Extended Warranty After Purchase – An extended vehicle warranty is an optional service plan that drivers can purchase to cover the cost of repairs to major vehicle systems, including the transmission and engine. Drivers can purchase an extended warranty from a third-party company such as CarChex or Endurance, or directly from their vehicle manufacturer. Extended warranty providers often offer multiple levels of coverage, including benefits such as towing services, rental car coverage, and travel insurance.
What does extended vehicle warranty cover? Types of extended vehicle warranties Cost of extended vehicle warranties Is extended vehicle warranty worth it? Video: Extended Vehicle Warranty Extended Vehicle Warranty FAQ
Extended Warranty After Purchase
An extended car warranty acts as an insurance policy for major parts of your car. If something breaks and needs repair, your warranty provider will cover the costs. You will only be responsible for paying the pre-determined deductible.
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The actual extended warranty coverage depends on the type of warranty you choose. Generally, however, extended warranties cover important mechanical parts of your car, including the engine, transmission, axles and seals.
A bumper-to-bumper warranty is often the most comprehensive warranty you can buy. This is umbrella coverage for all vehicle components and systems, excluding routine maintenance and damage from wear and tear.
A powertrain warranty covers everything that moves the vehicle, including the engine, transmission, and all power components to the vehicle’s wheels.
What Is A Car Warranty?
The wrap warranty supplements the drivetrain warranty that applies to the rest of the vehicle. It effectively provides bumper-to-bumper coverage.
The average cost of an extended car warranty is $1,500. The exact price can vary widely between policies, but is usually between $1,000 and $3,000.
There are many factors that affect how much an extended vehicle warranty will cost. For example, some car makes and models cost more, as do older, higher-mileage cars that are more likely to fail.
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The cost of an extended warranty also depends on how much warranty the driver buys. If you buy a powertrain warranty, you’ll likely pay less for comprehensive bumper-to-bumper coverage.
Extended car warranties are often not just financially valuable. According to a survey by Consumer Reports, most people who buy an extended warranty save less on repairs than they pay in the contract.
If you drive a reliable car and have enough savings to pay for emergency auto repairs, an extended car warranty may not be worth the money you have to pay. Similarly, if you have reliable mechanic or transport insurance that offers similar benefits, you may not need a long warranty.
What Is An Extended Warranty For A Car?
But buying an extended warranty isn’t always just a money decision. For some people, peace of mind is worth the price. If your car is not very reliable, you may be more comfortable purchasing an extended warranty. Just make sure you are clear about your car’s history and your priorities.
Candace Baker was an auto insurance writer. His work includes researching car insurance topics, producing educational content, and answering car insurance questions from customers. Baker graduated from the University of Texas at Austin with a degree in journalism and a minor in political science.
An extended vehicle warranty is worth it if the driver does not have enough savings to repair the car’s system or is concerned about the reliability of his car. But for most drivers, an extended car warranty isn’t used, so the potential benefits aren’t enough to justify the upfront cost.
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A good time to consider the value of an extended warranty is when your car manufacturer’s warranty has expired or will soon expire. This usually happens after three years or 36,000 miles, whichever comes first. If you plan to keep your car beyond the end of the manufacturer’s warranty, purchasing an extended warranty can give you peace of mind as you move forward.
If you’re worried about paying for major mechanical repairs in the future, an extended warranty is also worth it. Car repairs cost an average of $400, which is less than the average of $1,500 for an extended warranty. On the other hand, repairing the least common and most devastating mechanical failures can often cost thousands of dollars.
If your car is not very reliable and you are not in a financial position to pay for repairs or risk replacing the car yourself, it may be too expensive to get protection through an extended warranty. The cost is worth paying.
Should I Get An Extended Car Warranty
Remember that you don’t need to buy an extended warranty when you buy your car. It’s probably wise for you to wait until the manufacturer’s warranty expires to evaluate your situation and determine if you want to pay for an extended warranty. Check out the best extended vehicle warranty guide to learn more.
An extended car warranty costs about $1,500. The exact cost of an extended car warranty depends on many factors, including the condition of the car, the distance the car has traveled, and the amount of coverage included in the warranty.
An extended car warranty pays for repairs to major car systems if they fail. If you’re using an older car or a high-mileage car, your warranty will be more expensive because your car is prone to mechanical problems. Likewise, the more you include in your warranty, the more you pay.
Used Car Warranties
If you want to buy an extended warranty for your car, you should get quotes from multiple sources to find the best price. You can buy an extended warranty from your car manufacturer or from a third-party company, and the price is usually the same between the two. However, customer satisfaction is higher than the warranty from the manufacturer.
Many insurance companies also offer an alternative to an extended warranty called mechanical breakdown insurance (MBI). MBI provides similar coverage and costs only $100 per year.
CarShield costs $99 and up per month, but prices vary by state, driver and vehicle. CarShield sells vehicle service plans like extended warranties and pays for repairs to vehicle systems and mechanical parts.
The Importance Of Buying An Extended Warranty
Specific details may vary depending on which CarShield plan the operator purchases, but this list provides a good example of CarShield coverage.
While the exact coverage varies for the above providers, they all cover major components or systems. This includes the engine, transmission, brakes, suspension and steering.
It’s also worth noting that mechanical breakdown insurance from a car insurance company is often a cheaper alternative to a third-party car service plan or extended warranty. For more information, see Mechanical Failure Insurance and Extended Warranty Guidelines.
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Yes, you can get a warranty for a used car after you buy it if you buy the warranty from a third-party extended warranty company. Carchex, Warranty and Automate! Offers a used car warranty for previously purchased vehicles that meet age and mileage eligibility requirements. On the other hand, most dealers only sell used car warranties on the day you buy the car.
Used car warranties from third-party companies are a way to get coverage if your car’s original factory warranty has expired. However, it’s important to note that a used car warranty isn’t worth the cost for many drivers, especially when compared to alternatives like mechanical breakdown insurance.
The main difference between mechanical breakdown insurance and an extended warranty is where you buy it. Mechanical breakdown insurance (MBI) is usually purchased through a car insurance company, while an extended warranty is usually purchased through a dealership, manufacturer, or third-party company.
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Both the MBI and the extended warranty cover expensive repairs on older vehicles. While the coverages are similar, extended warranties are generally more expensive than MBI. Typically, MBI is added to an existing insurance policy for a relatively low monthly cost, while an extended warranty must be paid upfront and costs between $1,000 and $3,000.
Yes, AAA offers some type of extended warranty. AAA’s extended warranty program is called the AAA Vehicle Protection Plan and covers repair costs for the engine, transmission, suspension, steering and brakes, among other things.
The cost of AAA’s vehicle maintenance plan varies by vehicle, but the average is around $2,400 for a 4-year plan, although vehicles with expensive parts can cost twice as much.
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Generally, extended warranties are intended to prevent drivers from paying out-of-pocket for unexpected repairs because mechanical problems are not covered by other types of insurance.
Coverage details may vary depending on the AAA plan you choose. Additionally, since the AAA vehicle protection plan is designed to supplement the original manufacturer’s warranty, vehicles must meet certain requirements to qualify.
Coverage and eligibility details may vary by state. It’s also worth noting that a AAA vehicle protection plan is technically a vehicle service plan that provides the same coverage as an extended warranty. However, while vehicle service plans are offered by car insurance companies, extended warranties
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