An extended car warranty can be a worthwhile investment for many drivers. Especially if you drive an older vehicle or one with high mileage, it could pay for itself down the road by covering repairs that might not be covered by your car insurance company. However, it’s important to do your homework before buying a cheap extended car warranty. Here’s how to find the best deal and make sure you’re not getting ripped off.
The first thing you’ll want to do is compare prices from multiple warranty providers. It’s a lot like shopping for car insurance. By getting quotes from several companies, you can be sure you’re getting the best deal. The make and model of your vehicle will also play a role in the cost of your plan. Generally, warranties for newer vehicles are cheaper than those for older cars. You’ll also want to consider what types of coverage you want. Powertrain coverage is usually the cheapest, while comprehensive plans are more expensive. Finally, the deductible you choose will impact how much you pay for a warranty. The higher the deductible, the lower your premium will be.
Another way to save money on an extended car warranty is to find a provider that offers a payment plan. This allows you to make low monthly payments instead of paying in full upfront. When you get a quote, the car protection specialist should go over pricing with and without the payment plan to help you determine which is best for your budget.
If you’re unable to find a good deal on an extended warranty, it might be a better idea to buy mechanical breakdown insurance (MBI). This type of coverage provides similar benefits as an extended car warranty and costs less. However, it doesn’t cover normal wear items or damages related to accidents.
WalletHub has researched and ranked the best extended warranty providers. Their editors looked at price, perks, terms and conditions, and customer service to come up with their list of the top 10. You can read more about how they rated each company here.
Carchex has a reputation for excellent customer service and offers flexible payment options. Their plans include five tiers of coverage, so you can find a package that’s right for your budget. They also have a 90-day money-back guarantee. In addition to a great claims process, autopom! warranties include perks like rental car reimbursement, towing and trip interruption coverage.
Buying a cheap extended car warranty isn’t always easy, but it can be well worth the effort in the long run. By taking the time to compare prices and look for a trustworthy provider, you’ll be able to find a plan that meets your needs at a reasonable price. If you don’t have the time to research and shop around, you can always ask your car dealer about their own warranty options. You might be pleasantly surprised at the prices you can find. Just don’t be fooled by marketing tactics that promise the world and then deliver nothing.