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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.
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Auto Warranty In The News
Q: Delta Auto Protect, which handles my car warranty, owes me $1,018 for a claim on my 2010 GMC Acadia. I filed the claim six months ago and have been getting the runaround ever since. The company pro...
Published: Sun, 08 Jul 2018 07:34:00 GMT
The annual reports of most of the world's top passenger car and light truck manufacturers contain three essential metrics: the number of vehicles sold per year, the amount of warranty accruals made ea...
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Published: Tue, 10 Jul 2018 08:01:00 GMT
This follows the industry trend for longer warranties. The cover will be included in the purchase price of the car, along with three years of servicing and five years of roadside assistance. Parts, lu...
Published: Wed, 11 Jul 2018 04:48:00 GMT
Car shows in recent years have been full of battery-powered ... is provided by a five-year/60,000-mile warranty with free scheduled maintenance and roadside assistance, five years of remote services a...
Published: Thu, 19 Jul 2018 04:06:00 GMT
Franchised car dealers can begin application of the 5-3-5 offer to applicable Alfa Romeo vehicles built from July 1. The Italian brand decided to extend its three-year warranty package to five years o...
Published: Tue, 10 Jul 2018 02:26:00 GMT
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