11 months agoDoes an extended warranty on your car worth the cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and where products appear on this website, for example, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage and home equity products, as well as other home loan products. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be open to you. Aaron Greene/Getty Images

3 min read . Published November 28, 2022

Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched information that breaks down complex subjects into bite-sized pieces. The Bankrate guarantee

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So, this compensation can influence the manner, place and in what order items are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether or not a product is available in your region or within your personal credit score could also affect the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include information about each credit or financial product or service. A longer-term car warranty could help you avoid financial strain when your vehicle requires emergency repairs. What is the best way to determine if an extended car warranty worth it? This largely depends on the details of the warranty as well as your requirements. How much does an extended warranty for your car cost? When considering extended car warranties, cost is a major factor. Extended warranties are priced differently and range from a median of between per year. The cost is contingent on several factors, such as: The provider. What is covered in your current warranty. The model, make and year of your car. The miles your car travels. What you live in and how often you drive. The cost of replacing parts and labor. Discounts you can claim. Other factors that impact the price of an extended car warranty include the extent of coverage, the level of coverage, and the deductible. The greater your deductible, the less the coverage’s cost. On the flip side, the lower your deductible, the higher your premium. Remember: If you are paying for your extended warranty with an auto loan it will mean that you are paying for not just the warranty but also for interest on that amount. What does an extended warranty provide? An extended warranty on your vehicle generally covers unplanned, expensive repairs involving key systems of the vehicle, including heating/air, the engine and brakes. Your exact coverage will depend on the warranty you buy and could include parts, labor or both. Certain extended warranties include insurance for roadside assistance, tire replacement, and other expenses related to your vehicle that you might experience. The drawbacks of extended car warranties While an extended car warranty can possibly help you save the expense of costly repairs however, let’s look at some of the drawbacks you might encounter when purchasing one. Not all repairs are covered because an extended warranty usually matches the new car’s warranty, it also reflects the limitations such as mileage and what repairs are included. Look at the fine print and the exclusions list when determining the extent of coverage worth the price. There’s a limit on time. warranties on vehicles are only valid during the duration in the extension of warranty. For instance, it might extend the original warranty by 2-years and 24,000 miles. If you started with the warranty being three years and 36,000 miles, it means the total warranty will last 5 years with 60,000 miles. You might not use it If you did decide to take into an extended warranty, 45 percent of them ended up tapping to their warranty’s extended period, according to a . The remaining 55 percent didn’t. People who bought one and used it suffered a net cost of over $375. You might not need it in the first place Check the track record of the vehicle you want to purchase by doing your researchand looking at car reviews, recommends Renee Valdes, senior advice editor at Kelley Blue Book. “If the car is marketed as having a check before you sign to extend the guarantee,” says Valdes. This money could be put toward instead. Savings for emergencies can be used to be used to pay for any repair on a car and not only repairs which are covered under the extended warranty with no time limit. If it’s logical to buy an extended vehicle warranty. An extended car warranty is only useful only under certain conditions. Extended warranties may be beneficial for those who plan to drive their vehicles for a long time beyond the bumper-to bumper and powertrain warranty, Valdes adds. “There’s nothing more frustrating than being faced with a huge bill for a broken item on your luxury vehicle when there’s no warranty to cover the damage,” says Valdes. If your manufacturer’s warranty has expired and you’re in a position to repair the item, it’s an ideal idea to get onto an extended warranty for your car. Warranty information from the manufacturer is on the label on the car’s window. If you’re able to buy a warranty it will help you pay for covered repairs. It is helpful to know what is covered in the initial year of owning the vehicle. In order to avoid expensive repairs, be in the loop with your vehicle’s upkeep. “It’s always best to keep up with maintenance on your car so that overall repair costs are low for the timeframe you own your car,” says Valdes. The bottom line is that an extended car warranty is not suitable for all. To see whether an extended warranty worth it make sure you do your research and request a few quotes. Research what repairs your vehicle will require over the next couple of years and make sure they’re covered under a specific warranty.


Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces.

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