For most drivers, purchasing a vehicle—new or used—is likely one of the most significant purchases that is undertaken. When purchasing from a main dealer or a private dealer, you may be offered the option of buying an extended warranty for the vehicle.
In this blog, we look into what you should be aware of when buying a warranty and what may or may not be covered by the policy.
What is an Extended Warranty?
An extended warranty is essentially a policy that will cover certain repairs or services beyond the period of the manufacturer’s warranty. The cost of these warranties varies considerably; if the price seems too low, it may not cover enough to be worth it.
It is important not to be pressured into buying a warranty without taking into account the following points:
Details of Cover
Read the policy thoroughly; examine what is covered and what is excluded. Don’t skip the fine print in the terms and conditions—there may be conditions you are averse to. For example, they may insist on using their own mechanics and not one of your choice, or the policy may not offer a courtesy car.
Extended Warranty Provider
It is wise to research the reputation of the policy provider. There is a lot of information available online to review vehicle warranty companies.
Is it Worth it?
There are many factors to weigh up before purchasing an extended warranty. If you are buying a very reliable vehicle or don’t do a great deal of mileage, you may not need the reassurance that a policy will give you. Alternatively, buying a comprehensive warranty could give you peace of mind knowing that certain repairs are covered should the worst happen.
Understanding what the policy covers—and more importantly, doesn’t cover—will allow you to make an informed choice on whether to purchase an extended warranty.
General Exclusions in Extended Vehicle Warranties:
Maintenance
General maintenance, like servicing and oil changes, is not usually included in warranties, although some manufacturers or dealers may offer a free servicing and maintenance package as a sweetener to sell a vehicle.
Wear & Tear
Wear and tear, including scratches and dents to the bodywork, is never included. Tyre wear and damage are also excluded from warranties.
Accident Damage
Accident damage is covered under your car insurance policy, not an extended vehicle warranty. Misuse of a vehicle, like driving off-road in a car that is not built for that purpose, is also not included.
Modified Parts or Unauthorised Repairs
Any modification made to a vehicle, or repairs done in a repair shop not authorised by the warranty company, is likely to void the warranty.
Pre-Existing Problems
If the vehicle had an ongoing issue before the warranty was taken out, this will not be covered by the policy.
Lastly, it is essential that you have your car serviced regularly, as this is a condition of the extended vehicle warranty. If you make a claim and have missed a service, your warranty will be considered invalid and void.
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