When you purchase an item, you do have expectations about it. If your expectations aren’t satisfied, you’ll be quite unhappy as a consumer. Many companies include a guarantee or warranty with their products to meet your needs. When it comes to warranties vs guarantees, though, many customers get confused. This post will go through it in detail.
What is a Warranty?
To find out the difference between warranties and guarantees, we first need to know what warranties are.
Simply put, a warranty is a promise made by a manufacturing company to its buyers that if the product malfunctions or has a fault, the company will fix it for free.
The manufacturer, on the other hand, does not guarantee replacements. He simply makes repairs.
This simply suggests that the customer is insured in the event of an item failure or malfunction. What’s the point of spending money on a new refrigerator if it breaks down a month later?
As a result, manufacturers include warranties with their products as an indication that they care about the product’s well-being. In other words, if a business does not issue a warranty for an item, it indicates that the company is unsure about the product’s quality or that the consumer bears the risk.
An example of a product that is covered by a warranty
Your smartphone begins to act strangely. Even when you’re tapping on the screen, certain icons aren’t clicking. You can take the smartphone to the service facility for free repairs because it has just been one month since you bought it, and it is still covered by the manufacturer’s warranty for six months. You won’t be charged any fees.
An example of a product that isn’t covered by the manufacturer’s warranty
Continuing with the previous example, if the phone falls from your hands after two months and the screen is broken. Since this isn’t covered by the warranty, you’ll have to pay for the screen replacement. In such circumstances, the owner is held accountable.
Before agreeing to a span of time for warranty coverage, manufacturers examine their own products. If a manufacturer is certain that their product will survive at least a year or two without needing to be serviced, they are more inclined to offer a warranty on it.
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What exactly is a guarantee?
Guarantee is a step up from a warranty in which the manufacturer is so sure about their products that they will fix or replace them. In simple terms, if the product has a fault, the manufacturer will attempt to fix it first, and if it cannot be fixed, it will provide a free replacement.
When the Amazon Kindle was first introduced, it was an entirely new product in the market, and it came with a one-year guarantee. The Kindle was noted for having a delicate screen that was prone to cracking. Kindle, on the other hand, knew how many of its customers would be affected by this problem. Many customers received straight replacements for their Amazon Kindles as a result of the guarantee, which encouraged more people to purchase the Kindle quicker.
Cross pens and Mont Blanc, for example, offer a lifetime guarantee on their products. They are so sure about their products that if something goes wrong with them that the manufacturer cannot fix, they will provide a free replacement to the buyer. Of course, these businesses must account for replacement margins in order to generate revenue at the end of the day. The expense of a guarantee agreement, on the other hand, is a very different matter.
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To help you understand the difference between a warranty and a guarantee, we’ve created the table below.
7 Differences Between Warranty and Guarantee
| Warranty | Guarantee |
|---|---|
| Repairs are covered under warranty. However, there is no guarantee that the product will be replaced. | Guaranteed denotes that the product will be repaired or replaced if repair is not possible. |
| Washing machines, for example, are known to suffer frequent malfunctions and are mechanical in design; thus, they usually come with a warranty. | Guarantees are issued for items that are strong and durable and are unlikely to malfunction. Although mechanical products are also covered by guarantees, they must be of great value or well-engineered. Luxury pens and sophisticated industrial equipment are two examples of products given guarantees. |
| As for the warranty, there are no refunds. | Refunds and replacements are available in the event of a fault or malfunction. |
| Certain parts are covered by warranty, although there may be parts that are not covered by warranty and require payment. | There is no charge for a guarantee. Only certain aspects of the guarantee may be covered. Other components of a product may be covered under the manufacturer’s warranty. |
| Once the warranty period has expired, the warranty can be extended for an extra fee. | Extended guarantee coverage after the guarantee period is pretty uncommon. It’s possible that you’ll be awarded an additional warranty. |
| It is written, and warranty cards are used to confirm the date of purchase. | A guarantee is a written document, and generally, Guarantee cards are used for the contract. The guarantee is valid from the date of purchase to the last date of the guarantee. |
| Example – Air conditioners might be under a 1-year warranty, and hence repair of air conditioners will be done free of cost. | Example – Cross pens are covered by a guarantee, and if there is ever a problem with the pen, it is either repaired or completely replaced. |
As you can see from the aforementioned, there are differences in legal implications between warranty and a guarantee. While a consumer can request a free product repair, they cannot request a replacement because the manufacturer is not bound by law to provide a guarantee or replacements.
As a result, many manufacturers offer free replacements if a consumer is dissatisfied with the item or if the situation escalates. Warranties and guarantees have been developed at all times to increase customer confidence and give them security.
If the consumer is really dissatisfied, the warranty may be modified to a guarantee, and the customer may be provided with a free replacement. At the same time, if the consumer misuses a product and does not adhere to the company’s requirements, the warranty and guarantee may be void.
Satisfaction Guaranteed, or Your Money Back
Some products provide a “money-back guarantee” or guarantee your satisfaction. If a merchant offers a product in this manner, they must be able to give a complete refund if a buyer returns the item for any reason. These assurances can be limited to a specific time frame, such as three months following purchase.