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Many shoppers are wasting their money on warranties for cameras, washing machines and other expensive goods, a new report has warned. As these warranties can cost almost half the price of the product being bought, the report – by ECC-Net, a group of EU consumer watchdogs – has urged people to be vigilant before buying them.

As you are already covered for faults under EU law when you buy something, warranties can be of little, if any, value. Under Irish law for example, you are entitled to redress for faulty or defective products for up to six years – and you don’t have to pay for that right. This six-year redress period is longer than what many of the so-called ‘extended warranties’ offer redress for. When you take that six years into account, “one needs to question whether paying an amount [for a warranty] usually close to the value of the item covered is value for money”, said the report.
Furthermore, a warranty is no guarantee that you will get redress. The ECC-Net report highlighted a number of cases where consumers ran into problems here.

For example, in May 2013, an Irish consumer bought a laptop from a British-based online retailer. The laptop developed faults on a number of occasions and each time the consumer contacted the seller to resolve the problem, it insisted on the repair being carried out by the manufacturer. After two unsuccessful repairs, the consumer said he had lost confidence in the product and asked the seller for a refund……

See the full article by Louise McBride , Sunday Independent – 29 March 2015

The report can be viewed here .