An aftermarket warranty provides coverage for a vehicle after the manufacturer’s warranty expires. It is important to consider the price, level of coverage, and service agreement when shopping for one. Compare the cost of the warranty to estimated repair costs and check the details of the service agreement and approved repair shops.
An aftermarket warranty is warranty coverage purchased after the manufacturer’s new vehicle warranty expires. Most new cars come with a warranty for mechanical systems. The purpose of a warranty is to ensure that the vehicle will be free from mechanical defects. Any defects or problems will be repaired at no cost to the purchaser as a warranty claim.
The length of the warranty varies by car manufacturer, but usually provides a specific mileage or time limit. The warranty details list exactly which items are covered or included in this warranty. Consumable parts with a short service life, such as brake pads, brakes, and wipers are not included. Long-term items like the transmission and water pump are usually included.
Aftermarket warranty programs offer the same type of coverage for your vehicle. There are three things that are very important to consider when shopping for an aftermarket warranty: price, level of coverage, and service agreement. These items determine the true value of the collateral.
The purpose of a warranty is to provide peace of mind, for a monthly fee. If there are any mechanical problems with your vehicle, the warranty program fixes them free of charge. This avoids unexpected large repair bills. However, it is important to assess the actual costs of an aftermarket warranty.
Write down the total cost of the warranty and compare it to the estimated annual repair costs for the vehicle. Look up the hourly rate at your local garage and get an estimated cost to repair your vehicle for the next three to five years. Decide how long you plan to keep your vehicle and the estimated value of the vehicle. Please read the fine print in the aftermarket warranty to determine exactly what items are covered. Check the details on the mileage requirements for each type of repair and determine if your vehicle will fit the period.
Check the details of the service agreement and identify which auto repair shops are warranty approved. Determine if they are reputable, licensed garages or not. Request and check references from current and former clients to assess the quality of service and dispute resolution program. Aftermarket warranty programs can be quite expensive, depending on the make and model of your vehicle and the amount of coverage provided. Protect yourself by researching these types of services carefully.
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