It’s similar to purchasing umbrella insurance, in that you’re purchasing an extended period of coverage for your car. Hopefully you’ll never need it, but when the rain comes and the umbrella breaks — you wish you had it. The problem? In most cases, people join coverage without reading for a moment a review. It’s an expensive error. If you want to compare protection plans for your vehicle click here to read Extended Car Warranty Reviews.
First we will get to the big names. Autopom!, CARCHEX and Endurance are all reliable companies that receive positive feedback from consumers. In particular, Endurance deserves credit for their direct to consumer pricing, which means they don’t consume any of your coverage. Customers actually say that the claims process is quick and the reimbursements are not that bad. That’s rare. Think of parking it in downtown Manhattan.
However, things get complicated in this case. Many warranties have a lot of limitations in the fine print. A user on Reddit wrote about the time he had his transmission repaired, which was $3,200, and wound up being denied due to one sensor not being included in the “covered components. Painful. This is a trend that is seen time and time again in reviews posted on Trustpilot and the Better Business Bureau. The low monthly payments can translate to a limited coverage. Let the buyer beware, you may be getting what you pay for, or less.
Not all third party warranty companies are the same. Some are just downright shady — they take your premiums for 18 months, and then they simply fold just before you’re about to file a claim. Thousands of motorists have been left with contracts that are worthless by American Warrior Shield and other short-lived companies. That’s why it’s imperative to always verify the financial support and BBB rating of a company before investing. A good practice: search the name of the company followed by “complaints. The first thing that comes up is all you need to know.
Then what are you looking for? Wear-and-tear, not just catastrophic failures. If you are going to sell, obtain a contract that you can transfer. A 30-day money-back guarantee. Preferably, 24 hours a day roadside assistance as part of the deal. Look at the number of reviews that are posted by actual customers, not promotional ones included by the company in their website. They’re as good as a 200,000-mile car that’s listed as “runs great. Do your research, look around at least three vendors and don’t rush into making any decision by a high pressure salesperson. There is a correct warranty. It’s a matter of some digging.