Archive for the ‘extended auto warranty’ tag
Tips When Seeking A Warranty Quote Online
Shopping online for extended warranty coverage isn’t as easy as shopping for, say, an MP3 player or even the car itself. Generally, when we’re looking for consumer goods on the web, we consult a trusted nonprofit publication like Consumer Reports; however, when it comes to extended warranty coverage for autos, Consumer Reports issued a report that they’re ALL a lousy deal! It’s easy for them to say, but some people aren’t that great at saving huge chunks of money or who worry incessantly “What will I do if I have a breakdown?” For these folks, finding a warranty company is critical for peace of mind. Even without Consumer Reports, there are many sites offering a free online warranty quote, in exchange for a little information, of course.
When you’re dealing with a warranty company online, there are a few things to look for. Be sure they’re BBB approved and that you can find their address or executive names somewhere on the site. Check to see if the warranty company is backed by an insurer or financial backer, which will guarantee that you’ll be covered even if the company suddenly goes belly up. You can then cross-check the financial backer with the AM Best website to see how reliable they are. Your State Insurance Commission can also tell you if any complaints have been filed with the company. Your warranty quote should deliver a clear, comprehensive detailing of what you will get for your money. If they can’t provide you with the level of detail you need or if they seem vague, then look elsewhere.
If you’re planning to keep your car for a long time, then getting a warranty quote or two is probably a good idea. Keep in mind that your car will be covered by the manufacturer’s warranty automatically for the first few years. Some manufacturers are extending their traditional 3 year/36,000 miles warranties to 5 year/100,000 miles extended warranty coverage. Often, when a manufacturer’s warranty is about to expire, owners will consider trading the car in for a new one. However, this plan isn’t feasible for everyone. Some people prefer to hang onto their cars until they can’t drive them anymore, sometimes for a duration of at least 10 years.
Are you afraid of searching for a warranty quote because you don’t want to provide personal information or receive spam email? You can check MyCarIsCovered.com for a quick, free quote that only asks for vehicle make/model/mileage/state. Generally, it’s difficult to find free quotes without providing some sort of personal information because the businesses are, first and foremost, sales-oriented. This is how many businesses get juicy leads for solicitation purposes. However, on the bright side, if you’re willing to invest a little extra time, then you can research company websites that have ballpark prices and coverage details to comparison shop. Then you can follow up with the ones that seem legit. A little bit of reading can go a long way towards saving you thousands of dollars!
Mail this postPopularity: 2% [?]
Common Areas Of Concern On Warranty Plans
These days, we can get warranty plans on our dishwashers, our iPods, our television sets and our automobiles. But how many of these extended warranty plans are really necessary? Is it all just a scheme to milk a little more out of the consumer, while industry standards allow the “build-it-to-break” model to continue? When it comes to big ticket items like your vehicle, you may want to consider the benefits of extended warranty coverage.
One common problem people run into is to fail to read and understand the agreement before they get work done. Knowing the right questions to ask your warranty company is crucial, experts say. For instance, ask if you can get the work done at any shop, or do you have to look for a certain certification, or in some cases return to the dealer? Additionally, is your car covered for “wear and tear” damage or just mechanical failure?
You should have a comprehensive list of all the parts that are/aren’t covered! Sometimes you’ll get a “bumper to bumper” warranty that covers everything except for the wear items, like brakes and tires, while other times you’ll get a “power train” warranty, which covers the engine and transmission. While it’s rare to find a company that offers coverage for everything, you should ensure that some of the most expensive repairs will be taken care of.
Additionally, beware of flyers and spam emails from companies offering warranty plans that seem almost “too good to be true.” If the prices are far lower than everywhere else, it’s probably not a good idea. If you can’t find information about the company from the Better Business Bureau, avoid them. One thing you should be aware of is that there are some “companies” out there that look to cash-in quickly, only to go bankrupt in a few years, leaving you with a useless automobile warranty that no one will honor. Even some legitimate companies just don’t have back-up financing, so if claims come pouring in, they run out of money and go belly-up. To protect yourself, look up as much information as you can before signing with a company and look for a longstanding track record.
If you’re one of those consumers who buys a car and trades after four years, then you might be fine passing on warranty plans. By contrast, many leasers or auto traders still find some peace of mind by purchasing the coverage because they don’t like unanticipated surprises setting them back. By five years or so, you could run into expensive brake work, transmission problems or a number of other mechanical failures that could add up. If you’re a business savvy saver, this may not be a problem for you. At the end of the day, you have to ask yourself, “How rough am I on my car? What can I expect?”
Mail this postPopularity: 3% [?]
Taking A Look At The Warrantech Auto Warranty Coverage
“I estimate that the WCPSOnline website has helped us to be over 40 percent more efficient over the last two years,” explains Warrantech VP Link Wiley. “But it is not just about cutting our costs. The cycle of authorization, repair and payment is shorter, so service centers save time as well. Essentially, the customer gets faster service, the service centers get paid quicker and we are able to keep the pricing of our warranty plans competitive.” By modernizing their operations, this highly esteemed warranty company is able to improve customer satisfaction through process efficiency. They work with dealerships to offer new car warranties, but they’re also marketing to people who are looking to extend their used car warranties as well.
The most popular plan offered by Warrantech is the Repairmaster. The “Powertrain Coverage” plan includes the engine, turbocharger, transmission, drive axle and transfer case components. Or you may choose the “Select Coverage,” which includes all powertrain components, as well as electrical, steering, air conditioning and brake components. The third plan offered is the “Deluxe Coverage,” giving you everything in the Select Plan, plus cooling, front/rear suspension, fuel delivery and enhanced electrical components.
