The Fine Print: What to Know About the Warranty on Your Equipment
There are several factors to consider when buying heavy equipment. Once you find a machine that’s best for your work, you might debate getting a warranty for your new purchase. Before you buy a warranty for your equipment, Equipment Trader is diving into five things you need to know about these warranties.
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What is a Heavy Equipment Warranty
On a basic level, a warranty for your heavy equipment can offer protection if there’s an issue or defect with the machine. This protection can cover the cost of repairs and even the cost of a replacement machine, depending on the coverage.
What to Look for in an Equipment Warranty
There are a few key things to look for when considering a warranty for your heavy equipment. When reading the fine print, look for a warranty that covers the cost of repairs and provides quality replacement parts as well as the labor needed to install them.
Types of Heavy Equipment Warranties
Heavy equipment warranties can be divided into three categories: standard, extended, and specialized.
A standard warranty is the most typical type. This covers basic equipment protection for either the first sixth months to a year after delivery or a specific number of hours of use, whichever occurs first. When you purchase new heavy equipment, this will be the first type of warranty you’re offered.
An extended warranty offers advance protection for your equipment by also covering repair bills, along with the costs associated when other parts and components break down. Extended warranties can be transferred, so if you buy your machinery from a private seller, they may pass this along to you with your purchase.
A specialized warranty covers specific machine parts and not the entire piece of equipment. This coverage comes in the form of a free part from the equipment’s manufacturer if that part breaks. Powertrain warranties are an example of a specialized warranty, which covers all the parts that get the machine to run.
Benefits of an Equipment Warranty
Having a warranty on your heavy equipment has a few advantages. The biggest is cost savings. While you are spending more up front for the warranty, in the event of an issue with the machine, you won’t have to come out of pocket for repairs or replacement parts.
Less downtime is also a benefit of having a warranty. Instead of waiting to make repairs, or even waiting to come up with the money to pay for any repairs, your warranty can ensure service when something happens to your equipment and get you back to work faster.
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Cons of a Heavy Equipment Warranty
One of the biggest cons of purchasing an equipment warranty is the initial cost. If you’re already at the top of your budget for the for-sale machinery, you may not want to exceed that budget to buy a warranty.
Another con to getting a heavy equipment warranty is that you aren’t always guaranteed coverage. If you have a standard warranty and you’re past the specified hours of use, you won’t be covered. You could also have a claim denied for specific reasons, such as not documenting your preventative maintenance properly, which is why it’s important to read the fine print of a warranty before you buy.
Warranties can offer heavy equipment owners and operators peace of mind. But, before you buy one, it’s important to make sure you have the right type of warranty and the best coverage for your needs.
Arielle Patterson
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