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New and Used Car Warranties for the Beginner

If you are unsure about extended warranties for your new or used vehicle, you need to know that in the most part these are a good insurance policy for your vehicle. First time car buyers may not know this and be unsure about purchasing and extended warranty product. After all we all perceive insurance as being a “grudge purchase”.

Never shop for warranty products based on price alone. There are many companies out there that are what is known in the industry as unrated risk retention groups. These groups will offer low priced extended warranty products, but the fact of the matter is that fully insured products are a far better option for any extended warranty, on any vehicle, be it new or second hand. In the long run, where you save on an extended warranty, you will lose when it comes to vehicle repairs.

It is a simple fact of life that you get what you pay for, you have to take a look at the type of coverage your extended warranty guarantees, the company’s track record and their ability to pay claims. Not price alone! There have been many high profile extended warranty company’s that have failed, simply because their product is low priced and the claims funding is not insured and even better, re-insured to make sure they are able to meet claims and satisfy customer needs.

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