Service Contracts for Consumer Products Offer Proven Protection, Value and Convenience As Manufacturers' Warranties Shrink

Sep 11, 2007, 01:00 ET from Service Contract Industry Council

    TALLAHASSEE, Fla., Sept. 11 /PRNewswire/ -- In an era of shrinking
 manufacturers' warranties, service contracts offer significant time- and
 money-saving protections against malfunctions for consumer electronics,
 appliances, and home systems. Sometimes called extended warranties, service
 contracts help consumers avoid unexpected, costly product repairs or
 replacement, and provide access to technical experts and pre-qualified
 technicians on call to respond on a priority basis.
     Financial guru Ray Martin recently stated: "For years, consumer
 advocates such as Consumer Reports have cautioned against buying extended
 warranties, but that advice may be in need of updating. Many appliance
 makers are consolidating the terms of warranty coverage on their products
 to include one period covering all parts and service. The period is one
 year -- after that, if a part wears out or breaks, you'll pay."
     Today's technologically advanced electronic products, systems and
 appliances offer unprecedented efficiency and enjoyment, but at the same
 time can be complex and expensive to repair.
     "With many products now carrying manufacturers' warranties as short as
 90 days, service contracts meet an important consumer need by offering
 safeguards and convenient repair or replacement options over a product's
 lifespan," said Timothy J. Meenan, executive director of the Service
 Contract Industry Council (SCIC), a national non-profit trade association
 that represents a majority of the nation's service contract providers and
 establishes standards and regulations that protect consumers.
     To help consumers maximize their service contracts, the SCIC has issued
 recommendations and compiled a list of key benefits, and other helpful
 information, on its website: http://www.go-scic.com. Tips include reading
 and becoming completely familiar with the terms of service contracts;
 maintaining all receipts and maintenance records; and activating the
 contracts for all covered repairs, no matter how small, to maximize the
 value of a product or system.
     Representing companies that provide approximately 80 percent of the
 service contracts sold in the U.S. for the home, automotive, and consumer
 goods markets, the SCIC strives to educate consumers about service
 contracts, encourages its members to pursue high standards of customer
 satisfaction, and has developed and promoted model legislation across the
 country to regulate the industry with standards designed to protect the
 consumer.
 
 

SOURCE Service Contract Industry Council
    TALLAHASSEE, Fla., Sept. 11 /PRNewswire/ -- In an era of shrinking
 manufacturers' warranties, service contracts offer significant time- and
 money-saving protections against malfunctions for consumer electronics,
 appliances, and home systems. Sometimes called extended warranties, service
 contracts help consumers avoid unexpected, costly product repairs or
 replacement, and provide access to technical experts and pre-qualified
 technicians on call to respond on a priority basis.
     Financial guru Ray Martin recently stated: "For years, consumer
 advocates such as Consumer Reports have cautioned against buying extended
 warranties, but that advice may be in need of updating. Many appliance
 makers are consolidating the terms of warranty coverage on their products
 to include one period covering all parts and service. The period is one
 year -- after that, if a part wears out or breaks, you'll pay."
     Today's technologically advanced electronic products, systems and
 appliances offer unprecedented efficiency and enjoyment, but at the same
 time can be complex and expensive to repair.
     "With many products now carrying manufacturers' warranties as short as
 90 days, service contracts meet an important consumer need by offering
 safeguards and convenient repair or replacement options over a product's
 lifespan," said Timothy J. Meenan, executive director of the Service
 Contract Industry Council (SCIC), a national non-profit trade association
 that represents a majority of the nation's service contract providers and
 establishes standards and regulations that protect consumers.
     To help consumers maximize their service contracts, the SCIC has issued
 recommendations and compiled a list of key benefits, and other helpful
 information, on its website: http://www.go-scic.com. Tips include reading
 and becoming completely familiar with the terms of service contracts;
 maintaining all receipts and maintenance records; and activating the
 contracts for all covered repairs, no matter how small, to maximize the
 value of a product or system.
     Representing companies that provide approximately 80 percent of the
 service contracts sold in the U.S. for the home, automotive, and consumer
 goods markets, the SCIC strives to educate consumers about service
 contracts, encourages its members to pursue high standards of customer
 satisfaction, and has developed and promoted model legislation across the
 country to regulate the industry with standards designed to protect the
 consumer.
 
 SOURCE Service Contract Industry Council