Driving a 2014 Model? Your Guide to Extended Car Warranties
If you are driving a 2014 or earlier model, you are likely in the market for extended car warranties as the manufacturer or OEM (original equipment manufacturer) warranty has probably come to the end of its cycle. Read on further as we take a look at what extended warranties are, the cost, and how they can benefit you.
What are Extended Car Warranties?
An extended car warranty is a vehicle service contract designed to protect your vehicle in the event of a mechanical breakdown. The extended warranty plans are most often available in two tiers, the powertrain and most comprehensive or bumper-to-bumper warranty plan. The powertrain warranty plans are often the most affordable but do cover the least parts. While the most comprehensive plans cover almost all the parts of your vehicle and are often referred to as exclusionary plans. They are the most expensive as well.
Powertrain Warranty Covers:
- Transfer case
- Drive box
Bumper-to-Bumper Warranty Does NOT Cover:
- Wiper Blades
- Brake Pads
- Body Panels
- Interior Trims
- Turn Signals
- Brake Lights
Chaiz offers a middle tier plan called the powertrain plus which is affordable and covers a few adjacent systems to the powertrain plan. Making it a great midway option for the daily driver.
What are the Added Benefits?
The added benefits are services you may have included in your warranty plan. The purpose is to see that you have the services you need when you find yourself stuck on the side of the road. The roadside assistance includes winching services, fuel delivery, towing services, trip interruption if you are 100 miles or more from home, and flat tire service. An extended car warranty plan with these inclusions makes it ideal for people who enjoy taking a road trip every now and then. It also means you do not find yourself forking out any money unnecessarily when a breakdown occurs.
What are the Average Costs for Extended Car Warranties?
Extended car warranties vary in monthly costs depending on your estimated mileage usage, make and model, state that you are residing in, and a few other factors. Though most warranties are within a similar range of costs for both the powertrain and bumper-to-bumper warranties. For powertrain warranties you are looking at around $40 to $80 a month while bumper-to-bumper warranties are about $60 to $250 a month. Each offering different years/mileage and added benefits.
How Will an Extended Warranty Help?
Living on a paycheck-to-paycheck basis makes it difficult to keep money aside to cover unforeseen repair bills. Extended car warranties alleviate the stress of unpredictable mechanical breakdowns. Essentially giving you the security that all major mechanical repairs are taken care of and will not cost you thousands of dollars. If you don’t have upwards of $1,000 set aside for unforeseen auto repairs, I would certainly suggest investing in an extended warranty.