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frankzappa

What’s Covered in an Extended Warranty?

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Whether you purchase your extended warranty from the manufacturer or third-party provider, it’s likely that you’ll be able to choose from several coverage plans. The more expensive or high-level the plan, the more car parts and repairs it covers.

EXTENDED WARRANTIES CAN COVER:
All major vehicle systems—If you purchase a bumper-to-bumper extended warranty, most parts of your vehicle are covered, including air conditioning.
Powertrain—The engine, transmission, and other key parts of this system are covered.
Corrosion—Your extended warranty may protect you from paying for damage caused by rust.
Roadside assistance—Many extended warranties include around-the-clock roadside assistance, which can include towing, trip interruption service, and more.
Normal wear and tear—While factory warranties cover defective materials or workmanship, some extended warranties also cover repairs and replacements from regular use.

Should I Buy an Extended Warranty?
After your factory warranty expires, the cost of your car repairs is no longer covered. That means you are responsible for paying the full auto bill—no matter what part or how expensive. Extended car warranties help offset these costs. By paying an affordable monthly amount, it’s less likely you’ll have to foot the complete repair cost.

People also choose to buy an extended warranty because it provides peace of mind. If you would sleep better at night knowing that you won’t be surprised by any costly auto repair bills, you may want to purchase an extended warranty.

Another thing to consider is how long you plan to keep the car. Do you have plans to sell your vehicle? If your warranty is transferable, having one can increase your resale value. On the other hand, if you plan to drive the car for years to come, it’s bound to need repairs. Your warranty can cover the costs.

Cost of an Extended Warranty
What you pay for an extended car warranty is largely dependent on your specific plan. Here are the factors that make up the cost of your extended warranty:

Who made your car—Luxury cars and expensive models usually drive up the cost of your warranty due to pricey replacement parts.
When your car was made—Warranties for older cars may cost more than newer cars since they generally need more repairs.
How many miles are on the car—Cars with high mileage are more expensive to cover.
What condition the car is in—If your car isn’t reliable or is damaged, expect a higher warranty cost.
What the car warranty covers—Warranties that include more vehicle systems are more expensive.
If your plan includes a deductible—Plans with deductibles have lower premiums.
The provider—Whether you purchase your extended warranty from a dealership or third-party company can affect the cost. For example, the cost of a car warranty from a dealership may be wrapped into your finance plan, meaning you’re paying interest on it.

Make sure to get several quotes and ask questions when shopping around for an extended warranty. Knowing how much it costs helps you determine whether it’s the right purchase to protect your vehicle.

carchex.com

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