‘Should I get an extended warranty?’
You’re not alone if you’re asking yourself this question. This is the age-old question for every driver and it has no right or wrong answer.
Every new electric or gasoline car has a warranty, which usually lasts three years. The warranty provides financial protection to cover the costs of a number of repairs if the vehicle is faulty.
Once the warranty expires, the car is no longer protected and the driver will need to pay for repairs out of their own pocket. However, there is the option of getting an extended warranty to continue the coverage.
What is Covered With an Extended Warranty?
To decide whether it’s worth getting an extended warranty on your vehicle, you need to know what it covers. Every warranty is different but most of them cover a similar range of repairs.
Common car problems and repairs that are covered by extended warranties include those related to the:
- Brake pads
- Fuel system
- Cooling system
How Do You Get an Extended Warranty?
If you buy your vehicle from a car dealership, the dealer will usually offer a three-month extended warranty when you make the purchase.
The warranty will be specific to the manufacturer. For example, if you’re buying from a Honda dealership, you’ll be offered a Honda extended warranty. Buying a Toyota vehicle means you’ll get a Toyota warranty, and so on.
You can also contact a third-party warranty provider and sign up for one of their policies. You can compare the prices and levels of coverage offered by multiple providers using comparison websites.
How Long Do Extended Warranties Last?
Usually, extended warranties for used cars are valid for three months after your date of purchase. Some dealers will also offer 6-12 month extended warranties.
Is it Worth Getting an Extended Warranty?
The question of whether or not you should get an extended warranty depends on your personal preferences. For many, it’s worth paying for an extended warranty to have peace of mind. Others would rather take a risk and pay for repairs if and when necessary.
If you have an emergency fund, ready to dip into if your car runs into trouble, you may not want to pay for an extended warranty. However, you then run the risk of paying large amounts of money if your car needs major repairs.
Your warranty will save you a lot of time, energy, and stress by providing financial coverage for a wide range of repairs on your vehicle. Having a warranty also makes it easier to find a top-quality mechanic so that you can get your vehicle fixed in no time.
The downside to getting an extended warranty is the risk that you might not need to make a claim on your policy. Even if you don’t claim, you’ll still need to pay the premium, so it’s a risk that you need to take.
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