There are also optional surcharged plans to accommodate vehicles that get a lot of wear and tear. For example, the Commercial Use plan, the Seals and Gaskets plan (for vehicles with over 80,000 miles), the Enhanced Electrical plan and the Conversion coverage plan (for recreational vehicles). With all plans, you’ll receive travel/towing bonuses.
Warrantech plans are available from 1 year to 7 years and from 12,000 miles to 100,000 miles. Deductibles range from $0 – $200 and all plans are backed by a reliable AM Best-rated insurance company. “By creating an affordable program that is administered by Warrantech and is fully insured, dealers can provide the Sterling Auto Warranty on their pre-owned vehicles with confidence, knowing that their customers will be taken care of now and in the future,” said Chris Ford, president of Warrantech Automotive. “We are offering dealers new car service contract security at a level of coverage and price they are seeking for their used vehicles.”
In addition to new and used car warranties, Warrantech also has an extended warranty program for automotive components, appliances, consumer electronics, computers, office equipment, and residential HVAC systems as well. The best way to go about buying a warranty is to research, request a quote, look over all the details and call a representative. Be sure you ask if there is a 30-60 day money back guarantee in case you find you’ve made a mistake. Generally warranties cost very little to save you a lot!
Mail this postPopularity: 7% [?]
What You Should Look For When Getting A Car Extended Warranty Plan
An extended warranty plan is a good idea if you’re purchasing a car with a three-year/36,000 mile manufacturer’s warranty. Many of the top-selling brands, including Ford, GM, Saturn, Jeep, Volvo, Volkswagon, Nissan and Honda, offer these smaller warranties, whereas high-end luxury vehicles like Ferrari, Lamborghini and Rolls-Royce are covered for nearly 100,000 miles. However, all 2008 and later GM models are offering a five-year/100,000 mile warranty now. If you have a five-year or six-year warranty, then chances are you’ll be fine. For the smart shopper, there are several things to consider when scouring the internet for an extended warranty quote.
First of all, be sure you’re dealing with a solid company. See that they’re listed in the Better Business Bureau or Web Assured, and that they have years of experience. For example, Warranty Direct has been in business for 26 years and NWC have been in business for 20 years. Read consumer comments and testimonials, check to see if the company services any dealerships and ask if they have a reinsurance program, which means they will be good for the money, even if many people are filing claims all at once.
Secondly, understand your extended warranty plan coverage before you buy. Ask for a very clear, specific “What’s Covered/What’s Not Covered” list. Typical exclusions that no auto extended warranties will cover include: glass, lenses, sealed beams, light bulbs, trim, moldings, bright metal, upholstery, paint, exhaust systems, tires, air bags, batteries, brake rotors, drums, shock absorbers and throttle bodies. However, feel free to ask if they cover things like the anti-lock braking systems, overheating and “wear and tear” coverage. Don’t settle for “mechanical failure/breakdown” coverage only! Also, be sure you ask whether your extended warranty begins at the time of purchase or after the manufacturer’s warranty expires.
There are some common lies that dealers tell consumers to get them roped into an extended warranty plan prematurely. Remember, they are salesmen and they’re out to get the highest commissions and the highest interest, thus gaining them more profits. One excuse is that “the loan won’t be approved unless you buy the insurance.” Be aware that most auto extended warranties can be returned within 30 days with a 100% moneyback guarantee, so if you’re coerced, you can always rid yourself of the plan if you find a better deal elsewhere. Another lie dealers tell is that “you must buy now or you can never get extended warranty coverage.” This is simply not true. The problem with buying from a dealer is that they like to draw up slick pseudo-contracts without showing you exactly what’s covered before you buy. If you look online, then you can go directly to the source and see what you’ll be getting.
Mail this postPopularity: 5% [?]
Extended Warranty Essentials For Automobile To Consider
If you’re buying a brand new Lexus or Toyota, then chances are you won’t need an extended warranty. If you’re buying a Pontiac or a Jeep, then it’s a toss-up and you may end up breaking even with the purchase of an automotive warranty. If you’re buying a flashier-but-less-reliable Mercedes-Benz, then you should consider a warranty, according to Consumer Reports. You can buy these warranties online or at a dealership, but there are many things to look for prior to purchasing. The most important thing is that you relax, research and not allow yourself to be pressured into anything.
Did you know that an auto salesman can make more money from selling you an extended warranty than selling you the car? The most profitable part of the retail auto business is, in fact, the extended automobile warranty, where anything over the dealer’s cost is profit. Generally speaking, salesmen get a flat fee for each warranty sold, plus the balance of the profit. The fees can range from 0 to 50, and when compared to third party warranties, dealership plans cost, on average, 40% to 100% more.
Another factor to consider is auto warranty for “wear and tear.” This type of warranty can be hard to find, since many only cover mechanical failure. However, you can definitely find extended warranty coverage that includes “wear and tear,” thereby covering parts like the idler arm, piston rings, U joints, CV joints, wheel bearings, motor mounts, suspension bushings, tie rod ends, seals, gaskets and other engine parts that gradually wear down and may or may not cause a mechanical breakdown.
If you have an anti-lock braking system, then you’ll want to make sure your coverage extends to ABS and instances of overheating. The comprehensive website, carbuyingtips.com recommends Warranty Direct and Nation Warranty Corporation, which both include “wear and tear” in their plans.
The most important thing is that you don’t feel rushed or hassled into securing the extended warranty for your car immediately. Most auto warranties allow you the option of buying later; yet of course, you should only delay as you research, rather than allowing enough time to elapse so your car is a liability. Like with health insurance, it’s much harder to get coverage once problems arise. As with anything, the extended auto warranty is a “buyer beware” scenario, but if you do some homework and understand your auto habits, then the couple of thousand you pay today can save you a small fortune tomorrow.
Mail this postPopularity: 12% [?]