It is a reality that car owners are always expecting their vehicles to suddenly break down. If the factory warranty is about to expire in a few months’ time, you know you have to do something to safeguard yourself against inconveniences and unforeseen expenses. You just don’t want to run around looking for the right mechanic or auto workshop that would not cost that much and get the job properly done. Unexpected car repairs and other inconveniences can be completely avoided by applying for an extended car warranty. Companies that provide these services must be ready to show you the details in writing about the different kinds of extended coverages they are offering. It is of high importance that you go through all the details comprehensively so that you can have peace of mind. Do not, under any circumstances, hastily skip reading parts of the coverage or get obliged to buy a package. You don’t want to regret doing it.
The following questions and considerations must be deeply contemplated on before choosing the best-extended car warranty for yourself:
1- Do you really need an extended car warranty?
Well if you are financially stable and have more than one car so that if one car breaks down, it will not be a problem for you than you might not immediately need any coverage. But if you are cautious by nature, and want to be in control of your time, then the best-extended car warranty is something you would want. You will be happy that any sudden car breakdown is already covered by a warranty.
2- What is exactly covered by the extended car warranty?
Read well all the details in the coverage. Take no one’s word or promises. All the details should be upfront and clear. Extended car warranty providers should not hesitate to give you all the specific information regarding the extent of the coverage of any of the warranties they are offering. Basic coverage will have a list of automobile parts that would be repaired or replaced. To compare the specifications of different plans of a company with the coverage plans of other companies. Take it home and carefully go through them all. First decide which company is giving you the best coverage, then decide how much coverage you can afford or want. Remember each company will offer you different extended car warranties depending on the type of vehicle. The warranties will differ in prices too.
3- How long will the coverage last?
Generally, it can last for 2 to 7 years, depending on the coverage and vehicle. Only if you have no plans to sell your car, then consider long-term coverage. But if you think that you may want to sell your car sooner, you might find it easier to do if the warranty is transferable.
4- Is the car warranty transferrable?
Certain auto warranty coverages are transferrable because of this, you can ask for a good price for your car as you are giving the buyer some assurance about your vehicle. A transfer fee will have to be paid but it is not that much, around $40 or $50.
5- What is the reputation of the car warranty provider?
Find out how long the warranty provider has been in the business. Can you trust them? If the provider has been doing business for a good length of time that means customers have been satisfied with the services and might be coming back for renewals or change of coverage packages. This could also mean that the provider is attracting a good number of customers. This information might even help you to handle different claims against the warranty provider. The company’s reputation can check out with the Better Business Bureau rates of the provider and CARCEX BBB A+ rating. Government regulations protect customers and having a good rating will confirm that you will not be overcharged, the rates will be reasonable and all payouts will be done quickly.
6- What other benefits would come with the warranty?
Would the car warranty provider get you a free rental car while you wait for your car to get repaired? Ask about reimbursements for interrupted trips and travels, especially those that are business-related. Will you be provided with 24-hour roadside assistance? Now this will really benefit you. All these benefits are good signs that the extended car warranty you are opting for is worth it.
7- Who pays for repairs?
You must know who is going to pay for repairs? This has to be clearly stated in the warranty. If you are going to pay the repair shop first, how quickly will you be reimbursed and by which medium?
8- Will new parts be used for any kind of repair?
We all want new parts to be used for any kind of repair done to our cars. But we are wary of the providers if they will be towing off your car for repairs. Will they be paying for new parts or will they only be paying for reconditioned parts? Not only your mechanics are at the liberty of choosing which part is ideal for your car, but if you have a coverage plan from a reputed company, then that company may also let you go for a reconditioned part. It is ideal that you read the policies and other related documents in advance to learn what is covered and what is not.
9- Where you can take your vehicle for repairs?
Extended car warranties differ about where the car will be repaired. Will you be taking the car to a car repair shop or will the company tow the car to one of their own shops? Is their repair shop close to where you are living? Is it necessary that the company uses its own repair shops? It is a possibility that the company from whom you have obtained the warranty will share a list of authorized repair shops where you can take your car to. You must consider all these questions in order to know what you are signing up for.
10- How to deal with a claim?
How does the company process claims is the question you need an answer to? How quickly is your car problem processed like how quickly is your car towed away, repaired, expenses paid, and returned? Can the provider be contacted 24/7? Can you yourself get the car towed away to the mechanic’s shop or an approved auto repair shop and get a reimbursement quickly for it? Get some information about the company’s handling of claims by reviewing their customer gratification rating on the net or better yet, try to ask some of their own customers the experience they have had with the company’s process handling.
11- What are the deductibles?
You have to understand this part. The extended car warranty covers a lot of expenses related to your car otherwise you would not be going for one in the first place. However, if you are going for simple coverage, it might cost you more in the long run. For example, the coverage might cover a fixed number of times for repairs per month, if your car is having a lot of problems in the month then you might have to pay for those extra times. That’s called the deductibles. Usually, simple coverages will cost you more in the long run because your warranty does not cover every kind of situation your car might be having. Again, please understand this, every company has different policies to give you deductibles for different situations.
12- How much will the warranty cost?
Remember this point, you might go for the cheapest coverage plan, but what will be its use if it does not have an important feature that you really want. So a costlier plan will save you money in the long run. The warranty might cost about $350 to $700.
13- Are there a cancellation or transfer fee?
In case you are not happy with the warranty and you want to end it early before it expires or perhaps you now intend to sell your car. Get the information on the procedures.
The bottle line is
Buying a new car with an extended car warranty coverage is expensive and going through the details is dreadful. The same will apply for an old car, you still have to do a lot of research. But think of the peace of mind you will have to know you are covered.
You will be saving a lot of expenses and troubles in the long run. That is why getting an extended car warranty will really be worth it.
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