There’s a story. Of a man named Kevin. Who was busy buying a new car for his wife. He found one and it was perfect. He put a large sum of money down and financed the rest through his credit union. While at the car dealership, he was finishing the paperwork with the ‘finance and insurance specialist’ and he was presented with an extended manufacturer’s warranty. Having purchased one on a previous vehicle years ago and it not working out so well he passed on the opportunity. However, the ‘finance and insurance specialist’ was clever and then offered a money back guarantee if the warranty was never used during the warranty period. WOW, what a great offer. So, Kevin purchased the extended warranty for $2,800.
Side Note: Did you know that in most cases you can cancel any warranty purchase within 60 days without penalty. Did you also know that the warranty companies typically don’t send you your paperwork with all the details until about 45 days, long after you’ve lost that … why did I buy that warranty feeling.
45 days or so later this man named Kevin receives his warranty papers with all the details. Low and behold there is a catch. Not a deal-breaker catch, but a catch none the less. The money back guarantee on the warranty (if no portion of the warrant is used) can only be claimed for a refund at the end of the 36 months (3 years) … and Kevin only has a 30 day window in which to claim the refund or else no money coming back to Kevin.
So, what to do … how in the world will Kevin remember to collect on that guarantee within those 30 days three years from now? His email calendar (outlook) isn’t reliable enough, is it? The calendar on the wall of his office is replaced each year. A reminder on his cell phone perhaps, but what if his cell phone gets lost or he replaces it.
Kevin thinks to himself … this is too important to forget. He starts thinking to himself .. “if I don’t need to use the warranty in the next three years and I want $2,800 back … how much would it be worth for me to remember?”
Side Note: Whether you agree with purchasing extended warranties is not the point. The point is many people do have situations in their lives where they would consider it very important to be reminded of certain things.
So, Kevin searches for an online service that can help him remember at just the right time. However, there isn't one that he feels confident he can trust. Maybe there's an opportunity here with an 'upscale reminder service' who's responsiblity is to MAKE SURE the reminder gets through. Maybe it's phone, email, text, snail-mail, a visit to my door? Ok, a visit to his door might be extreme, but you get the point. Would Kevin pay $50 for this service ... you bet.