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What Is A Warranty? Definition, Purpose, Parts
Whether you’re in the market for a high-end product or have noticed problems arising with something you already own, understanding the warranty is essential.
If you are preparing to spend a large amount on something new, you must know if the product’s warranty matches the price tag.
On the flip side, if you are experiencing problems with something of yours, like your car, washing machine, grill, or front door, you want to be able to find your warranty, analyze it, and understand it.
No matter the item, knowing what a warranty is is a vital piece of knowledge everyone should have.
What exactly is a warranty? What does a warranty consist of? What’s its purpose? What do I need to know?
These are just a few questions you should be considering, whether you are studying the warranty of a product you want to purchase or pulling out an old warranty of something you already have.
Southwest Exteriors has been an exterior home remodeling contractor in San Antonio since 1989. We not only have our warranty to cover our workmanship, but we service and handle handfuls of other warranties from every manufacturer we work with.
Because of the many warranties we give and service for clients, we’ve helped hundreds of homeowners understand their warranty. And we want to help you, too.
This article will define exactly what a warranty is, its purpose, and the parts of a warranty.
After reading, you’ll be able to look at any warranty and understand it. Then, whether it’s with a new product or old, you’ll know what to do if you need to file a warranty claim.
What is a warranty?
Before diving into what you need to know about warranties, you must first understand what a warranty is and its purpose.
Merriam-Webster defines a warranty as “a real covenant binding the grantor of an estate and the grantor's heirs to warrant and defend the title.”
Just like some warranties sound, there are a lot of official and technical words thrown together.
What does that really mean? Let’s translate that definition into simpler terms.
A warranty is like a contract. It is between a manufacturer or service provider (who you purchase from) and a consumer (you).
Warranties are also like insurance. They outline what damages are covered by the manufacturer, how long your product is warranted, and what the manufacturer will provide if you need to file a warranty claim.
What is the purpose of a warranty?
The purpose of a warranty is to protect your purchase and the manufacturer.
If something breaks or malfunctions with your product, the warranty will explain if your damages are covered and what the manufacturer will do for you to repair or replace the damaged product.
The warranty also protects the manufacturer from servicing product damages resulting from the consumer's fault. What we mean by this, for example, is if you purposely damage a product in hopes the manufacturer will replace it with a newer one.
A warranty ensures your purchase while also protecting the manufacturer from fraudulent claims.
What are the parts of a warranty?
A part of fully understanding the purpose of a warranty is knowing what a warranty consists of.
There are seven major parts of a warranty that are important to identify. They are:
- The lifetime of the warranty
- Individual parts covered and their coverage
- Transferability of the warranty
- How to file a warranty claim
- What the manufacturer will provide under warranty
- Additional conditions of the warranty
It is important to identify and analyze each of these parts of a warranty when either looking to purchase a product or service or trying to identify your coverage of a damaged product you own.
After looking at each of these parts in a warranty, you will fully understand what your warranty coverage is, how to file a claim, and what the next steps are.
Understanding your warranty and what to do next
Now you know what a warranty is, the purpose of a warranty, and what parts of a warranty to identify.
Understanding what a warranty is at a basic level allows you to dissect your warranty easily and know what to look for, whether you are looking to purchase something new or need to look at your warranty because of current damages.
The quality of a warranty is crucial to know in order to understand the quality of your product.
If you are shopping for a new product, you need to find a warranty that matches the quality of the product and the price tag on it. The last thing you want is to drop some big bucks on a product that isn’t even warranted for long.
If you find something you own is damaged, and you know it has a warranty, then you want to know what to look for to know if your damage is covered.
At Southwest Exteriors, we want to make warranties as easy as possible to understand.
When you work with us, we handle any and all warranty claims that you may have for your products. Our workmanship is backed by our lifetime warranty, and when we say lifetime, we mean for as long as you own your home.
We want to help you have all the information you need to understand your warranty and ensure you have the highest quality products and services.
A part of this is diving deeper into each part of a warranty and what is most important for you to know when looking at a warranty.
This article will go into the seven parts of a warranty to identify. Then, you will be able to look at any warranty and find the right information you are looking for.