When buying goods and services, we are all used to being told that what we’ve bought is covered by a ‘guarantee’ or ‘warranty’. But what does this mean, and what benefit can we expect to receive if we must make a claim for faulty goods or shoddy workmanship?
What is a guarantee?
The manufacturer or a company that has provided a service, often issues a guarantee. It is normally provided free of charge at the time you buy the goods or services. A guarantee is considered in law to be an agreement to provide some benefit for a set period of time in the event of the goods or services being defective. Usually, the guarantee undertakes to carry out free repairs for problems that can be attributed to manufacturing defects. Manufacturers are not legally obliged to provide you with a guarantee, but if they do, it must be in plain English and clearly explain how to make a claim.
What is a warranty?
A warranty provides the same sort of cover that a guarantee does, but often you have to pay extra for it – for example, many electrical stores offer a warranty for cover against the cost of repairs and replacement parts for up to five years after purchase. Effectively, these sorts of warranties are insurance policies, issued by and underwritten by insurance companies. These can sometimes be known as ‘extended guarantees’ or ‘extended warranties. To protect you from the miss-selling of these policies, if a trader provides a quote for a warranty for electrical goods, then this is valid for 30 days and must also state that warranties can be obtained elsewhere. If you change your mind about taking out a warranty for electrical goods, you can cancel within 45 days of taking it out and receive a pro-rata refund.
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