When you own a car, it’s not just the initial payment of the vehicle itself that you have to worry about. There are lots of ongoing costs that are associated with being a driver and it can sometimes feel like the payments are never-ending.
Just like health insurance, car insurance is a legal necessity. Then there’s the road tax and MOT fees every year. While there’s nothing that you can do about these payments, your car warranty is another story. By law, you don’t need to have a car warranty. It’s an extra layer of coverage that is completely optional and it’s up to you whether or not you want to get one.
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What is a Car Warranty?
An extended car warranty is a type of insurance for your vehicle. Depending on the type of car you have, you might need a specific kind of car warranty. For example, a Chevrolet extended warranty is relevant for Chevrolet cars.
An extended warranty provides an extra layer of coverage on top of your car insurance. It covers the costs of some of the repairs and replacements in your vehicle that might occur over the years.
Extended warranties do not cover the costs of repairing every kind of damage that can occur to your vehicle. They will not cover general wear and tear. However, they will cover things issues with your car’s engine, clutch, suspension, and electrical wiring.
When you buy a new or second-hand car, it will come with a short warranty. Usually, the warranty expires after three years from the date of manufacture or after the car has been driven a total of 60,000 miles.
After this point, you will be offered the option to extend the warranty for another six to twelve months. You can extend your warranty with the same provider or choose a different company. The cost of your extended car warranty will vary depending on the model of your car and the length of the extension.
Why Should You Get an Extended Car Warranty?
It’s important to weigh up the pros and cons when deciding whether you want to extend your warranty. As we mentioned above, you don’t need to extend your car warranty by law.
Some people would rather take the risk and do not choose to get an extended warranty. Others like to have peace of mind knowing that their vehicle has an extra layer of protection on top of their car insurance.
However, there are many advantages to doing so, including the following:
- The costs of repairing various damages to your car will be reduced while your car is under warranty
- Damages will be fixed quickly
- You won’t need to do the research to find a great mechanic or auto shop
- There is less pressure to have an emergency fund set up just in case your car gets damaged
- You can relax a little knowing that many of the potential damages to your car will be covered by your warranty provider
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