Why would I want an Extended Auto Warranty? 5 reasons for purchasing one
We often focus on explaining why you shouldn’t be overpaying for an extended automobile warranty from a dealership — but why would you want one at all? Here are 5 reasons that we keep talking about here in the Obvi office:
1) You could save thousands
When something goes wrong with your car, it’s very annoying — you suddenly realize how dependent you are on it. But what makes it worse is how much it could cost to get your car, and your lifestyle, back up and running.
Car repairs aren’t cheap, and if something goes really wrong and you aren’t covered, you may have to suddenly pay thousands of dollars out of pocket to foot the bill. What happens if you suddenly need a new transmission or expensive electronic component — would you have $4,000, $5,000 or more ready and waiting? This can really add up over time, too, if you have multiple claims.
It’s common to think that you can only make one claim per warranty policy, but this isn’t always true — you can often make as many claims as you have to throughout the lifetime of your policy, within your per-claim and gross-policy limits. This is true with an Obvi warranty.
We sometimes hear from people who are concerned about per-claim maximums — a whole engine replacement for a domestic car averages around $9,000, and it’s rarely the case that your entire engine and all of its components fail. The vast majority of failed component repairs cost under $3,000. If you own a very high-end luxury vehicle, major repairs can cost significantly more, so you should be sure to understand what can go wrong with the vehicle and what coverages are available.
3) Less financial worry
Instead of worrying about that potentially huge car repair bill and whether you have enough money to cover it, you can instead sleep easy thanks to your warranty. If something goes wrong, you are covered. It’s important to do your due diligence to ensure this is the case. Make sure to understand your coverage before you buy, have someone at the provider explain the whole process, and shop around to compare coverage and prices so you don’t fall for a good sales pitch. Excellent customer service and a quick, easy claims process are important.
4) No one-time-component rule
Some warranties have a clause that you can only claim a component once throughout the life of your contract or policy. Obvi makes it clear that there is no one-time-component rule per policy. If the air conditioning breaks, you get it fixed, and if it breaks again at a later date, you will still be covered. This should be the case with any extended warranty policy, but there is sometimes confusion and this is not made explicitly clear.
5) Resale value / Keeping it longer
Letting go of your vehicle can sometimes be stressful and difficult. You want to get the most out of the money you have already put into it. With an extended warranty, you can keep your vehicle longer without having to worry about expensive unexpected repairs that can come when it gets older. And if you decide to sell it or trade it in, you can get a much better price for a car that has a warranty than one that doesn’t.
It’s no longer the case that an extended auto warranty is extremely expensive, and therefore not worth it. By bringing an extended auto warranty online and cutting out the middleman, Obvi’s policies are a fair price, so you don’t have to break the bank. In the event of repairs, you really could end up saving thousands by Obvi covering the repair bill.
To conclude; why would I want an extended auto warranty? Save money, fewer worries, excellent coverage, and higher resale value. Simple!