5 Reasons To Consider Buying An Auto Extended Warranty
Buying a new vehicle can be an expensive exercise; not only is there the cost of the car itself, but also paying registration fees, insurance, and more. Therefore, you may think it’s worth forgoing paying for an extended warranty to try and save money. But there are some excellent reasons why you shouldn’t miss paying for the extended warranty. So before not making room for it in the new car budget, please take a look at some of them and consider buying an extended warranty.
Complement Your Breakdown Cover
A breakdown cover is another purchase, but it doesn’t cover the same things as an auto warranty. So if a mechanical fault occurs, breakdown cover will help you with the cost of an emergency call out and vehicle recovery. But the extended warranty will cover the cost of parts and repair in the case of vehicle fault. As such, an extended warranty complements breakdown cover, ensuring your vehicle can be attended to in the instance of a breakdown and repaired if the faulty is a warranty-covered issue.
Those who buy a car with a standard manufacturer’s warranty may have the option to extend this for a year or more. Many independent warranty providers can be more cost-effective, so it’s worth shopping around. Carchex costs are some of the most competitive on the market, with a range of benefits available, including allowing you to choose which repairer to use. They offer several levels of cover, ensuring there’s a policy available for every budget.
No Claims Bonus
Long term, the cost of an extended warranty can be significantly less than the cost of insurance without a no-claims bonus. Car insurance is designed to cover the cost of damages and repairs to a vehicle, which is excellent in the event of an accident or weather damage. But losing a no-claims bonus can significantly increase the cost of your next year’s premium. Having an extended warranty lets you get certain repairs paid for without going through insurance and thus not lose the no-claims bonus.
We’ve already talked about how an extended warranty can complement other coverage you may have on your car. A fully comprehensive warranty can negate the need for some of these for the extended warranty term. A top rung policy usually includes things like breakdown service and car hire. These additional benefits save money and time as you only deal with one policy provider.
Typically, the more expensive the car, the more expensive the cost of repairs. Therefore, if you’re lucky enough to purchase a high-end vehicle, should something go wrong, you’re likely to be faced with a hefty repair bill. An extended warranty will take the sting out of any potential faults and wear that can occur.
There are many benefits to taking out an extended warranty on a new or near new vehicle, from preserving a no claims bonus on your insurance to saving on the cost of parts fault.