When you buy a new car you are often offered a warranty along with that purchase, this will cover you for any breakdowns that need repairing within the car. What you may not realise is that once the car is out of the manufacturers warranty period, or if you have bought a used car from a dealership, is that you can actually opt to pay out for an additional warranty to cover that car.
Car warranties are not a legal obligation (unlike car insurance which you must have) so, with this in mind, is it actually worth buying a warranty for your used car?
What does it cover?
The idea of a car warranty is that it will cover you should your car breakdown or develop a fault which require repair. The warranty will cover you for the repair charges that are incurred for the car and some may even help you by offering a rental or hire car during the time that your car is off of the road.
It is important to remember that car warranty will not cover a car that is accidentally damaged, that is lost or that is stolen. These are all things that are covered in a car insurance policy.
How much does it cost?
It is hard to confirm exactly how much you can expect to pay out for a car warranty, as every circumstance and provider can give a different quote. Warranty, much like insurance, can be paid for in one amount, or it can be paid for on a monthly basis. Whichever works better for you.
The good news is that you can shop around to find the right cover for you, which also means that you can shop around for the best price too. However, it is incredibly important to keep in mind that just because a policy is low-cost, that doesn’t mean that it is going to be the right one for you when the time comes to pay out. So take your time to find one that is not only going to work out right for you money wise, but also cover wise too.
So, is it worth it?
Whether or not a car warranty is going to be right for you is really down to you and you own personal circumstances. Essentially, if you think that you are someone who will find it hard to pay out for repairs that need to be carried out on your car, or that you won’t be able to save up each month and put money away. Then warranty on a used car could be a really great idea for you.
Rather than having to worry about paying out when the time comes, you know that you will be able to speak to your provider and ask them to cover the costs and keep you in pocket.
Buying a used car can be a great way to save money and buy the car that you want. Why not protect your brand new purchase by taking out a warranty that will cover your car and help you to pay out should the worst happen?
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