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With many people on the lookout for household bargains during the post-Christmas sales, the ABI has published a consumer guide to extended warranties.

These policies are often sold alongside the purchase of household items such as washing machines, fridges and electrical equipment like televisions, and cover repair costs as a result of mechanical or electrical breakdown after a manufacturer or retailer's guarantee has expired.

The ABI has also published a similar guide to motor warranties. These cover repair costs after the motor manufacturer's guarantee has expired.

Both ABI guides set out:

- What policies typically cover

- Typical exclusions

- Points to consider when deciding whether or not to buy an extended warranty

- What to do if you have a complaint

Nick Starling, ABI's Director of General Insurance, said:

"Customers need to understand fully the benefits and limitations of extended warranties, so if they buy a policy, it meets their needs. These guides provide essential information to help consumers make the right decision."

The consumer guide to extended warranties can be found here.

The consumer guide to motor warranties can be found here.

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Last updated 01/07/2016