What You Should Look For When Getting An Automobile Extended Warranty Plan
Most adults use comparison websites to look up different options and prices on consumer goods or services. You can check AutoWarrantyResearch.com or AutoWarrantyShopper.com to get an idea of who’s offering an extended warranty plan. (You can also check a site like RipOffReport.com to see who NOT to call!) Once you have a few companies to look up, it is recommended that you follow several shopper savvy tips to ensure the best deal for you and your investment.
First of all, be sure you’re dealing with a solid company. See that they’re listed in the Better Business Bureau or Web Assured, and that they have years of experience. For example, Warranty Direct has been in business for 26 years and NWC have been in business for 20 years. Read consumer comments and testimonials, check to see if the company services any dealerships and ask if they have a reinsurance program, which means they will be good for the money, even if many people are filing claims all at once.
You may have heard that it is next to impossible to find a warranty company to cover some cars. For example, forget about snagging a deal on your low-end Land Rovers (with poor quality, frequent and costly repairs). If you have a turbo engine in your Porsche or a really old car, then you may have a hard time finding an extended warranty plan as well. If you’re stuck in this situation, you may want to consider putting $5,000 into a long-term CD or money market account to save for repairs. If you have an older high mileage vehicle, then you can still find a reasonable deal through Warranty Direct, which covers vehicles up to 150,000 miles (”PowerShield Plan”). NWC also has a plan covering you up to 90,000 miles (”AutoXtra”), which covers components like the engine, transmission, drive axles, belts, water pumps, fuel pumps, rental car insurance and emergency roadside assistance. Before you visit the dealership to wheel and deal, be sure you arrive with an online quote in hand as a bartering tool.
As a general rule, new car warranties are cheaper on reliable cars like Honda and Toyota than on cars like Kia, Land Rover and Ford. You won’t lose much coverage or money by waiting 100 miles or even 14,000 miles after purchasing your vehicle, but after that, you will get less bang for your buck. The more repair data that surfaces on your vehicle over time, the more the extended warranty plan companies will charge for your make and model. Don’t get scammed by your dealership, but certainly do your research and aim to buy before your mileage accrues.
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