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What You Should Find in a Good Extended Warranty

It is very important to purchase and extended warranty product directly from the source, in other words the warranty administrator. These are generally cheaper and have more comprehensive coverage than those being sold by car dealers, who are really only selling these products to earn commissions. They are also more likely to have insured and re-insured claims reserve accounts. Ensure that the cover includes both mechanical failure and wear and tear repairs.

extended warranty products should be insured by insurers who are rated “A” on A.M. Best or other highly recommended product ratings. The extended warranty product should commence the moment you purchase the vehicle. It is far better to do this than when you have already owned the vehicle for 12 months. Most warranties do allow this, but better sooner than later.

The extended warranty should include zero deductible to one deductible per part repaired. It is better to avoid any deductible at all by paying a little extra on inception of the extended warranty contract. You should also look for an extended warranty that provides a 100% money back guarantee for the first 30 to 60 days.

If you sell your vehicle, the extended warranty should be transferable, in some instances these cease to exist when you sell a car, so choose on that will allow you to transfer it to the new owner. This will make the vehicle more saleable.

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