Have you struggled with finding a warranty that suits you and that seems right for your car? While a manufacturer’s warranty is included in the purchase price, an extended type is sold separately.
This is why you will appreciate this article, as well as all questions that we’re going to answer down below, finding them helpful no matter the model that you may have! What does an extended warranty cover and should you get one? Keep on reading!
How does an extended warranty work?
An extended warranty can be bought at the time of sale when buying your car, or sometime later and down the road after you made your purchase. However, it has to be before the expiry of the manufacturer’s kind on what you will be informed about from the get-go.
There are two different types that you can go for, such as those offered by the carmakers (also known as original equipment manufacturers or OEMs) and aftermarket warranties offered by third-party vendors.
What to know about manufacturer warranties?
When picking out which kind works best for you it is crucial for you to know and understand your options. The length of them varies by manufacturer, but many offer bumper-to-bumper warranties for three years or 36,000 miles. If the coverage period of the extended warranty overlaps with the manufacturer’s warranty, you may pay for a warranty you’re already getting at no cost.
What to know about third-party warranties?
Third-party warranties will come with strict limitations on where you can have your vehicle fixed and hefty deductibles. It might slow down the repair of your car also. It is a bit tricky to follow since it varies from city to city.
Third-party warranties tend to cost less than those offered by the OEM (original equipment manufacturer). If you’re buying a vehicle with a reliable track record, it might make sense to skip the warranty.
Top 5 important facts to consider beforehand
1. Do you have a warranty included?
To what extent is your vehicle already under warranty, and what was the state of it before you bought it? If you have a warranty and your car is in okay shape with a milage of 10,000, why invest furthermore?
A lot of people tend to switch up their cars anyway within the 1-3 year period. However, you should get an extended type if purchasing a used vehicle that is out of warranty, but you intend to drive it for a long time period.
2. What are your coverage options?
How fast, common, and lengthy are your drives? Do you travel often, and are you someone who needs a proper miles meter? Some people will get a seven-year, 100,000-mile warranty on a used vehicle, but how will you know when do the miles and coverage options start? Is your coverage in use only when the car is sold to you or after it was originally made? Talk about your options and all the little loopholes early on.
3. What do you get covered?
Your chosen provider can have some of the smallest and simplest details offered in comparison to another manufacturer. These distinctions between the various plans might seem slight, but once you get through them and talk about all the little details you will notice that they are big in the long-term plan, as well as for your wallet. You should take the time to read the inclusions and exclusions before you sign.
4. Is it possible to cancel later on?
This depends on where you live and what your options are, as well as the original warranty policy. Some states allow you to cancel a warranty well after purchase, others are a bit more strict when it comes to their rules and guidelines. Cancelation is also possible in different rates or interests that are deposited into your account.
5. What about maintenance?
You could probably guess that warranties do not cover scheduled maintenance. This applies to tune-ups of any kind, along with oil changes, timing belt replacements, etc. The maintenance part is all up to you, meaning that you will have to have these costs in mind, along with a flexible budget.
Top 4 practical tips to consider when it comes to warranties
You don’t have to buy the warranty the same day you buy the car, and you should sleep on it, give yourself enough time to re-think your options. Make sure that you are well-aware of the following:
- It is important to have recommended services done on schedule. If not, your chosen warranty company might not want to work with you or cover a repair if the paperwork doesn’t check out.
- You are not required to buy an extended warranty in order to qualify for an auto loan. Know your legal rights before buying a car or even considering a loan.
- Purchasing an extended kind isn’t the right move for every car shopper, and is a unique experience that is left to every individual or driver. It is your own free choice to make.
- An extended warranty could add thousands of dollars to the purchase of a car, which can be a pricey solution. However, in some cases and once you look at the long-run aspects it can be worth it.
Where to get your warranty and who to pick?
Do you want to give it a go with the extended warranty, but you’re not too sure where to get the answers you need? If you are ready to make this step and you want the best solution for your car you can get more info here.
Get a free quote for your car and choose among three different coverage options. You can pick out the services and parts you want the warranty to cover, and when the time comes, you do not reach a dead-end. Get in touch and have all your questions answered while knowing your car is in safe hands with professional service.