Is a car warranty worth the money and do you really save money? This is often a question that many car owners will think about when they buy a car or reach the end of any manufacturer warranty that they already have. An automobile warranty will do many things for you, but effectively they are like any other sort of insurance policy, they are good to have. Or are they?
The main reason that people look to have a car warranty is that they want that peace of mind. Especially if they have had the benefit of a manufacturer warranty. So do car warranties really save you money? Let’s look into it in more detail.
What is a car warranty?
A car warranty is essentially an insurance policy that you take out on your car to cover the costs of any repairs, big or small. Many new or nearly new cars will have a manufacturer’s warranty that you can take advantage of, but beyond that, you can buy an extended warranty to cover the next few years of car ownership.
What are the pros and cons of car warranties?
Like with most things there will be a few pros and cons to consider when looking at getting a car warranty. Here are the things you need to consider.
Pros of a car warranty
There are a couple of benefits that you may experience when purchasing an automobile warranty. The main one to mention is the peace of mind that you will feel. The car warranty should cover you if there were to be any repairs on your vehicle, big or small. We all know how expensive that can be. It can also give you the assurance that the parts are ordered correctly and match your vehicle’s needs.
Cons of a car warranty
There will be cons to an auto warranty that you may experience. It might be that the specific repair you need isn’t covered. Most car warranties won’t cover parts or issues that are “wear and tear” related. This is often the case for a lot of issues with your car over time. It could also mean that you are limited to where you take your car for repair. This will all depend on the type of car warranty you have.
A car warranty will probably also not offer roadside assistance if you run out of gas or get a flat tire.
Will you file a claim on your car warranty?
The main question to ask yourself is whether you will actually need to file a claim on your car warranty. An automobile warranty can be a huge benefit if your vehicle is used a lot or relied upon for commitments that you have. Filing a claim for payment will often mean that you are covered for such eventualities that many of us don’t prepare for financially.
If you need help in getting your car warranty claim approved, Motor1.com offers tips to make the car warranty claims process work for you.
Do car warranties save you money?
But do car warranties save you money? The short answer is yes! They provide parts and labor costs when things can get out of hand, and they can keep you on the road. However, like with all insurance policies that we take out, they will only save you money should you ever be in a position to need them.
For more information about car warranties, check out the warranty guide from Kelley Blue Book, an authoritative resource.