I can’t tell you how many times I’ve been in a situation where I was given a contract to sign, proceeded to read the Ts&Cs, and was told ‘don’t worry…it’s just a standard contract–go ahead and sign it.’ Of course, the person telling me this is usually the last person who should be giving me legal advice–a bored, disaffected salesperson at a retail establishment; mind you, the people who are selling you the extended warranty aren’t disaffected, but excited at the prospect of making a sizable (for them) spiff on selling you the warranty coverage, which is often the most profitable item (under $1000) in the store.
The people who are bored and disaffected are the ones waiting while you read through the warranty Ts&Cs you are about to purchase. I know this from personal experience because, in my youth, I worked for 2 months as a salesperson at Circuit City.
In the case of extended warranties, it pays to read the fine print before you sign–unless, of course, you want to be outraged when you need to use it, and find that you’ve paid good money for insurance (which is what a warranty really is) that is worthless or significantly less helpful than what you thought it would be when you bought it.
HD Guru has posted a report on extended warranties, particularly on Best Buy’s. I suggest you read the post and the actual contract for any such warranty before you buy one. Also, check to see what company is underwriting the warranty coverage–in the case of Best Buy’s it is AIG, a company that somehow we all know…
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