Buyback Insurance
Advertisement
Techopedia Explains Buyback Insurance
Buyback insurance was introduced in electronic and tech products to circumvent product obsolescence and decommissioning from an end-user’s perspective. Although this is generally a marketing tactic that helps ensure repeat business for retailers, buyback insurance programs can provide a cost-effective way to keep up with new technology.In general, buyback insurance returns up to 50 percent of the value of a product to put toward upgraded technology, but this can vary depending on the customer, region, organization’s policy and nature of the product.
Advertisement
Related Terms
Related Reading
- INFOGRAPHIC: 6 InsureTech Trends to Know
- How Explainable AI Changes the Game in Commercial Insurance
- Single-Tenant vs. Multi-Tenant Applications: How to Choose
- Multimodal Learning: A New Frontier in Artificial Intelligence
- Uncovering Security Breaches
- 10 Big Data Do's and Don'ts