The Best Car Extended Warranties
Many people purchase an extended warranty to have peace of mind and reduce the risk of costly repairs. However, it’s important to consider the costs and benefits of a plan before investing in it. If a repair isn’t covered by the warranty, the driver may have to pay for it out of pocket, which can add up quickly. On the other hand, if the cost of the warranty is less than the expected amount of repairs over the years the car will be owned, it could be worth the investment.
Aside from making sure the plans cover everything you expect, you’ll also want to find a provider with a solid reputation. Read reviews, ask friends and family for recommendations and compare quotes to get the best price on a plan that fits your budget. Make sure you know what types of repairs are included and excluded, what can void a warranty and how much the monthly payment will be.
The best extended warranty companies offer a variety of coverage plans, multiple term options and extras like roadside assistance and rental reimbursement. These perks can help drivers save money on the cost of expensive repairs, and they’ll often make it easier to budget for unexpected costs.
Carchex is a major player in the automotive extended warranty field, offering several tiers of plans for almost any vehicle. Its top-rated plans provide a significant amount of coverage for a relatively low price, and it offers add-ons like rental car reimbursement and trip interruption insurance. Its customer service is highly rated, and it has a B+ rating with the Better Business Bureau.
Concord has several car warranty plans to choose from, including bumper-to-bumper and powertrain protection. Its top-rated plans provide varying levels of coverage for up to 150,000 miles, and it also offers extras like 24/7 roadside assistance and trip interruption insurance.
The company’s Gold-level plans include traditional powertrain coverage along with additional components such as the electrical and air conditioning systems. It also covers wear-and-tear items such as the alternator and radiator. Its lower-tier Orange and Yellow plans cover less of the vehicle but still offer a decent level of coverage.
Aside from covering mechanical breakdowns, car warranties generally don’t cover a number of other issues. These can include the costs of towing, commercial use and the installation of aftermarket parts. It’s a good idea to talk to your mechanic before deciding on an extended warranty to make sure you understand what’s and isn’t included.
According to AAA, 64 million Americans lack the funds to cover a $1,000 car repair bill, and many would go into debt to pay for it. An extended warranty can help you avoid these situations, but you’ll want to be aware of the limitations and exclusions before you invest in one. For example, a bumper-to-bumper plan will likely not cover damages caused by collisions or environmental factors, and an engine replacement will typically require an entirely new vehicle. best car extended warranty