Extended warranties offered by both manufacturers and third-party providers cover repairs beyond the initial factory warranty term, with contracts often including deductibles and extra benefits such as roadside assistance.
The Office of Fair Trading (OFT) has initiated an investigation into the automotive industry over their sale of warranties, so here are a few key points you should keep in mind before purchasing one.
Parts Covered
The Custom Edge Plus Ultimate Warranty is an all-encompassing vehicle protection program, covering almost every part in your vehicle with only few exceptions for Powertrain, Front/Rear Suspension and Enhanced Electrical components. Additionally, GAP coverage provides customers with extra peace of mind between an insurance payout for a totaled vehicle and what is still owed on loan agreements.
This warranty also includes 24-hour roadside assistance coverage that includes jump starts, out-of-gas emergencies, lost/locked-in keys and flat tires as well as meals/lodging reimbursement.
Our ancillary products are designed to reduce the out-of-pocket expenses that come with owning a vehicle, while keeping drivers on the road safely. These four Assurant product packages cover cosmetic wheel repair and replacement, paintless dent repair for credit card-sized dents up to an inch wide, hail damage reimbursement and rental/rideshare transportation reimbursement – keeping cars looking like new on your driving experience!
Difference Between Warranty and Extended Warranty
Manufacturer warranties provide coverage for repairs or replacement costs up to a set period after consumers purchase products; extended warranty coverage extends this protection for an additional fee and provides extra benefits like peace of mind and potential cost savings for consumers. It is wise for consumers to carefully read over any terms and conditions of an extended warranty plan before purchasing one to ensure they get maximum value from their investment.
Consumers can also choose to self-insure their phones by setting aside money in a savings account for emergency repairs or replacements if required. This may be an attractive option for people who take good care in handling their phones and don’t expect frequent repairs or replacements, though consumers should carefully consider their usage patterns and risk tolerance before deciding whether or not to buy extended warranty coverage.
If an extended warranty no longer meets your needs, it is imperative that you act quickly to cancel its coverage. Contacting the dealership’s accounting department and noting their name and number so you can contact them later to confirm cancellation of coverage is the way forward.
Critics have raised serious concerns regarding the extended warranty market, alleging that consumers are being mis-sold these policies. Many consumers discover that extended warranties they purchase do not cover every possible mishap with their product and can be costly overall; furthermore, some warranties can mislead consumers with unfavourable terms and conditions that make their contract hard for them to understand.
However, independent third-party providers of extended warranties offer more transparent purchasing processes that enable consumers to read contracts before making their decision and decreases the chance that an extended warranty is mis-sold without providing value to its recipient.
