of product protection and extended warranty solutions for consumer products, those protection plans are designed to provide peace of mind against unavoidable damages and unforeseen failures.
While many technology-specific protection plans have optional coverages for cracked screens and liquid damage, initial extended warranty products were designed for incidents that are beyond the user's control. Unlike common causes of loss such as accidental damage from handling or theft, manufacturer's defects arise from mechanical or electrical malfunction that result in device failure.
"Extended warranties provide added value to customers by supporting the high cost of maintaining today's increasingly complex devices," says Safeware's Chief Executive Officer, Bryan Schutjer. "We understand that technology is an investment, and our extended warranties are designed to ensure that consumers are protected against unexpected failures and damage."
Safeware's statistics show that forty percent of all extended warranty claims come from manufacturer's defect issues. Of that, eighty-six percent of the problems do not surface until the standard one-year manufacturer's warranty period has ended. Common forms of these device flaws include defective batteries, touchscreen failure, display issues like dead pixels or lines through the screen, and charging or power adapter malfunctions.
Of these, battery and adapter failures account for fifteen percent of defect claims. Additionally, another ten percent are reportedly caused by screen failures. If the customer does not have extended warranty coverage and the breakdown occurs outside the manufacturer's one-year warranty, the often significant cost of repairs falls to the device owner. Fortunately for consumers, protection plans include coverage for these types of events, providing a comprehensive extension of the standard manufacturer's warranty.
Having pioneered the technology insurance industry in 1982, Safeware is now one of the most recognized names in product protection. Safeware's innovative approach to insurance and extended warranty solutions has propelled the company into multiple industries including education, corporate technology, fitness, furniture and appliances. By helping partners to customize coverage based on their unique needs, Safeware provides best-in-class programs allowing customers to own their products with confidence.
Learn more about Safeware online at www.safeware.com or by calling 1.800.800.1492.
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