An extended vehicle warranty saves you money…and a whole lot more
Throughout life we try to protect ourselves. Many people try to eat healthy so they can lead a healthy life. Others look out for themselves financially so they can live a worry-free lifestyle in the retirement. It’s about planning out their future. The same can be said for the upkeep of your vehicle. Waiting until something goes wrong can often lead to financial issues. Vehicle repairs often happen well after the warranty expires and that can lead to major financial concerns for many people. Is there anything you can do to remove such a burden of high repair costs?
Have you ever thought of purchasing an extended vehicle warranty? An extended warranty is similar to insurance; it protects you from a major financial loss from unexpected vehicle repair costs. It helps to ensure repair costs are covered without the financial stress you would have if you had to pay for it all at once. This mental distraction can easily cause you to lose your focus each time you drive. An extended warranty can definitely pay off in the long run!
How do you decide whether you should get one? The longer you keep your vehicle, the more wear and tear the parts may have. This wear and tear usually means major repairs are around the corner, and usually well after the manufacturer warranty has expired. These repairs would not necessarily be the usual $200. We’re talking hundreds or thousands of dollars. This makes the warranty something most drivers could really benefit from. However, there are a few things you should consider before jumping in with both feet to get that warranty.
Many extended warranties will cover most major vehicle components, but they are not as detailed as the “bumper-to-bumper” warranties which accompany new vehicles. Many extended warranties will not include items such as the windshield, headlights, or light bulbs. The daily wear items are vehicle parts that deteriorate over time from normal use. This will also include tires, brakes, and shocks.
Modern vehicles are more complex than older vehicles of just 10 years ago. These vehicles are equipped with expensive technology and computerized equipment, so when any of these systems fail, it can be expensive to diagnose and repair the problem. Since new vehicles are more mechanically reliable than ever before, a vehicle’s computerized systems represent one of the main reasons to purchase an extended warranty.
So who should think about getting an extended warranty? An extended warranty is ideal for someone who is on a fixed budget and does not want to be surprised with expensive repair bills. With that budget in mind, don’t always look for the cheapest coverage. Look for the coverage that gives you everything you need. Many companies can offer some form of discount. There’s no harm in asking and you may be surprised what you may get. Let them know your budget.
To know if an extended warranty is for you, add up how much you would have typically spent for repairs on your previous vehicles and compare the total to the price of the warranty. For example, if you’ve paid roughly $500 for repairs, compare that against the cost of the extended warranty. It would also be a wise choice if you searched the history of repairs for vehicles like yours. If the history determines high repair costs as the vehicle ages, an extended warranty may be a wise investment. You may also want to speak to a trusted automotive technician to determine which repairs would be common for the type of vehicle you have. This conversation would clarify if an extended warranty would work for you. And getting a quote is easy!
Once you’ve decided to purchase an extended warranty, you’ll have a contract with that warranty provider. In many cases, the warranty provider will offer a trial period of the warranty. Look over the contract carefully to ensure it’s what you really need and want before you decide this is for you.
Making modifications to your vehicle may put your warranty at risk and repairs may not be honored. Verify with the warranty provider before making any changes to your vehicle to ensure those changes would be covered under the warranty. Certain changes could be honored but the value of the warranty may be increased. Most extended warranties require you to perform regular maintenance on your vehicle. You need to show you’re looking after your investment.
Think of an extended warranty like health insurance or house insurance. You hope you never have to use it, but it’s comforting to know it’s there if you do. It’s SO worth it. Low monthly payments are often easier for most people to accept than having to pay out thousands of dollars up front for the repairs. In our financial world, we need vehicle protection. Not just for the safety of driving a vehicle, but for the financial security in our lives. The added benefit is with an extended warranty, you take your vehicle into the repair shop, and they deal directly with the warranty provider administrator, so you won’t have to deal with deciding on the price of expensive repairs. Sounds like a plan to me.
**To try an online quote from Endurance Warranty, click HERE.