If you own a reliable vehicle with cheap repair costs, an extended warranty may not be worth the cost for you. However, some drivers enjoy the peace of mind that a car protection plan provides.
A car protection specialist will help you find a plan that is the cheapest for your needs. They’ll factor in your vehicle’s make and model, repairs that are most likely to occur, and your driving habits.
Buy it early
For many car buyers, extended warranties offer peace of mind and reduce financial risk for a set amount of time. However, some warranties can be costly.
One way to minimize the cost of an extended warranty is to buy it early. By doing so, you can roll it into your loan payment and save interest.
Many car dealers also offer to bundle extended warranties into new car purchases. However, this can be a risky move because it may not cover your vehicle’s maintenance needs. It’s important to keep in mind that extended warranties typically require that you perform the manufacturer’s recommended routine maintenance.
Many people wonder whether an extended warranty is worth it. However, it’s important to remember that it is a bet that your car will not require repairs that exceed the cost of the warranty. In addition, service contracts often have a deductible. If you want to get the best value out of an extended warranty, consider a cheaper plan with a lower deductible.
Get a plan with a deductible
A car warranty can help you pay for repairs when your vehicle breaks down. It’s important to compare different plans to find the one that fits your budget. You can also negotiate with the provider to get a better deal.
Depending on the plan, you may have to pay for some repair costs out of pocket. However, it’s a good idea to get a plan that includes a deductible to save money in the long run. Some providers will waive your deductible when you purchase a plan from them.
Another way to save money is to buy your warranty directly from the provider rather than a dealership. Dealerships often inflate prices to make a higher commission. Many of these companies have ways for you to receive free quotes, either through their website tools or by contacting a representative. Most also offer discounts, so it never hurts to ask. Some providers also have a 30-day money-back guarantee.
Set up a payment plan
Most car warranty companies have their own website tools to allow customers to compare quotes and coverage. This can help you determine which plan might work best for your vehicle and budget. Some plans even offer free quotes. However, you should beware of providers that include service requirements or exclusion clauses in their warranties. This could prevent your mechanic from repairing certain parts because the warranty company wants to keep its costs low.
You can save money on a car warranty by buying one early. It also pays to get a plan that has a deductible. In addition, you should avoid plans that require a waiting period or have mileage limitations. You should also check the cancellation policy of a provider to see how easy and cheap it is to cancel the warranty contract. Car protection specialists can explain these details to you during the quote process. They will also provide you with quotes for both with and without a payment plan, so you can choose the best option for your vehicle.
Shop around
The best extended car warranty providers have a range of plans that can cover most vehicles. They also have a great reputation for customer service and competitive pricing. WalletHub editors look at a number of factors when rating companies, including the variety of coverage options, term limits, added benefits like roadside assistance, and eligibility requirements.
You can find the cheapest extended car warranty by shopping around and taking advantage of discounts and special offers. You can find online tools or speak with a representative to learn more about available plans.
Purchasing an extended warranty can save you thousands of dollars in the event that your vehicle experiences expensive repairs. These warranties cover components that aren’t covered by a manufacturer warranty or other auto insurance policies. Bumper-to-bumper warranties provide comprehensive protection while state-specific plans cover a limited list of parts. Powertrain warranties are more affordable than comprehensive coverage, but they only cover essential systems like the engine and transmission.