DO NOT Buy an Extended Car Warranty From a Car Dealer!
CONSUMER ALERT: Car dealers will mark-up the price of an extended car warranty as much as $2,000 and more! And if that's not bad enough let me WARN YOU. . . . There are VERY FEW auto warranty companies out there that are worth the paper they are written on!
Hi! Welcome to Car-Warranty-Quotes.com. My name is Tony Iorio. I am the publisher and the webmaster of InsiderCarSecrets.com.
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During my 37 year career working in car dealers I've spent 8 of those years as a Finance Manager. One of the jobs of a Finance Manager in a car dealership is to sell extended car warranties.
I've had extensive contact over the years with auto warranty companies, and I've seen some real shady stuff go on!
- I've seen auto warranty claims refused on the slightest technicalities.
- I have seen auto dealerships mark-up the price on auto warranties More Than $2,000!
- I've worked for car dealerships who failed to forward the money collected on extended car warranty sales to the auto warranty company!
- I've seen repair shops go for months waiting for
payments from an auto warranty company.
- I've seen car warranty companies go out of business,
and leave people hanging with worthless auto warranty contracts.
Yet, in spite of these problems, I still believe an
extended car warranty is a very good investment to make, providing you can find an auto warranty company you can rely on, and one that offers top rate coverage at very affordable prices.
Since common mechanical repairs can cost thousands of dollars, and these costs are rising rapidly . . . protecting your automotive investment should not be taken lightly.
Whether you own a new or older model vehicle, an extended car warranty will provide you with peace-of-mind protection regarding costly mechanical repairs that can happen at any time during the life of your vehicle.
Buying an auto warranty today will allow you to avoid paying higher rates later due to price increases due to the age of your vehicle.
You'll also be able to immediately take advantage of your plan's benefits such as towing, lost key/lockout, car rental discounts, and other benefits associated with your auto warranty.
An extended car warranty is a major investment. You want comprehensive coverage, consumer friendly contract language, freedom to choose your repair facility and no paperwork or billing hassles; not to mention a financially stable company with a proven track record.
Many people don't realize that even after the manufacturer's warranty has expired, their vehicle is still eligible for extended car warranty coverage.
You can generally receive coverage on vehicles that have less than 100,000 miles on the odometer. Some auto warranty companies will cover you for quite a few miles over that. A vehicle out of its original warranty is more apt to have mechanical failure compared to a newer vehicle. For this reason, vehicle inspections are sometimes required.
The smartest and least expensive way to get an extended car warranty is to purchase one while your vehicle is still under factory warranty. You'll save a lot of money doing it this way.
As your vehicle accrues age and miles, the price for an extended car warranty will rise as do the repair costs that you would experience for an older, out-of-warranty vehicle.
Capitalizing on your vehicle's low age and low mileage by purchasing an auto warranty now is your best approach as you plan for future repair costs.
An auto warranty will provide you with peace-of-mind protection regarding such expenses. Some warranties are transferable, allowing for increased vehicle resale value.
Know What's Covered Before You Buy an Extended Car Warranty
Knowing what's covered, and what's not covered by the auto warranty you're considering is absolutely vital.
Does the warranty cover breakdown as well as wear and tear? Under a "breakdown" warranty, coverage is extended only to parts that break. An auto warranty of this type can leave you responsible for large repair bills, because not all parts fail due to breakage. Some need to be replaced because they've worn down over a period of time; a "wear-and-tear" warranty extends coverage to worn-down parts in need of replacement. This is an important distinction.
Additionally, overheating - regardless of its cause - should be covered. It is covered by some warranty companies, but not all - so be careful about what you buy. If the car overheats and causes engine damage you could be stuck with an expensive repair bill if you buy the wrong warranty.
Before committing to an extended auto warranty, take the time to fully explore the ins and outs of its coverage. The distinctions between the various plans might seem slight, but they can prove quite important and potentially very expensive if you have a break down that is not covered.
Types of Extended Car Warranties
Powertrain Warranty: Covers the engine, transmission, and other parts of the drivetrain such as the differential and related components.
These are the parts least likely to fail. The average vehicle contains thousands of parts. As it does not cover the majority of the components of a vehicle, the Powertrain Warranty is truly not a full extended warranty.
- Bumper-to-Bumper Warranty: This type of warranty covers nearly all of the mechanical systems of the vehicle, from front bumper to back bumper; except for those items on the "exclusion list".
The "exclusion list" lists the parts that are NOT covered by the auto warranty. It is much easier for a consumer to see a short list of items that are not covered and know that everything else is covered.
- Named Component Warranty: Covers the major mechanical systems of the vehicle from mechanical breakdown and mechanical failure. This type of warranty lists all the components that are covered. If the part is not listed, it's not covered.
NOTE: Maintenance type items, such as brake pads, clutch discs, radiator hoses, belts, spark plugs, windshield wipers, shock absorbers, etc. are never covered.
Roadside assistance and travel reimbursement plans are typically offered as part of an auto warranty package; even while the basic warranty is still in effect. Some even offer free lodging and meals if your vehicle breaks down on a trip. In fact, you shouldn't buy a warranty if it doesn't offer such provisions.