Every car owner wants peace of mind, which an extended auto warranty aims to provide. New cars come with a manufacturer’s warranty that protects you from issues during the car’s early years. But its protection only lasts for as short as three years, maybe four for some carmakers. After that, you’d be exposed to the risk of paying for unexpected repairs.
Your option is to get an extended auto warranty to cover the repair bills once the original warranty expires. For secondhand cars, it’s the only option since by the time you get the vehicle, its original plan has already expired. You may search online for reviews to know the best extended car warranty options available in the market.
Extended auto warranties do not come cheap, so you may be wondering how you could make the most out of them. Below are some ways to make your extended auto warranty more valuable.
1. Understand Your Coverage
An extended auto warranty does not cover everything, so you need to review your policy to make the most out of it. If you know what it covers and doesn’t, you won’t be wasting time trying to avail of a service not covered by your policy.
To better understand your coverage, take the time to read your policy thoroughly. Ensure that you’ve read the terms and conditions and understood everything involving your plan. Some coverages may have inclusions and exclusions that you need to be aware of. Take note of what your provider does and doesn’t allow.
2. Customize Your Warranty
Manufacturers’ warranties often provide the same coverages across different brands, making them incompatible for some drivers. On the other hand, you can customize an extended warranty so its coverages would fit your specific needs.
Some providers allow clients to customize their plans fully. Others only permit partial changes. For example, if your car has a modern navigation and entertainment system, you might want to include that in the warranty. But if you don’t use these devices, you may exclude them from the coverage to save money.
Some providers have developed plans designed for cars used in ridesharing services. However, be aware that most of these plans have a short waiting period before you can make a claim.
3. Make a Claim
According to a Consumer Reports survey, 55% of those who purchased a plan do not use it until it expires. One of the reasons covered repairs are unclaimed is that car owners are unaware of what is covered. Another reason is that they completely forgot about the purchase.
Once you’ve understood the ins and outs of your policy, it would be easier for you to make a claim. Having a policy lets you keep your car in good condition while lowering your car expenses.
Don’t hesitate to file a claim, even for simple repairs. You paid for your policy to cover these costs, so there’s no reason for you not to use it to save on repairs.
4. Only Get From a Trusted Provider
Not all service providers are the same, and some may not deliver on their promises. Before you get a plan with a specific company, be sure that you’ve read feedback on its services and that it’s reputable as an organization.
Filing claims with a provider with a good reputation is easier compared with companies that are not yet well-established in the business. Extended warranties are not cheap, so if you’re getting one, it should be from a company you know could deliver on their promised protection.
5. Maximize Your Car’s Resale Value
If you’re planning to sell your car in the future, having an extended warranty also helps you maximize its resale value. This type of warranty lets you keep your vehicle running at peak performance by ensuring its maintenance. Since it covers repairs, you don’t have to gamble on reduced performance just to save money.
Another advantage of having an extended warranty for a vehicle you’re selling is that you can transfer it for a small fee. A policy makes your vehicle much more attractive to potential buyers than another car for sale without a warranty since they don’t need to apply for a new one.
6. Take Advantage of Additional Perks
Some third-party providers also provide other benefits aside from covering the cost of repair bills. Some companies include features, such as roadside assistance, tire repairs, or even non-car-related bonuses like shopping and movie vouchers.
Find out what type of perks your warranty provider offers and ensure that you maximize your policy by availing of these additional benefits.
Getting an extended auto warranty is a viable option for car owners looking to protect themselves from possible repair costs once the manufacturer’s warranty expires. If you want to maximize the value of this type of warranty, you should learn what it does and doesn’t cover.
Because there’s a lot of competition among providers, they offer additional benefits to attract clients. Be aware of these added perks so you can get the most value for your money on your extended auto warranty.