Are Extended Car Warranties Worth It – Buying a car in India is nothing short of a family affair. Well, with that in mind, car dealers think you’re ready to shell out a little extra money in the name of car maintenance. Whether it’s a zero-depth insurance plan or the accessory kits they offer, they urge you to buy whatever they can. In this package, they also provide an extended warranty on your car that covers the car in various situations. This is an additional warranty that covers your car after you have completed the initial warranty period.
In today’s feature, we tell you whether an extended warranty on your car is really worth it! Let us walk you through all the pros and cons so you can make a better decision.
Are Extended Car Warranties Worth It
Well, before we get started, we want you to know that extended warranty packages are now available that cover your car just like a manufacturer’s warranty. You can buy it for your entire vehicle or even some key auto parts. The video here tells you everything you need to know about your extended warranty
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Now that you understand the advantages of getting an extended warranty for your car, we want to take you through an extended warranty.
You must be wondering by now that there are many extended warranty packages you can get for your car, but wait before making a decision. That’s the advantage of an extended warranty!
Here’s our insight on extended car warranties. These custom plans can help you drive and maintain your car for longer without worrying about car repairs. Share this article with everyone who is planning to buy a new car and who is planning to buy a used car. That’s because an extended warranty will allow you to enjoy the same warranty user experience as a new car owner.
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Endurance, ForeverCar, Olive, CarShield, and Carchex offer the best extended auto warranties based on reputation, coverage, cost, transparency, and service.
Most comprehensive coverage 4.6/5 Cost: Multiple discounts available Coverage: 6 plan options from routine maintenance to comprehensive coverage Reputation: Smooth claims experience as a direct provider
Affordable monthly payments 4.2/5 Cost: Flexible monthly contracts Coverage: 6 plan options, some lasting up to 300,000 miles Reputation: Most popular warranty provider
Reasons Why Extended Car Warranties Are Worth It
Strong industry reputation 4.3/5 Cost: No down payment Coverage: 6 plan options, highest manufacturer-like warranty Reputation: Strong Better Business Bureau (BBB) rating
Purchasing an extended auto warranty can give you peace of mind when your new car’s factory warranty expires. In this article, our guide team will highlight the top 10 extended warranties that stand out after our thorough research of the warranty industry.
After that, we’ll discuss the top five extended warranty options in detail and explore the key factors to consider if you’re interested in purchasing an extended auto warranty.
The Guide team is dedicated to providing reliable information to help you make the best decision regarding your vehicle warranty. Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to rank the best auto extended warranty companies. We gathered data from dozens of auto warranty providers, rating the companies based on a variety of ranking factors. After 500 hours of research, the end result is an overall score for each provider, with the company with the highest score at the top.
Best Extended Car Warranty Companies (july 2023)
In our industry-wide review of the best extended warranties, we thoroughly researched the vehicle protection plan products available. Our research considered the most important factors in determining the quality of an extended warranty, including coverage options, affordability, customer experience, and provider reputation.
Based on these criteria, our researchers found that the following providers offer the best extended auto warranties on the market. Each provider is rated on a 10-point scale:
In our research on the best extended car warranties, five providers in particular stood out: Endurance, ForeverCar, Olive, CarShield, and Carchex. In the sections below, we discuss in detail the extended warranties offered by these providers.
Endurance was ranked #1 in our review of the best extended car warranties in the industry. The company offers flexible coverage options with term limits of up to 8 years or more than 200,000 miles. Each Endurance Warranty comes with additional benefits such as roadside assistance, trip interruption benefits and rental car reimbursement for the duration of the contract.
Best Extended Car Warranty Plans And Coverage (2023)
Endurance offers six coverage plans, starting with an exclusion plan that covers all components except those exclusions expressly listed in the contract. You can also choose from a number of stated component plans listing each covered component in the agreement, as well as plans that combine warranty and maintenance coverage.
This is the most comprehensive plan, covering almost all mechanical and electrical components with a few exceptions.
Tailored for high mileage vehicles, the program covers powertrain, electrical, cooling, air conditioning, heating and fuel systems.
In addition to standard benefits like roadside assistance and rental car reimbursement, all plans include a free year of the Endurance Elite Benefit, which includes the following benefits:
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During our research, we found that an Endurance warranty costs around $546 to $612 per year. The total cost of the Endurance plan is approximately $2,990 to $3,990, depending on the service plan you choose.
Endurance is a direct provider, which means it manages the contracts for its sales. This allows the company to provide a solid claims experience. As of this writing, the provider has a customer rating of 3.6 stars out of 5.0 on the BBB and a 3.9 star rating on Trustpilot.
ForeverCar is one of the few extended warranty providers that offers an unlimited mileage plan. We also think it’s the most affordable warranty company, and definitely worth a look.
The company’s warranty applies in all states except California and Washington. The following are the levels of coverage offered by ForeverCar:
Is Getting An Extended Warranty On Your Car Worth The Money?
Gold includes all the coverage of the Silver plan, while adding advanced components such as anti-lock brakes, power windows, various sensors, heater core assemblies, and radiators.
Based on our research, a ForeverCar extended warranty can cost anywhere from $1,200 to $4,000, depending on the level of coverage you choose and the vehicle you want to protect.
ForeverCar has an A+ rating from the BBB and a 4.8 star rating out of 5.0 on Trustpilot with over 5,100 customer reviews. Many positive reviews mention the friendly and helpful customer service.
Olive® makes it easy for customers to buy insurance and manage claims 100% online. Plus, unlike many of its competitors, Olive has no waiting period for its warranty to kick in.
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Powertrain Plus covers major engine and transmission components as well as power steering, front suspension, brakes and air conditioning.
This basic plan covers lubricated engine and transmission components, as well as water and oil pumps and thermostats.
Each Olive Extended Warranty Plan includes rental reimbursement of up to $35 per day for up to five days. Also includes up to $100 in towing assistance per covered claim event. Please note that Olive does not provide trip interruption benefits or 24-hour roadside assistance.
Our team has gathered quotes for various Olive coverage levels with a $500 deductible. Warranty totals range from $1,150 to $1,620.
Should I Get An Extended Car Warranty
Olive has an A+ rating from the BBB. Positive customer reviews focus on the ease of the claims process and great customer service.
CarShield is our top choice for affordable extended warranty contracts. If you’re looking for budget-friendly insurance, CarShield offers monthly payment plans, some of the lowest rates on the market. Plus, the CarShield warranty covers up to 300,000 miles, the longest warranty in the industry.
Platinum is best for high mileage vehicles and protects the engine, transmission, air conditioner, electrical system, starter, water pump, fuel pump and more.
The quotes we’ve received from CarShield range from $89 to $130 per month. When comparing these quotes to the pricing information we’ve received from several providers, CarShield insurance is less expensive than most competing warranties on the market. Because CarShield insurance plans are often the lowest-cost option, the company is a top choice for budget-conscious drivers.
Used Car Warranty: Should I Buy One?
CarShield has a D rating from the BBB and a 4.0 star rating from Trustpilot customers. The company has handled more than 3,400 customer complaints through the BBB in the past three years.
Our review team contacted CarShield for comment on its ratings and complaint volume, and received
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