Financial products are an interesting area of research, especially if you are interested in investing in the right kind of insurance plan for yourself and your automobile. While there are many ways in which you can protect your vehicle, car warranties are a pretty popular category simply because:
• They come with a huge range of benefits
• Car warranty providers are vying with each other to give you the best possible solution
• Leading insurance companies administer various kinds of plans and
• Car warranties go a very long way in helping you deal with repair costs and protect your wallet.
Car warranties come in many different forms known as service contract plans or coverage plans. Each plan has its own set of benefits to offer. It would be a very good idea for you to contact multiple car warranty providers and ask for a full list of plans and get an idea about what they encompass.
Comprehensive coverage plans
Known also as full coverage plans, these car warranties are all about covering all the components or aspects that were covered by the original or manufacturer’s warranty in the first place. In most cases, there will also be a list of exceptions for such plans. These exceptions or exemptions will be detailed completely on the websites of car warranty providers.
Some of these exemptions may be:
• Battery and battery cables and so on.
Take a look at the contract
The contract that will need to be signed between you and the car warranty provider will also be available online. You simply have to choose a plan that you may be interested in and then go to the contract page which details every possible aspect of the plan.
This contract will give you enough information on:
• The insurance administrator of the plan
• The timeframe of the coverage
• The deductibles that come into play – which basically means the amount that you will be required to pay to cover breakdowns
• The licensed repair facilities that you can access
• The geographical territory that applies to the contract and
• The transferability of the plan.
Your vehicle and its mileage
One of the basic ways in which you can differentiate between the various kinds of plans as far as car warranties are concerned is to go as per the number of miles that your vehicle has covered. For instance, a provider may have premium stated component coverage for vehicles that are under 100,000 miles.
Such premium stated components coverage plans will offer you a financial protection against quite a large number of major repairs and even minor problems that may otherwise cause you a lot of distress.
Here again, it is an extremely good idea for you to get into the details of the contract which will give you complete information on what are the major and minor repairs that you can execute once you are under the protection of a stated component coverage plan.
There is no denying the fact that getting the right kind of car warranty plan will go a very long way in helping protect your wallet and increasing the value of your car as well.