Buy Extended Auto Warranty
Tips For Buying An Extended Vehicle Warranty
If you've purchased used car from a dealer, you will likely be asked if you want to purchase an extended warranty. Most dealers offer at least a 30-day warranty on the vehicle to cover basic repairs from your new purchase, but you'll be responsible for purchasing an extended warranty if you want to cover the cost of repairs beyond any manufacturer's warranty.
The dealer may encourage you to purchase an auto extended warranty on the date of your vehicle purchase, but you are not required to do so. Feel free to pick up the paperwork about their offer, but remember that you can purchase a warranty contract of your choice at any time. Here are some more tips for buying an extended vehicle warranty: What Is an Extended Vehicle Warranty? The first thing to keep in mind that extended warranties aren't insurance policies; you may still be required to pay for some repair services even with warranty coverage. There are only a few comprehensive warranty programs that will cover the full cost of repairs on your pre-owned vehicle, and even these may have a high deductible that requires you to pay for a portion of the work upfront. You'll find dozens of extended vehicle warranty programs online, so it pays to shop around for the best rates and review all of the different coverage options. There are two types of extended warranties available; mechanical breakdowns and 'wear and tear' warranties. One of the biggest mistakes used car buyers make is to purchase a full warranty that only covers mechanical breakdowns. Wear and tear warranties are most suitable for used cars, because they cover failures that are the result of vehicle performance. However, you'll want to find a program that covers both types of problems to ensure you can get the most benefit from your claim. Extended Warranty Buyer's Checklist You'll need to look for the following nine key features of an extended auto warranty when comparing different programs: 1. Is it transferable? If you plan to sell your car before the warranty period expires, you don't want to lose the money you invested in the warranty. Look for the fine print that explains your rights to transfer the contract upon sale of the vehicle. 2. Are you eligible for extended benefits? Some extended vehicle warranty providers offer car rental and towing services as part of the coverage program. Find out if these are included with yours. 3. Where do repairs need to be done? Some extended auto warranty providers require you to take your car only to a certain mechanic, while others will let you get the car serviced at any ASE Certified shop. Make sure your options aren't limited to places that are out of your neighborhood. 4. Is there a money back guarantee? Almost all legitimate auto warranty providers offer a full refund within a 30, 60 or 90-day time period. Some may offer a partial refund for warranties that are terminated after the basic refund period. Read the fine print to find out what your options are if you choose to terminate the contract. 5. What are the exclusions? Many people buy auto warranties that provide 'comprehensive' coverage, only to find out later that small (but expensive) items are excluded from the list. Simple things like upholstery, light bulbs, interior hardware and brake drums or rotors are always on the 'exclusions' list. This means you'll be responsible for the full cost of repair or replacement of these items, but some auto warranties list other items that may be covered by their competitor. By Sabah Karimi - Sabah Karimi is a freelance digital copywriter, new media marketing specialist and personal finance blogger. She was named AC's 2008 'Content Producer of the Year' and has been featured in The Wall Street Jo...
Should I Buy Extended Auto Warranty?
Hello Everyone,
I am completely torn on this topic. I recently bought a 2006 BMW 330I and when I bought it, it had 43,000 miles and now it has 50,000 miles and it is out of warranty with BMW. I just had a problem with the adeptaive headlights and I got it fixed for $1,200. I have been looking online for extended warranties and i see so many blogs about companies not making out the payment and or scamed them out of there money. Can someone please tell me how do I go by picking a good company and if they could please recommend a company, is it even worth it getting a warranty? The rep at BMW said its not worth it. I would like to put my mind at ease with a warranty but if they do scam people than i would rather just put some money aside every month incase I do need to fix it.
Thank you,
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What is the benefit from buying extended auto warranty from the car dealer over an online company?
I have the option to buy extended auto warranty. Are there benefits to buying it from the car dealer? I feel I'm getting more for my money if I purchase it on my own, from a reputable company online.
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