Like a life insurance plan for yourself, it is important to find the right plan for your car when it comes to auto extended warranty plans as well. There are so many options out there that it becomes rather easy to find the right one. However, it is good to do your homework and keep a few points in mind when trying to make a choice.
Start with the provider
While searching for information on the various auto extended warranty providers, it would be a good idea to look into aspects such as:
• Longevity and reputation
• Accreditation from agencies and organizations such as BBB, Consumer Affairs and so on
• Range of plans backed by leading insurance companies.
Kinds of plans
Each warranty provider has a wide range of plans to offer. The specific terms and conditions will differ from provider to provider but you could check plans according to the administrators of a plan, the components they cover and the financial implications for you.
Full coverage plan
Such a plan, as the term implies, will cover all repair and maintenance costs. Sometimes the warranty provider may peg it to a specific number of miles. For instance, a full coverage plan may be applicable to vehicles that are under 60,000 miles. In simple terms, this kind of coverage plan covers all the parts and components that were covered by the manufacturer.
Coverage for stated components
Major and minor problems and repair work will be covered under stated component coverage plans. Vehicles that are under 100,000 miles can enjoy such a coverage. Again, this number may differ from provider to provider.
An older vehicle is prone to problems with components such as:
• Specific components or parts of the engine
• Starters and so on.
With stated component coverage, a vehicle owner such as you can also enjoy wear and tear coverage which will be perfect for a vehicle that has seen quite a bit of mileage.
Within the stated component coverage plans, you can look for regular and premium plans which will basically differ according to the number of miles that a vehicle has covered and the extent of coverage they offer. If you want extensive coverage, it may be better to go in for a premium coverage rather than a regular plan.
Another type of plan that you can look at is the powertrain coverage. This may either be a standalone plan or an important part of other plans. Visiting websites like Pay My Repairs will be beneficial as you will get to know about all the available plans.