Tim Meenan explains the importance of service contracts on college purchases in Yahoo Finance.

Yahoo Finance

Published in Yahoo Finance

TALLAHASSEE, Fla., Aug. 26, 2016 /PRNewswire/ — This month millions of recent high school graduates head off to college for the first time, according to the National Center for Education Statistics. Parents everywhere are equipping their teens with the electronics they need to succeed in college – laptops, smartphones, smartwatches, tablets, televisions and more. Now is the best time for parents of college-age students to think about the peace of mind a service contract can offer.

Service contracts, also referred to as extended warranties, provide a much-needed sense of security for parents of college-age students – especially when so much is changing. So when the laptop takes a tumble off the dorm room bed, or the smartphone falls in the toilet in between classes, parents can rest easy knowing their service contract will cover it – and fast.

Most extended service contract providers offer a 24-hour claims service, meaning students will be up and running in no time when disaster strikes. In many states, a “first look” period is available, too, in which customers have 30 days to try out their service contract with the promise of a full return and cancellation if they are not satisfied.

“Service contracts are the best way to rest easy knowing your college student – no matter how far away – is prepared to succeed and covered in case of an electronics emergency,” said Tim Meenan, CEO and executive director of SCIC. “With the cost of tuition, books, housing, food and more, paying for a broken device is the last thing parents want to be surprised with. A service contract will cover you.”

Consumers should consider these tips while buying a service contract for their college-age students:

  1. Read the contract carefully and only buy the coverage you need – some things might be covered in a manufacturer’s warranty, but not all. Fill those gaps.
  2. Contact your local state attorney’s office to be sure the company you’re buying a service contract from is reputable.

For more information, visit www.go-scic.com.