When it comes to finding the cheapest extended car warranty, you want to be sure that you are getting value and not being ripped off. Some car warranty providers may hide fees and deductible policies in the fine print of their contracts, so it is important to carefully read all of the contract details before making a purchase.
The cost of an extended auto warranty varies depending on the make and model of your vehicle as well as its age and mileage. Older cars are more prone to breakdowns than newer vehicles, so they generally have higher repair costs. It often only takes one major powertrain incident for an extended auto warranty to pay for itself, so the upfront cost of a plan can be worth it in the long run.
Another factor to consider is whether the company you are purchasing from has a good track record and reputation in the industry. While the best extended car warranties offer fair rates to their customers, some less reputable providers may try to take advantage of drivers with limited knowledge about the industry. Be sure to compare pricing from multiple providers and look for plans that include roadside service, claims handling and transferability in case you decide to sell your vehicle in the future.
A reputable provider that offers competitive rates on extended auto warranties is CarShield. The company offers several different plan options to meet the needs of every driver, including Platinum Plus and Gold coverage. The Platinum Plus plan covers nearly everything on your car except for a few wearable parts. The Gold plan is a little cheaper and provides a full range of coverage for your vehicle, including the engine, transmission, steering, brakes and electrical components.
Other features to look for in a car warranty company include the ability to transfer the plan to a new owner, a low or no deductible and an agreement not to use depreciation formulas when determining the amount paid for repairs. Be sure to also look for a company that does not require a 30-plus day waiting period or excludes hybrid and EV repairs, as these repairs can be costly.
While it may be tempting to save money by purchasing a low-priced car warranty from an unscrupulous dealer or through an unreliable robocaller, these types of warranties are not worth the risk. Cheap extended warranties are usually purchased through the dealership or through a trusted independent provider, so you can be confident that you are getting the best value for your money.
Choosing the right extended car warranty can be a complicated process, but with some research you can find an excellent deal that will provide peace of mind and potentially save you thousands of dollars in repair bills over the life of your vehicle. Be sure to consider the make and model of your vehicle, your current financial situation and how much you expect to spend on repair costs before deciding if an extended auto warranty is worth it for you.