How to Get the Best Extended Car Warranty to Match Your Budget
Extended car warranties are essential if you are going to protect your asset and keep your car on the road, but sometimes finding the best warranty isn’t easy. The process becomes even harder when you are unclear about the fundamentals of extended car warranties and the pitfalls of shopping around. Well today that changes; we’ve outline all you need to know below, so now you can shop with confidence. Remember, the cost of a policy may pale in comparison to repair costs if and when they do arise.
Here are the key considerations that once observed will put you on the path to acquiring the best extended car warranty for your buck.
Manufacturer’s Warranty vs. Extended Car Warranty
The manufacturer’s warranty covers the repair of items that are likely to break down, but shouldn’t given the guarantee of workmanship and so on. These types of warranties are usually government regulated to protect the consumer. But they don’t cover everything; the law says that there are a few specific items which the car maker ought to guarantee for certain period of time. Things like Engine, Transmission and so… The important stuff.
Extended car warranties are meant to cover the items that the maker won’t repair should they go bad, these may include things like wear and tear on tires, brakes and sometimes even the windscreen. The key here is to find out what is covered under the manufacturer’s warranty and what can be potentially covered under an extended auto warranty; once that is established you can move onto the next phase.
Who Should You Go To?
There are many companies that offer extended auto warranties but choosing one should hinge on a few factors. Top of the list is ‘who’ is behind the policy; extended car warranties work much like insurance policies and if you choose a bad provider, you may have a difficult time getting a claim settled. Always do your due diligence on a company, or simply use a third-party vetting service to work which company is sound and which isn’t. These types of services are usually found online and offer detailed comparisons between and among companies.
What to Look for in Coverage
Cost is of course the first big consideration and so it helps to do a bit of comparison to see what value you get based on the best quotes. Again, the third-party service mentioned above is good for this and will save you a lot of time.
In terms of actual policy items, keep an eye out for the following:
- Deductible – this is the amount that you’ll have to pay out of pocket before the policy kicks in pays out. The lower the deductible, the more you’ll pay for the policy and vice versa. The key here is to balance sound coverage with the eventual out of pocket expense.
- Types of repairs – extended auto warranties are quite flexible in what they’ll let you take coverage for. In this regard then you should only take out a policy covering the things you are most likely to incur regular repair costs for. If you use your car for long commutes, it’s likely that tires will become an issue; you could then factor this into your policy coverage.
- Transferable policy – let’s say you sell a car that is covered under an extended car warranty, by having a transferable warranty policy you could pass it to the new owner. This of course means you can ask more for the sale of the vehicle and is very handy.
- Roadside Assistance – Not all extended car warranties offer roadside assistance, but this element can be very helpful. Always check if it’s possible to include it on your policy.
Use the above as a guide towards getting your next extended car warranty. The bit about using a third-parity recommendation is especially sound and shouldn’t be overlooked.