What you should know before buying an extended vehicle warranty
A vehicle service contract, also known as an extended warranty, can help you pay for the cost of certain auto repairs for your vehicle. It is primarily used to cover the costs of your vehicle once the manufacturer’s warranty expires; however, sometimes the two overlap as well. This warranty can be purchased at the time of buying the vehicle and in a few cases, before the original warranty expires. If you are unsure whether you need an extended vehicle warranty, then you can take cues from this article.
An extended warranty doesn’t cover everything
While extended warranties are quite useful in case of unforeseen vehicle damage after the limited warranty has expired, they don’t cover many maintenance costs such as oil change, wheel alignment, filter change, and even roadside assistance. It is necessary to read the agreement’s fine print to find out the inclusions and exclusions of the warranty cover. To help you decide better, here are a few benefits and drawbacks of extended vehicle warranties:
Pros of an extended vehicle warranty
A major advantage of an extended warranty is that it can save you money on repairs that are not covered under the original contract. The warranty provider pays for the services that are included in the extended warranty, while you pay only for the deductible instead of the entire bill.
Cons of an extended warranty
The average price of an extended warranty is $1,000. One disadvantage of buying an extended vehicle warranty is that it can be an additional cost, granted your original warranty is still functional; due to which your extended warranty might overlap with the original one, and you might end up paying more than what’s required. Several insurance and automobile experts have observed that due to this overlap, many are unable to make use of the extended warranty. Also, these warranties may not be valid in every auto garage or service center; and some don’t cover all types/portions of repairs as well.
Should I get an extended vehicle warranty?
An extended vehicle warranty might not be that useful if you have a low-maintenance vehicle and have funds—attached to the original vehicle insurance—in place for emergency repairs. However, it can come to the rescue if your vehicle is one that requires frequent, costly repairs.
That said, if you do decide to buy an extended warranty, then make sure that it is from a reputable and reliable provider that covers all aspects of repair. It is also important to read all the terms and conditions of the warranty carefully to avoid out-of-pocket expenses. An extended vehicle warranty might seem appealing as it assures protection against unforeseen damages, but it is important to consider both its pros and cons to ensure that you get your money’s worth.
While this list may act as a quick guide, it is imperative to do some independent research on extended warranties, carefully weigh their positives and negatives, and reach out to an authorized insurance company if you finally decide to buy one.
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