ATLANTA, March 14, 2012 /PRNewswire/ -- For millions of
consumers, grabbing the hottest new device before it turns cold may
feel like finding a pot of gold at the end of the rainbow. That's
why throngs of people reserve the latest technology before it hits
store shelves or wait in long lines to be the first to buy, own and
experience.
These early adopters, as described by Forrester Research, are
primarily driven by three primary factors: risk taking (a desire
for new experiences), information gathering (researching and
sharing advice) and status seeking (social envy).
Still, according to a new survey sponsored by Assurant
Solutions, early adopters tend not to rely on Irish luck to protect
their new purchases. At least 49 percent of respondents who
consider themselves early adopters said they always purchase an
extended warranty when offered. The sooner a consumer adopts new
technology, the more likely they are to have purchased at least one
warranty, the survey revealed. In fact, 91 percent of early
adopters had purchased at least one warranty for consumer
electronics or a major appliance, compared to 71 percent of early
followers and 63 percent of those who wait to see how the
technology performs.
Early adopters are always first in line to pick up a product,
and they are willing to pay a premium to be at the head of the
technological curve, said Joe
Erdeman, president of Assurant Solutions' extended service
contract business. Likewise, he said, they understand that the
latest gadget may malfunction and have a shorter life span than the
versions that follow.
"Today's new consumer electronics and appliances have become
more sophisticated and therefore more difficult to self repair," he
said. "Early adopters and other consumers rely on extended service
plans as a safeguard if there's a problem after the manufacturer's
warranty expires."
Extended service contracts were most often purchased for flat
panel or high-definition TVs, desktop computers, laptops, notebook
or netbook computers, as well as appliances such as washing
machines and refrigerators or freezers. The plans generally
cover normal wear and tear plus accidental damage beyond what is
provided by the product the manufacturer's warranty, many of which
only last 90 days.
"If I love this thing so much, and it's still going to be the
love of my life in 90 days, I'll go ahead and protect my
investment," said Rod Allen, a
Nashville, TN software developer
who once dropped and cracked the screen of his latest Android
smartphone shortly after purchase.
Allen reluctantly describes himself as an early adopter, yet he
reviews the latest releases and researches performance reports. If
the device meets his needs, runs his applications and satisfies his
specifications, then he buys. And he often protects with an
extended warranty.
Extended warranties also offer 24-hour technical support, remote
diagnostics, product installation and online data backup coverage.
These services are critical to the early adopter especially during
an initial release.
"If it's going to be the latest for a while, then I have to be
relatively confident in its longevity," said Allen. "That's where
the extended warranty comes into play."
Assurant Solutions issues customized plans for consumer
electronics, appliances, jewelry and other products that extend
service well beyond the manufacturer's warranty. The plans provide
millions of customers with the assurance of knowing their products
can be repaired or replaced.
About the Survey
The survey was conducted by a third party on behalf of
Assurant Solutions.
About Assurant Solutions
Assurant Solutions businesses develop, underwrite, market and
administer specialty insurance, extended service contracts and
other risk management solutions through collaborative relationships
with leading financial institutions, retailers, automobile dealers,
funeral homes, manufacturers, wireless carriers and other entities.
With operations in 25 locations, including executive offices in
Atlanta, Assurant Solutions serves
clients and their customers in 12 countries throughout North America, the Caribbean, Latin
America, Europe and
Asia.
www.assurantsolutions.com.
Assurant Solutions is also part of Assurant, a premier provider
of specialized insurance products and related services in
North America and worldwide
markets. Assurant, a Fortune 500 company and a member of the
S&P 500, is traded on the New York Stock Exchange under the
symbol AIZ. Assurant has approximately $27
billion in assets and $8
billion in annual revenue. Assurant has approximately 14,000
employees worldwide and is headquartered in New York's financial district.
www.assurant.com.
SOURCE Assurant Solutions