Are Extended Vehicle Warranties Expensive?

The Prices of Extended Vehicle Warranties

No one wants to think about their car breaking down, but it’s a real possibility.

An extended warranty can give you peace of mind by covering the cost of repairs, but it’s important to understand that not all extended warranties are created equal.

Prices will vary depending on the level and kind of coverage you have.

For example, a basic warranty might cover repairs for a certain period or mileage limit.

In contrast, a more comprehensive plan will cover more types of repairs for longer.

Here at Protect My Car, we offer several different plans.

The most basic plan, the Standard Plan, covers repairs for 48 months or 48,000 miles.

For more comprehensive coverage, the Supreme Plan covers repairs for 84 months or 100,000 miles.

There is also an Elite Plan, which covers repairs for 120 months or 150,000 miles.

Your coverage level will depend on your vehicle and driving habits.

And the price depends on your vehicle’s age and mileage.

Generally, annual costs start at around $350 and can go up to $2000 or more.

What Do You Get for The Price?

Each extended warranty plan comes with different benefits.

The Standard Plan, for example, covers the cost of parts and labor for repairs to your engine, transmission, drivetrain, air conditioning, and electrical system.

It also provides 24/7 roadside assistance and towing coverage.

The Supreme Plan builds on this coverage by adding coverage for your suspension, brakes, and audio system.

It also includes trip interruption coverage, which will reimburse you for hotel and rental car expenses if your vehicle breaks down while on a trip.

The Elite Plan provides the most comprehensive coverage, including everything in the Standard and Supreme plans, plus coverage for your fuel system, cooling system, and more.

Prices for extended warranties will vary depending on the make and model of your vehicle, as well as your driving habits.

For example, a luxury car with many miles on it will generally be more expensive to insure than a standard car with fewer miles.

The best way to get an accurate quote is to fill out our online form.

What Kinds of Extended Warranties Are There?

There are two main types of extended warranties: bumper-to-bumper and powertrain.

Bumper-to-bumper warranties cover most of the components of your vehicle, while powertrain warranties only cover the engine and transmission.

At Protect My Car, we offer both kinds of coverage.

Our Standard Plan is bumper-to-bumper, while our Supreme and Elite plans are powertrain warranties.

There are also maintenance plans that offer coverage for oil changes, tune-ups, and other routine maintenance.

These plans can be a great way to keep your vehicle in top condition and avoid costly repairs down the road.

What’s the Best Way to Choose an Extended Warranty?

The best way to choose an extended warranty is to consider your driving habits and the age and mileage of your vehicle.

If you’re a careful driver with a newer car, you might not need as much coverage as someone who’s more likely to have an accident or who has an older car.

It’s also essential to compare different plans and prices to find the best value for your needs.

At Protect My Car, we offer a variety of plans to choose from, so you can find the one that’s right for you.

What’s Not Covered?

It’s important to understand that extended warranties don’t cover everything.

For example, they don’t cover regular maintenance like oil changes and tune-ups.

They also might not cover damages caused by accidents or floods.

And they typically have a deductible that you’ll need to pay when you make a claim.

Be sure to read the fine print of any extended warranty before buying to understand what’s covered and what’s not.

Are Extended Warranties Worth It?

Whether or not an extended warranty is worth the cost is a personal decision.

However, some general guidelines can be followed to help you make your decision.

The mean repair cost per year for a used car is $621, while the mean repair cost per year for a new car is $ 364, according to a study by Consumer Reports.

This means that, on average, you’re likely to spend more on repairs for a used car than on a new car.

As the car ages, the potential for breakdowns increases.

If you are locked into a warranty, you will not have to bear the burden of this increase in cost.

If you’re buying a used car, an extended warranty can be a good idea because it will cover repairs that may come up due to normal wear and tear.

If you’re buying a new car, you may not need an extended warranty because most new cars come with a manufacturer’s warranty that will cover repairs.

No matter what, it’s essential to research your options and ensure you’re getting the best coverage for your needs.

What’s the Most Expensive Extended Warranty?

Consumer Reports found that the average warranty costs $4,500 annually for exotic cars in the most expensive warranty class.

On the low end of this class, the annual cost was $3,700.

This is in contrast to the economy car class, where the most expensive warranty averaged $725 per year and the least expensive averaged $560.

As you can see, there is a significant difference in price between the most and least expensive warranties.

In addition to warranties being expensive because of the value of the vehicle they are protecting, extended warranties can grow in yearly price if you choose to have a very low deductible or choose add-ons that provide ultimate coverage.

What’s the Catch?

It’s important to remember that extended warranties are not free.

There will be a cost associated with the coverage.

This cost can vary depending on the make and model of your vehicle and your driving habits.

If you’re fortunate and nothing breaks down, you won’t have needed a warranty.

Much like health insurance, or collision insurance for your car, the coverage is there for the unexpected and unplanned.

The best way to get an accurate quote is to fill out our online form.

We hope this article has helped you understand more about extended vehicle warranties and how they work.

If you have any further questions, our team of experts is always here to help.

Give us a call or send us an email today!