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Well, if things are the same and they replace it, then your warranty may expire, despite how many years you paid for!
A few years ago we bought a fancy CD player (okay, maybe 10 years ago!), and took out a four year warranty (which was much more expensive than the one-year warranty). The thing broke in a year and we took it in. Instead of fixing it, they chose to replace it – told us that they decided it would be easier. Then they asked us if we wanted to buy a warranty on the new one! We said, well, we already bought a four-year warranty. They said, no that is associated with the old CD player. Now that it is replaced you have no warranty. However, they ELECTED to replace it – it didn’t need to be replaced. When I was fuming over this at home, I was thinking – what if I said I wanted it repaired and not replaced despite what they wanted – then the warranty would still be valid! But I decided to let it all go, and enjoy my slightly newer model CD player. It didn’t break in the remaining 3 years anyway. But clearly I still remember this as a bad store experience. And I have never bought a Future Shop Warranty since.