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By Donna L Montaldo, About.com

Basically a Low Price Guarantee policy in shopping states that a store promises to match the price or services of its competitors. This can cover a wide range of products, from big ticket items like washer and dryers, to low price items including grocery and drug store purchases.

Every Price Guarantee is Different

Each store has its own version of a Low Price Guarantee. It pays to carefully read a store’s policy before depending on it as a way to guarantee you will be getting the lowest price.

Check the following:

* Time Limitations

Most store policies state that the lowest price is guaranteed for a specific time. This can range from one week (generally for lower priced items) to up to 60 or even 90 days for large ticket items.

That means that if you see the product you’ve purchased advertised for less than what you paid and it falls within the allotted time posted on the Low Price Guarantee policy, you could qualify for a refund.

Many shoppers forget to keep checking prices during the time they have to get a price match. This works to the advantage of retailers and is one of the reasons 90-day time limits are not all that uncommon.

* Proof of Price

Most stores require proof that a competitor is selling the item at a cheaper price. Shoppers are generally required to submit a copy of a competitor’s ad showing the identical item for less.

After a purchase shoppers generally have to produce a copy of their receipt showing what they paid and a copy of the competitor’s ad showing the lower price.

* Local or Not?

Many stores consider the competition as being those stores which carry similar or same products within the same market.

When checking a store’s price guarantee, it always helps to get in writing from the store manager, what qualifies as the “local” market. This is a gray area that many times is used to try to discourage customers from pursuing a price match.

* Are Internet Stores Considered Competition?

Many local stores will not compete with the Internet - even when it is their own store! Seems crazy doesn’t it?

If you are comparing the price of a store’s local and online prices, and the online price is advertised as a “Web exclusive” you will most likely not get the local store to match the price, even with a store which advertises that it will match its online prices.

There are a variety of reasons retailers use for not price-matching or offering refunds on price guarantees with the Internet stores.

One reason given is that the cost of running the local brick & mortar store is higher than the cost of running an Internet store. Also, although the online stores are named the same, they are often run by entirely separate divisions. This means little to the consumer, but apparently is a big deal for retailers.