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Avoid Cheap Extended Warranties, They Don’t Pay!

One of the facts of life is that cheap extended warranties don’t pay! Fully insured extended warranty products definitely cost more, but are worth it in the long run, particularly if you run an expensive car, truck or SUV. The marketplace is flooded with cheap extended warranty products, but by shopping based on price alone, it is possible to make a bad mistake and take on more risk than is necessary.

Cheap pricing for retail products might be a practical approach, but this practicality comes to an end for insurance products. In terms of extended warranties, you get exactly what you pay for! Low priced extended warranties can be just so much wasted paper as they have a history of rejected claims. The last thing you want is an expensive repair for your vehicle that is not covered by the extended warranty. It is better not to have spent any money whatsoever on an extended warranty than to purchase one that won’t cover your vehicle repair needs.

Generally, insurance companies who offer cheap extended warranties have under-funded the claims reserve to compensate for the price of the warranty plan. If an extended warranty requires you to pay the repair shop first and claim the money back later, you might find it really difficult to recoup your losses. The wisest decision a vehicle owner can make is to purchase an extended warranty that pays the repair shop direct.

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