CNET News Video
GreenUmbrella.com offers broad protectionBefore you purchase your next new consumer electronic device or appliance, watch this interview CNET's Kara Tsuboi did with GreenUmbrella.com's Mike Balducci. He explains his company's new extended warranty service, which covers a wide variety of products...
[ Music ] ^M00:00:02 >> Greenumbrella.com is actually a new service that we're launching on August 4, which is an extended service plan for consumers. And it's really addressing the problem we saw in the market when we're talking to consumers about extended service plans, which is a lot of consumers don't even know what an extended service plan is, they don't even know what they're buying, a lot of them forget they even buy one. So what we did is we came up with a unique way for consumers to protect their electronics, appliances, and computers all under one plan for 9.95 a month. >> Is that irregardless of where you buy the product, what kind of product -- >> Yeah, doesn't matter where you buy the product or what brand you choose to buy, it's all covered for 9.95 a month. >> How can you do that? >> Well, it's easy -- >> Sounds like a great deal. >> We actually -- yeah, we partnered with a leading extended warranty solutions provider called the Warranty Group, and they're our partner, and they administrate, underwrite the plan, and Greenumbrella.com is a web site you go to, to sign up for the service and manage all your electronics, appliances, and computers. >> And does this -- matter what kind of credit card or what kind of payment method you're using, or how does that all break down. >> For the service it's a 9.95 a month service, so you can use any credit card you want. It doesn't matter how you buy your item, whether you buy it online, at Best Buy, or Circuit City. It's all, you know -- we cover it all. >> And why don't you explain exactly what products are covered -- will be covered. Gadgets, electronics, and appliances? >> Yeah, it's almost everything you can think of in the categories of electronics, appliances, and computers. Laptops, desktops, stoves, washer-dryers, all the way to LCD TVs. You know, you name it in the electronics category. Basically, anything that plugs into the wall that comes with a 90-day manufacturer's warranty we'll cover. The two major items that we don't cover are cellular telephones and exercise equipment. But other than those two items we cover pretty much everything. >> And do you have a certain time limit for when you have to sign up for the service? >> Yeah, so you can sign up any time, and we look back 60 days. So anything you bought in the last 60 days you can register and cover at Greenumbrella.com, and anything going forward you can register and cover as well. So all you need to do if you're a member of the site, you just need to register your purchases and keep your receipts to the extent you ever need to file a claim or do anything like that, you come back to this site, there's a phone number, you just make one call. And it's really -- what we've tried to do, we listened to consumers, we made a simple, convenient, and affordable extended service plan, and trying to take the hassle and confusion out of, you know, buying extended service plan from a retail salesperson. >> Right, and especially if you buy your products from all different sources, you know, you've got to keep track of all those different plans and phone numbers, et cetera, et cetera. >> Yeah. Exactly. And when we -- we polled consumers we found that -- actually just over a third of consumers forget they even buy the extended service plan, and then even more than that can't find the paperwork when they need to file a claim. So this consolidates everything and makes it really convenient, simple, and easy to use, and the other thing that we learned when talking to consumers is they have no time to review the actual extended service plan, they don't know what types of coverage they're getting. So on our site just one click away from the homepage you can go and read the service agreement. It's right there, and really understand all the ins and outs of the coverage that we provide. >> And is it simple to explain right now; what kind of coverage do you get through your plan? >> It's cut -- we've modelled the plan to be comparable to what you would buy at a major retailer. We have no lemon policies, we have bulb replacement on projection TVs. We have surge protection, so a lot of the coverage that you would get when you buy a plan from a major retailer you get at this. It's not -- I can't say it's exactly the same, but it's very comparable inline. It's three years of protection, so protection starts from the date you purchase the product and it will last until three years. >> Why do we need extended service plans, I mean, isn't technology disposable? >> Well, there are technologies that are disposable, but when we talk to consumers they just wanted the peace of mind, and knowing that we have protect out there that when they invest a thousand dollars in a new HDTV that, you know, it's going to last for at least three years. So that's what we've really modelled as a protection plan that's really affordable, convenient, and gives consumers the peace of mind they're looking for. And actually, when we were looking at the extended service plan market there's over 100 million transactions annually. So, it's -- it's a big opportunity and we're really excited about it. ^M00:04:23 [ Music ]