Some life events are impossible to forget. One of the most unforgettable is passing your driver’s license test and getting your first car. The thrill and excitement you feel as you prepare to take the open road in a vehicle for the first time without an instructor or guardian in the car next to you.
As a new driver, a lot of responsibility comes with the thrill of driving, such as being a safe and cautious driver, especially when there are pedestrians around. However, another responsibility you’ll have to consider is the actual cost of having a vehicle.
The prices of filling up your tank and keeping your car clean and running in optimal condition can quickly pile up. So having an unexpected breakdown is the last thing you want to experience as a new driver.
With the increased risk of driving hazards, buying an extended warranty is essential to help keep you protected when it comes to unexpected expensive repair costs.
What is an extended warranty?
An extended warranty is essentially an insurance policy for your vehicle, protecting you from costly, unexpected repairs. It covers repairs for a predetermined duration and miles. An extended vehicle warranty usually begins when the manufacturer’s warranty expires.
Do you need an extended warranty?
When it comes to buying a new car, reliability is the top priority. While the brand and model are essential factors, there are other ways to protect yourself as a new driver if something goes wrong with your vehicle.
For many, this means securing an extended warranty when buying a vehicle. But is an extended warranty worth it? Here are five reasons why you may need an extended warranty:
It provides security after the dealer’s warranty ends
While most cars come with factory warranties from the dealer, these are frequently subject to regulation such as mileage, years of ownership, or a limited number of repairs. As a result, you may need to purchase extended warranties to secure your vehicle and avoid leaving it unprotected for an extended period.
It protects your investment
A standard auto warranty does not cover everything. For example, it might not cover engine problems or the replacement of worn-out parts. You may also be responsible for damages caused by a collision, vandalism, or theft. They will not even cover damages caused by natural disasters like a tornado or lightning in most situations. However, when it comes to an extended car warranty, this isn’t always the case.
The best extended car warranty is typically intended to provide reasonable care and maintenance of durable parts. With this, you’ll be able to keep the value of your car, which is an expensive investment, from depreciating due to wear and tear.
It will help you save money
Car repairs are expensive. These can cost thousands of dollars depending on the severity of the problem. However, you can avoid unexpected fees by purchasing an extended auto warranty in advance. A warranty will cover the entire cost of the repairs, and you’d be responsible for the deductible if there is any.
It can give you peace of mind
One of the main reasons you need to buy an extended warranty is that it can provide you with peace of mind. As a new driver, you won’t have to worry as much if you know the warranty will protect your vehicle in the event of breakdowns or damages.
If your vehicle breaks down, you won’t have to buy a new one or have it towed to a repair shop because most providers will cover it under their warranty. You may also be confident that any unexpected mechanical issues will be taken care of.
You can customize your coverage to fit your needs
The needs and preferences of car owners usually differ. Some companies provide all of the benefits of an extended car warranty for drivers who require them. Some merely cover repair costs, while others may cover mechanical failure as well as engine wear and tear.
If you own a modern vehicle with advanced features, electrical wiring, and computerized systems, you may also have additional benefits that cover these as well. You can always choose a plan that fits your specific needs and circumstances. You’ll be better protected with more precise coverage, and you won’t have to pay for things you won’t use.
How to choose the best extended warranty?
There are two types of extended warranties: those provided by carmakers or car manufacturers, such as Mitsubishi, Ford, or Toyota (also known as original equipment manufacturers or OEMs), and those from third-party providers. Companies in the latter group provide insurance or warranties but are not directly affiliated with car manufacturers.
There are many extended warranty providers to choose from. But dealing with a highly respected and well-known warranty provider can help you save money and time in the long run.
Darren is an expert on driving and transport, and is a member of the Institute of Advanced Motorists
