Many people question whether purchasing an extended warranty for their vehicle is worth the expense. The answer really depends on what type of extended warranty you buy.
That said; here are just a few questions you’ll want answered before you decide:
1) What does your extended warranty cover and, more importantly what doesn’t it cover? For example, Powertrain Warranty covers the engine, transmission, and other parts of the drivetrain only, which is defined as the 29 parts of the vehicle through which oil flows. These are the parts least likely to fail.
The average vehicle contains thousands of parts. As it does not cover the majority of the components of a vehicle, the Powertrain Warranty is truly not an extended warranty.
2) How can I be sure I am buying a reputable extended warranty? When looking at extended warranty companies, financial stability and claims paying experience should be of utmost importance. The reputation of the dealer is also at stake, so it’s likely they will only deal with the top extended warranty companies. In addition, a reputable dealer will fight on your behalf should a problem arise.
3) How does the claims process work? The top warranty companies work like this: If your vehicle breaks down or is in need of a repair, you take it or have it towed to any licensed repair facility and present your service agreement to the Service Department. After they diagnose the problem with the vehicle, they will and receive repair authorization for all your covered repairs less a deductible where applicable.
Perhaps even more important than an extended warranty may be disability or life insurance.
Bottom line; know what you are buying and why it makes sense before you say yes.
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