What type of auto warranty can I buy?
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Powertrain Warranty : Covers the engine, transmission, and other parts of the drivetrain only, which is defined as the 29 parts of the vehicle through which oil flows. These are the parts least likely to fail.
The average vehicle contains thousands of parts. As it does not cover the majority of the components of a vehicle, the powertrain warranty is truly not an extended warranty.
Bumper-to-Bumper Warranty : Covers nearly all of the mechanical systems of the vehicle, from front bumper to back bumper; except for those on the "exclusion list", listing the parts that are NOT covered by the extended auto warranty. It is much easier for a consumer to see a short list of items that are not covered and know that everything else is.
Named Component Warranty : Covers the major mechanical systems of the vehicle from mechanical breakdown and mechanical failure. If the part is not listed, it's not covered by the contract.
NOTE: ***Some companies sell the same or similar plans as above, and use the term bumper-to-bumper. This can be misleading because it is always an inferior level of coverage.
Consumable items, such as brake pads or windshield wipers, are never covered. Roadside assistance and travel reimburcement plans are typically offered as part of the extended auto warranty package; even while the basic warranty is still in effect. Some even offer free lodging and meals if your vehicle breaks down on a trip.
If the manufacturer's warranty for my vehicle has expired, can I still obtain extended auto warranty coverage?
Many consumers do not realize that even after the manufacturer's warranty has expired, their vehicle is still eligible for extended coverage. You can generally receive coverage on vehicles that have less than 100,000 miles on the odometer. A vehicle out of it's original warranty is more apt to have mechanical failure compared to a newer vehicle. For this reason, vehicle inspections are required. A good example would be life insurance. As you age, can you get a comprehensive life insurance policy without a physical and increased cost?
How does the claims process work?
The top warranty companies work like this: If your vehicle breaks down or is in need of a repair, take it or have it towed to any licensed repair facility and present your service agreement to the Service Department. After they diagnose the problem with the vehicle, they will call the claims administrator toll-free and receive repair authorization for all your covered repairs less a deductible where applicable.
All claims are paid directly to the repair facility of your choice with a corporate credit card, therefore, you do not have to pay for your repair and wait to get reimbursed.
Where can I get an instant quote for an extended auto warranty for my vehicle?
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This 25 year old company has the experience of nearly 2 million contracts sold, assets in excess of $140 million, has paid over $400 million in claims and they are reinsured by an "A' rated A.M. Best insurance company with over $2 billion in assets.
Their excellent track record is why car dealers, bank and credit unions offer their coverage. When looking at extended warranty companies, financial stability and claims paying experience should be of utmost importance.
In 2004...
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$38 million in paid claims
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