Lifetime warranty- What does it actually mean?
Frankly speaking, lifetime warranty is really a critical term and only the manufacturer of a product fixes its own terms and conditions while it agrees to give lifetime warranty for a product. It is unclear that for whose lifetime the warranty of the product is available. Whether the warranty is applicable for the entire life of the buyer or product? By the term “lifetime warranty” normally it implies that manufacturer offers warranty for the life of the product. But again point is what life-term for a particular product is? It is clear that every product has different life-span. So while entering in to a lifetime warranty scheme, the manufacturer of a product has to make it clear the period for which the warranty for the product would stay valid.
Important aspects of Lifetime Warranty
Coverage of warranty – The lifetime warranty is available for specific defects in a product. It also applies to defects during manufacturing of a product. The manufacturer assures service warranty for certain manufacturing defects or malfunctioning in the product, which might arise in course of time of use of the product.
How does the manufacturer determine life of the product? – Every product goes by one expectation of life for which it would last. An experienced manufacturer knows very well about the time-limit that a product could sustain despite intense use by the user.
It depends on products’ life cycle– For instance a company has introduced a handset in the mobile market. As it is common understanding that technology market is really fast changing. The features in the cell-phone could get changed faster than one expects, making the lifetime of the handset for the cell phone very small. But the lifetime for traditional products differs in many cases. For instance, a normal washing machine lasts for 5 years and a refrigerator for 7 years. The manufacturer uses this period of lifetime as an added attraction for boosting up sales.
Lifetime warranty is applicable to certain parts-The manufacturer issues a warranty for a product, which is applicable for specific parts in a product. Let’s say a refrigerator’s life completely depends on the motor and car’s life could only get defined on quality of engine in it. The manufacturer knows about the life-cycle of a particular part in a machine and it is confident that the particular part would last for this time period. So the company offers lifetime warranty for the period the part in the machine could sustain wear and tear. According to that the manufacturer fixes the time limit for lifetime warranty.
Lifetime warranty is only for tangible parts– The warranty for lifetime is available only for tangible parts in a product. Such warranty is not applicable for concept-based products. There are many schemes of financial products and insurance in the market. But as those solely go by a concept without any tangible part or promise for performance, the company would not give lifetime warranty for such products, which have originated only from a concept.