Extended Warranties
Question
I'm shopping for a car, what do I need to know about extended warranty?
Answer
An extended warranty is a smart investment to ensure that your used vehicle
gets the care, maintenance and repair it will need down the road.
What It Is:
An extended warranty, also known as a "vehicle service agreement", protects the owner for a specific period of time against paying for certain repairs after the manufacturer's warranty has expired. Purchasing an extended warranty can provide peace of mind and limit your out-of-pocket expenses for repairs.
What to look for:
When looking for good warranty coverage, consider the following:
1. Transferability - A transferable plan is a good feature should the buyer
later resell the vehicle, and it is an added bonus for the new buyer.
2. Coverage - you want the most coverage in terms of years and mileage for the
cost of the plan.
3. Activation time - the sooner you are protected the better.
4. No Pre-purchase inspection - hassle-free activation
5. Additional benefits - some plans offer 24-hour roadside service, rental car
allowance, and battery assistance.
When to Get It:
When purchasing a used car, it is a good idea to review CARFAX Vehicle History Report’s Warranty Check to see if there is remaining coverage in the original manufacturer warranty. If so, work with you dealer or the manufacturer to find out all the details. If you decide to get an extended warranty, you can purchase it at the same time you purchase the vehicle or later, right up to the day the original warranty expires.
Where to get it:
Compare prices and benefits of warranties by shopping around. One of the best
ways to check out extended warranty companies is to check http://www.auto-extended-warranty.com
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