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How Much Should You Pay for an Extended Auto Warranty

Tips on Purchasing an Auto Warranty Plan

When to Buy an Extended Auto Warranty Plan

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Tips on Purchasing an Auto Warranty Plan

If you are about to invest your hard-earned money in a new or used car, you may want to consider protecting your investment by purchasing an extended warranty.

An extended warranty is a service contract that covers the cost of repairs after the manufacturer's warranty expires. Unlike the manufacturer's warranty, which is included in the price of the car, an extended warranty is an additional cost and can be purchased from either the manufacturer or from a third-party company that specializes in auto service repair contracts.

You don't have to wait until your manufacturer's warranty is about to expire before considering purchasing an extended warranty. In fact, you can negotiate the addition of an extended warranty into the price you pay for your car.

Purchasing an extended warranty from the manufacturer offers several advantages over third party companies. Under a manufacturer's warranty, you get automotive factory technicians to work on your vehicle. Repairs are done while authorization for them is being obtained with no wait time for you. You won't need to file claims for reimbursement or lay out money up front. Finally, if you decide to sell the care, a manufacturer's extended warranty is transferable to the new owner.

Many dealerships sell both the manufacturer's extended warranties and third-party warranties and will try to sell you whichever makes them the most profit. Try to do your research online first so that when you negotiate with the dealership you know what you want and what is available to you. Most extended warranties, regardless of who is selling them, offer different levels of coverage. Typically, there are three levels of coverage. The first level covers the power train. The second covers the power train plus several other components. The last offers the highest level and is referred to as comprehensive or bumper-to-bumper coverage, which includes expensive electrical systems repairs.

The benefit of purchasing an extended warranty when you purchase the vehicle is that you can roll the costs of the extended warranty into your financing and can pay for it as part of your monthly payments rather than pay for the warranty coverage in one lump sum later.

Regardless of when you decide to purchase an extended warranty, be sure to first go online and research different coverage options and price points. Don't forget to compare options like level of coverage, price and duration of the policy.

Purchasing an extended warranty can be a good investment if you plan to keep the car past the life of the original manufacturer's warranty. If you do your research and plan ahead, you can get a plan that's an investment and not a waste.

What is a limited warranty on a new car

This is part of a series breaking down all the terms you need to know if you're buying a new or used car from a dealership. Check out the rest of the series at our Car Buyer's Glossary. Regardless of ...

Published:  Sat, 03 Nov 2018 06:26:16 GMT



Your Car's Warranty: 5 Tips to Avoid Issues

Cars today are more reliable than ever, and adding to that reliability are the more comprehensive warranty programs offered by manufacturers and dealers alike. As long as the warranty remains active, ...

Published:  Mon, 05 Nov 2018 01:21:00 GMT



Volvo's used cars now come with an unlimited-mileage warranty

Volvos less than five years old and with less than 80,000 miles (128,000 km) on the odometer are eligible for an eight-year warranty extension from the car's original in-service date ...

Published:  Wed, 07 Nov 2018 12:39:00 GMT



Continental reaffirms FY margin decline on weaker auto production, warranty claims

FRANKFURT -- German supplier Continental reaffirmed its outlook for a margin decline in 2018, citing warranty claims and weaker auto production in China and Europe. The margin of adjusted group ...

Published:  Thu, 08 Nov 2018 01:53:00 GMT



Volvo introduces unlimited-mileage warranty for certified used cars

High-mile drivers, take note: Volvo said last week that it now offers an unlimited-mileage warranty on its certified pre-owned vehicles ... The brand said coverage can be extended up to eight years fr...

Published:  Tue, 06 Nov 2018 03:02:00 GMT



Extended car warranties - are they worth it

Buying an extended warranty for your car can be a sensible precaution, but it's important to understand exactly what you're getting An extended car warranty is effectively an insurance policy. So, muc...

Published:  Fri, 02 Nov 2018 04:41:00 GMT



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