How does squaretrade verify receipt?

The company will request the warranty holder to send them a copy of the receipt on email. The receipt tends to contain important details in regards to the item like the serial number and other important verifying information for the item. With this receipt, squaretrade is able to tell how the device will be fixed and protect itself from fraud. 

When does the coverage start?

This will depend on the type of plan and item purchased. For the protection plan this starts the moment you purchase the plan, while for electronics under the accidental damage plan, it starts the moment your item manufacturer’s warranty expires. This could be the next 90 days to one year. 

When you purchase an item, you have 30 days from the date of purchase to get a warranty. If the item is such of a kind that it has to be delivered to you, then this date is calculated when you actually receive the item. 

The company also has something called the “no lemon” policy. Here the company will authorize replacing the covered item or reimbursing you for it, if the item has being repaired more than twice within a 12 month period and you are seeking a third repair. 

Why do I need an extended warranty?

If you have recently purchased an electronic item like a blender, microwave or TV set you will find included the manufacturers’ warranty. This will cover you for damages that arise from the manufacturers errors when developing the product. However, the manufacturer’s warranty is limited to 90 days or one year which means should the product break down after its expiry you will have to incur the costs of repairs. These costs can be hefty hence forcing you to purchase another item which is an additional cost. Squaretrade offers you the peace of mind that your electronic device will be repaired, replaced or you will be reimbursed some amount should the device develop mechanical/electrical problems. 

When SquareTrade was formed it had as part of their mission statement to offer up to 70% lower insurance prices than their competitors and feat they have accomplished and are still committed to. Squaretrade has partnered with various consumer-oriented retailers like Amazon, eBay, Crutchfield among others. Once you purchase an item from a store you have like 30 days to decide whether to get a warranty or not. Squaretrade will start operating once your manufacturer’s warranty has expired and they do this for the next one to three years. During this time you can do your research about competitor prices and see whether SquareTrade claim that they are the cheapest is true. 

Most of the warranties present in the market, tend to go for less than 15% of the item price. This makes them worth it in the long run. If you are going for an accident damage cover than you may pay less than 25% of the item price. You should get a warranty for your electronics as they are prone to accidents and for portables like laptops and cell phones. 

Cost comparison 

Appliance
Average cost
Squaretrade 
Average home warranty 
Umbrella
0
600
Refrigerator 
600
100
100 deductible 
Dishwasher
1,000
150
100 deductible 
Washer/dryer
3,000
220
100 deductible 
Central air conditioning
1,800
170
100 deductible
Water heater
1,000
150
100 deductible 
Total
 
790
1,100

*all prices are in dollars ($)

If you consider the table you note of the five items purchased it does make more economic sense to get a SquareTrade warranty. If you are insuring only one or two items than it can be more affordable to get the American Home shield warranty. Covering one or two items may not make sense to you because it is hard to known which items will fail or not. Having more items lets you spread the risks of repair and replacement. 

When SquareTrade was formed they were entering a market that was saturated with warranty providers who were either too slow to process claims or the claims were costing an arm and a leg. They entered the market with the aim of offering affordable policies and helping consumers clear their claims in a fast and efficient way via the internet. The company has held its end when it comes to their objectives. 

How to file a claim

Getting your claim processed with SquareTrade is simplified as all you need to do is login to their website at squaretrade.com/claim and then file your claim. You may be requested to avail an item receipt with information like the IMEI, brand, color or other identifying details. Once you have done so, you should wait for approval of your claim. After this you may get an in-house service visit. The company can either repair, replace or reimburse you for damaged item. 

Also, note that you do not need to register your appliance when submitting your claim. But, it is prudent to do so as it helps speed up the approval process. You also cannot register for this over the phone things are done online. 

If you desire to register for an appliance you will need to wait for an average of three days through which the retailer sends the prerequisite details to SquareTrade.

Conclusion 

Getting a warranty for your appliance is a sure way to save you future repair costs that may creep up in the future. The SquareTrade warranty is a fraction of the overall item price and this means you are going to enjoy significant savings during repairs. Their warranties are available in most store outlets and you can ask one of the representatives to guide you through their product offering.

FAQ

Do I need a receipt for SquareTrade?

According to the company you do not need to register your appliance for you to submit a claim but you will be requested to send a copy of your receipt plus other information regarding your item during time of making claim

Is squaretrade protection legit?

The company is legitimate and has a track record of settling claims. The company also has a 4-star rating on Trust pilot

Leave a Comment