Techhub members It Is What It Is, launched a new site Extended Warranty Comparison. The site aims to disrupt the �1billion a year UK extended warranty market and make it easier for consumers to make the right decision for them about what to buy.
The site differs from every other comparison website on the internet in two key ways:
- It lists every option on the market, not just those it gets paid to list
- It is transparent about how much and if it receives money from an extended warranty supplier.
The site's founder Chris Heffer believes that transparency is in the interest of everyone. The site pledges to always put the consumers interest before its own financial gain.
We believe that if we are transparent with everything we do, it will be the quickest way to earn trust as a new startup business. We want to help consumers make the right decision for them even if we do not make any money or it results in them not buying anything at all. We believe this is the best long term strategy to gain loyal customers who we hope will recommend us to their friends and family. We believe that extended warranties can give you peace of mind when you buy electrical goods. However they are not right for every body and they are often sold by high pressure sales people who can only sell you one extended warranty option. We want to help consumers understand the benefits of an extended warranty and if they want to buy, help them find the best option for them.
The site was set up following an investigation by the Office of Fair Trading found, that the way consumers were sold extended warranties was not in the consumers best interest. It is very difficult for consumers to compare different extended warranties. An amazing 75% of the �1billion spent on extended warranties each year in the UK was spent by consumers buying the first extended warranty offered and not shopping around.
It�s only competitor was funded with �100,000 from the two biggest extended warranty retailers (Currys/Pc World, Argos) to comply with the OFT regulations. The OFT site only covers approximately 75% of the extended warranty market and only exists to tick a regulatory box.
Extended warranty comparison covers 100% of the market and was funded with a few slices of free startup event�s pizza and a couple of cans of Red Bull!