19 Apr The History Of Warranty Insurance and Extended Car Insurance
Although buying extended car insurance for your car seems to be a nice idea, you will have to be sure about the different aspects involved regarding extended car insurance before you purchase one. In most of the cases, it is considered as an insurance policy. Hence, before you decide on whether you buy an extended car insurance or not, you will have to take into consideration the risks involved and the value of your car you are insuring for. In case you have bought a pre-owned car for a throwaway price, there is no point in spending a significant amount on the extended car insurance.
Cars can be really expensive
However, if you have bought a car that is highly expensive and want to make sure that you are not liable for any of the repairs or damages, it is best recommended that you get an extended car insurance as it would burn a hole in your pocket in case of any repairs or damages. Rather than the drivability and probability of being in an accident, you will have to consider the average lifespan of the parts of your car. You can make a calculate decision based on the lifespan of the parts if it would be worth to avail an extended car insurance or not. There is no rocket science involved and you will be able to get this information with much ease. You can visit multiple websites that give out information regarding how soon the parts of a car start wearing off.
Find the best car warranty options from online forums
There are several forums available online that give you information regarding the same. Make sure that you get your info from a reliable source before you arrive at a conclusion and decide to avail extended car insurance as there are several sources online that provide misleading information. Also, you will have to take into consideration the parts of the car that are covered under the extended car insurance. While most of the packages will only provide cover against mechanical components such as engine, gearbox, fuel and ignition systems etc. they do not provide cover against the wear and tear parts; which might end up causing a major hole in your pocket. Most of the extended car insurance buyers complain of having bought the policy due to misleading advertising. Hence, it is best recommended that you read the policy terms and conditions carefully before you decide on a specific one.
There will be restrictions and limitations included in most of the extended car insurance policies, such as having to carry out all repair and maintenance activities in a dealer network or authorized workshop etc. Typically, all the extended warranty providers stick to the guidelines as specified by the Competition and Markets Authority. As per these guidelines, the pricing and cancellation rights should be mentioned in advance. In case of any grievance, you can get in touch with the related authority. However, we highly recommend that you go through the policy document carefully before purchasing one!