Warranties are an important insurance policy for any driver! In fact, insurance is an important part of modern-day life as accidents, crime and other mishaps can happen; these in turn can become a huge financial burden on people, hence insurance is so important because it can provide important protection in case anything were to happen.
Image via Unsplash
For vehicles, an extended warranty will cover the cost of labour and parts of any mechanical or electrical issue, which can occur at any time during the vehicle’s lifetime. Though the majority of people may not think about warranties as soon as they purchase a new vehicle, it is important that as a consumer to consider value in them. When commenting on car warranty, experts often say “the devil really is in the detail”, not all warranties are created equal, which is why it is always best to speak to a specialist and always read the small print. Often, you will be able to choose how long the warranty lasts which will also impact the price.
So, here are some things to take into consideration:
Even though the technology in today’s cars surpass those built before, these advancements are often more complex and result in a higher risk for breakdowns. This means vehicle repair costs will potentially be higher and it is in the driver’s best interests to ensure they’re protected. Hence it is important to carefully read through what is covered by your warranty, including things such as “consequential damage”.
Another benefit that many customers don’t consider – the policy becomes more valuable as the vehicle ages. A car that was under warranty or had an extended warranty is more likely to be well maintained and in good working order. Therefore, it is considered more trustworthy and of more value to the owner and will command a higher trade-in value at the dealership whenever the car owner may decide to sell the vehicle.
More importantly, this provides peace of mind so that people can go about leading their daily life with confidence.