Thinking of owning a car or already have one? Perhaps car ownership is one of the U.S fast-growing sectors of the economy with a prospect of steady growth in the next five years. According to a study conducted in the U.S., data showed that in 2016, $23 billion was spent on car protection plans and $17 billion on vehicle service contracts. This means that expenditure on extended warranties is some of the biggest. But the biggest question is “How is an extended warranty important to a car owner and why should one go for it?”
Who doesn’t wish to have a car of his or her choice for long? In fact, studies show that first-time car owners are always interested in keeping their vehicles for longer. If you are like most car owners, you are likely to keep your vehicle for a longer time. Therefore, you are going to find a vehicle warranty more essential since your ordinary warranty tenure won’t be sufficient to keep it running long after its expiry.
Today, car repairs are pricey compared to having an extended warranty not to mention the fact that keeping appointments at an auto shop can be damn tiresome. The more you keep your car the more you are going to spend more on repairs and maintenance. By buying an extended car warranty, you make a lot of long-term savings.
Enjoy the Peace of Mind: perhaps what every car owner wants is peace of mind. As a car owner, you end up paying a little higher to obtain an extended warranty but the good news is that the benefits are far weightier than the cost since you rest assured that you have no worries about possible repair costs since the coverage already took care of it.
What many car owners thin is that only car dealerships sell extended warranties—this is not always true. Numerous other companies out there offer extended warranties at extremely competitive prices and affordable terms. Therefore, consumers of these products can take advantage of the numerous options, analyze different coverage plans before deciding to buy the best warranty that fits their particular needs.
A Variety of Coverage Options: Even where your original warranty has expired, you can now purchase another one from some of the most reputable companies. What’s more, car owners are not limited to renewing their extended warranty, but can now buy warranties for other vehicles they own.
Buying an extended warranty is like purchasing health insurance. This means you may never use your coverage at the end of the usable period, but as they say, “Prevention is better than cure”. If you happen to have a large repair bill, an extended warranty will cushion you a lot from the out-of-pocket expenses you would otherwise have paid.
How costly is an Extended Warranty?
Is extended coverage expensive? Some people say an extended warranty is cheap while others maintain that is costly. The truth is there is no one-fit-it all answer to this question. The cost may range from a few hundred dollars to $1,000 or more a year depending on a number of factors, including the following:
- The age of the car
- Mileage of the car
- Whether you are buying from a dealership or a third-party provider
- The car model, make and year of manufacture
- The level of coverage you are buying
- The kind of tech add-ons in the car
- The owners’ driving habits and routine
Of course, other costs may be part of the extended warranty such as deductibles. In a nutshell, the options you go for will inform the overall cost of the warranty. Deductibles are the number of monies that you pay out of pocket when you take your car for repair. For instance, if your deductible is $200, you will be expected to dig into your pocket and pay this amount so that your carrier covers the rest of the cost.
The Role of Bryan REO Elijah Norton in Scaling the Heights of CarGuard Brand
Elijah Norton has become a household name when it comes to the auto protection industry. In fact, his name won’t escape the lips of anyone who talks about CarGuard Elijah Norton, a reputable auto protection company that has lived up to its promise. As the chief advisor and executive chairman, Elijah Norton together with Bryan REO CarGuard has continued with their legacy of making CarGuard the best company by designing the best working frameworks that have seen the company register steady growth in not only investments but also profits. He has re-engineered the business processes at CarGuard and made the company turn around its overall profitability and cash flows. Ideally, Bryan REO Elijah Norton has ensured that CarGuard remains a super brand that leads the park.