Finding an excellent extended warranty provider is not an easy task. It requires a lot of patience, time, and tons of research. You may be asking yourself now, “Why can’t I just pick the most convenient option?” However, convenience is not the only characteristic of a great warranty provider. There are other things to consider as it is your hard-earned money that you’re spending.
There are indeed many reputable extended warranty providers out there who can ensure your car is taken care of. One way to make sure you choose the right company is to read customer reviews. CARCHEX reviews, for instance, indicate the company’s ability to meet its customers’ needs and provide top-notch vehicle services.
Before you search for insurance provider reviews, let’s find out if extended warranties are worth it.
Is it worth it to get an extended warranty for your car?
While an extended warranty is entirely optional, there will be situations when having it might come in handy. For instance, an extended warranty may cover costs for car repair and maintenance procedures that may continue beyond the manufacturer’s warranty period.
If you plan to preserve your car and use it for many years, then an extended warranty is the best option for protection. As we all know, car repairs are not cheap. And if you’re someone who tends to visit a car repair shop often, then a warranty will work to your benefit.
If there are advantages to extending an auto warranty, there are also disadvantages. Depending on your car’s repair needs, you may end up spending money on a warranty that you don’t use.
Another thing to consider is that the coverage provided by manufacturer’s warranties and extended warranties might occasionally overlap. In these cases, an extended warranty might not be a good investment.
What to Look for in Extended Warranty Companies
There are numerous extended auto warranty providers on the market today. As such, it’s important to carefully consider what each company has to offer before signing the dotted line.
Multiple Warranty Plans
You want to go with an insurance provider that offers more than one option when it comes to extended warranties. For instance, CARCHEX offers clients various options for an extended warranty, including:
- Bronze Plan – This is the company’s basic extended warranty. This warranty covers five to six years of your car’s major systems, including its powertrain components. The Bronze Plan is great for vehicles that have more than 150,000 miles on their odometers.
- Silver Plan – Silver Plans offer a longer coverage period of six to seven years, making this suitable for vehicles with higher mileage. In addition, the Silver plan covers the electrical components, fuel delivery, and air conditioning of your car.
- Gold Plan – The Gold Plan offers five to six years of coverage. It is perfect for vehicles with more than 60,000 miles on the odometer. This plan covers your car steering and braking components such as the master cylinder, disc caliper, and backing plates.
It’s best to choose a company that can offer you a similarly diverse range of extended warranty options. The availability of different options gives you the freedom to choose an extended warranty that suits your budget and your car’s repair and maintenance needs.
It’s not enough that an extended warranty provider offers multiple options for these warranty plans. You may also consider going for an extended warranty company that allows its consumers to customize their extended warranty plans based on their needs.
For instance, some extended warranty companies offer warranty packages for certain automotive systems. You may find that you can sign up for an extended warranty just for the electronic devices in your vehicles, such as the screen displays, voice activation system, cameras, and the GPS.
Other insurance providers offer extended coverage for one of the most important components of a vehicle: the emissions system. Such extended warranties provide coverage for the sensor of your air intake temperature, fuel tank, fuel and air ratio, and a lot more. This package is important since many states have regulations intended to minimize air pollution.
Lastly, check if there are any out-of-pocket costs you have to deal with. With certain extended warranties, you may have to pay for the repair first and then later file a claim for reimbursement. This is often the case for aftermarket or third-party warranties.
If you end up choosing an aftermarket extended warranty, it may be wise to put aside a fund for car repairs. This way, you don’t go broke trying to get your car fixed.
In a Nutshell
There are tons of warranty companies out there, but not all of them will give you what you’re looking for. This is why it’s important to do your research and carefully consider your choices when it comes to these companies.
Multiple warranty options, additional services, and out-of-pocket costs are all factors to consider before making a decision.