Why You Should Consider Extended Car Warranty
June 27 2022,
It’s happened to all of us. We open the fridge door or go to start the lawnmower and something doesn’t sound right. After a frustrating process of trying to assess the issue ourselves we throw up our hands and remember the machine is new and should’ve invested in warranty!
Unfortunately, when we call to discuss our options, we find out we should have called three days prior because the warranty had expired, or worse, by looking at it ourselves, we’ve voided the warranty.
The collective experiences that we’ve had make us even shy to talk about warranty at all; but when it comes to vehicle warranty, it’s important to consider.
A car warranty is an extended warranty that covers repairs or replacements of a vehicle's mechanical and electrical components plus parts such as tires, brakes, and more. Where the manufacturer’s warranty covers initial defects in specific parts on the vehicle, it is neither as inclusive, nor as generous as extended warranties.
What does your car warranty cover?
An extended warranty provides coverage similar to the manufacturer's warranty, which typically covers a vehicle's essential mechanical and electrical components. If your vehicle requires a transmission replacement after the manufacturer's expired warranty, an extended warranty will cover the entire repair expense. It can last longer than a standard warranty and it may include other parts and labour that are not normally covered.
Why is it worth buying an extended warranty?
After the manufacturer's warranty expires, extended warranties kick in. During the first 36 months or 60,000 kilometers, whichever comes first, a manufacturer's warranty covers the most unexpected repairs. Repairs become more frequent and expensive as your car ages. Even if you buy a used car, it will undoubtedly require maintenance. An extended warranty will assist in reducing the budgetary constraints associated with the repairs that a used car may require.
Benefits of Extended Warranty:
- Financial protection
- Saves money
- Improve the car's resale value
- Peace of mind
Most manufacturers sell off-the-shelf warranty policies at predetermined rates. You can tailor the coverage of a third-party extended warranty to protect your car in areas where the manufacturer's warranty does not. We recommend using resources like Carfax, Autotrader, and Consumer Reports to verify the car's reliability, discover the most frequent issues that drivers face, and verify that your warranty covers those. With an extended warranty, you can tailor the coverage to your specific needs, making the payments more reasonable than the cost of an expensive repair.
Today's cars have high-tech features, electronics, and computer systems, making them more complex. When a technological component fails, it might be costly to repair. You can choose to cover your car's technological systems by purchasing an extended warranty.
Questions To Ask Before you Buy:
- Will payment be paid before or after the service in the case of a repair?
- Are there any deductibles that must be paid prior to the service?
- When will I be reimbursed?
- Will the components of my car be replaced with new or used parts?
- What does the warranty not cover?
- What are the standards for regular maintenance to ensure that the coverage includes repairs?
It is reassuring to know that your car is insured for repairs and maintenance throughout the initial years you own it. You may extend that peace of mind with an extended warranty. On the other hand, an extended warranty should be obtained only after careful analysis and if it fits your budget and matches your needs.
Before purchasing a car warranty, make sure to read the fine print to establish the warranty's coverage. You need to know that it will provide you with peace of mind, but also provides coverage for your repairs in the event of an emergency. In addition, there are many other benefits to purchasing a car warranty, such as the convenience of having your repairs made at any dealership in the country and being eligible for customer care benefits that include roadside assistance and rental cars.
Want more out of your warranty? Book an appointment today and find out what you are missing.
