While this may seem like much money consider the following:. As you can see, these policies can give you peace of mind and provide great financial protection in the event a breakdown occurs.
Here are some tips to help you save money on these policies:. The most comprehensive coverage plans are similar to bumper-to-bumper warranties. Also, remember that when an extended auto warranty plan is being offered to you the full price is not always mentioned by the dealer, it is usually discussed in terms of monthly payments.
When you compare prices from different providers make sure to ask what the full price of the policy is, never compare policy prices based on the monthly payment. In closing, extended auto warranties are great policies to buy because they offer outstanding protection.
By following these tips, it can help you find a reputable provider and any discounts that may be available to you. In turn, this can help you receive a good deal on your new policy. Click on the make below to learn more about extended coverage plans, also known as vehicle service contracts, that manufacturers offer. Type of Vehicle Simply, it costs more to protect a luxury vehicle such as a Lexus than it would a Ford. Level of Coverage If you want the minimum coverage, which covers Powertrain you will pay less of a premium than if you want coverage that is more comprehensive.
Amount of Deductible Your deductible is the amount of money you must pay before the policy provider pays the rest. While this may seem like much money consider the following: These policies can provide you coverage for up to five years. This means that if you pay off your policy early you will continue to receive these benefits with no monthly payment.
Repairs can easily run in the thousands so the policy could pay for itself with one major breakdown. Conversely, having to come up with the money to pay for a major breakdown can cause you financial setbacks. Knowing where to buy your warranty: You can buy your extended policy from an auto dealership or directly from the provider. Note: If you're buying a vehicle from a dealer do not assume the warranty is from the manufacturer. The dealer may offer extended warranties from the manufacturer as well as third-party warranties.
Extended warranties can be tailored to cover parts and labour and specific items such as: transmission, engine and other major components. Beware of exclusions such as seals and gaskets that limit coverage. Be sure to understand what is covered under your agreement and what is excluded as they vary by provider. If you are buying a manufacturer's extended warranty for a vehicle already under a manufacturer's warranty, the extended warranty starts the day you take delivery of your vehicle.
This will cause an overlapping of warranty coverage. Dealers offer different types of extended warranties with a wide range of coverage and as you increase coverage or term the price normally increases. If the price seems too good to be true pay close attention to time and kilometre limits, the deductible along with items covered and claim limits.
A deductible is the predetermined dollar amount related to each claim for which you are responsible. Deductibles are found in most extended warranty products and vary just like with insurance policies. Consumers may need to call the provider to activate its coverage as the dealer may not be able to do this for you. This call for activation is simply a marketing tool by the extended warranty provider to up-sell you on their products which may be more costly.
You should ask your dealer ahead of time if there is an activation fee and get the amount in writing. All-in pricing legislation requires this fee to be included in the advertised vehicle price. Most extended warranties require consumers to maintain their vehicle within manufacturer specifications or those specifications set out within an extended warranty.
OMVIC recommends consumers keep records of all maintenance performed on their vehicle, including fluid changes, and any work done to the body or mechanical components to help ensure a repair claim isn't disputed. A manufacturer's extended warranty may allow you to complete repairs at any franchise dealership. A third-party product may direct you to specific repair facilities. A dealer warranty offers repairs at their facilities. Consider this carefully when reviewing your options especially if you travel.
If your warranty provider requires you to have repairs, or an inspection done, at the premises they own and operate you may be charged more than fair market value which deems your warranty useless. Before you purchase your extended warranty, be sure to understand any claim limits which restrict coverage. Consider whether those limits will provide adequate coverage in the event a repair is required. Always inquire about the ability to transfer your extended warranty.
It can add value to your vehicle and may help when reselling. Consumers Consumer Protection Extended Warranty. Follow Us:. For a list of our exclusions, check out each plan we offer, including sample contracts with full details. The amount of coverage differs from plan to plan, but each one comes with our Elite Benefits.
For even more comprehensive coverage, be sure to check out one of the three levels of coverage with Endurance Advantage TM , the most comprehensive auto protection package available on the market today. The cost of an extended warranty is determined by a variety of factors that differ from customer to customer.
Our representatives can also help you find a plan that fits your budget. Click here to get a quote with Endurance. The cost of a factory warranty is typically higher than a third-party provider as the dealership will often serve as a middle man, marking up the price of the policy.
Endurance is a direct provider, meaning we develop our own plans to help car owners like you find the plans you need at prices you can afford, unlike third-party warranty providers such as CARCHEX or Carshield. Request a quote online by filling out your name, vehicle information, phone number, and email address.
You can also call to speak with an Endurance representative directly.
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