With more complicated automotive technology and electronic components, the repair cost is increasing rapidly and this can be frustrating for car owners.
Like most consumers, we would ask the mechanic to only repair those life threatening defects to reduce the impact to our budget and leaving the minor problems as is. However, this will cause us to keep worrying about the driving safety of ourselves and our family.
With the extended warranty coverage, we won’t need to worry about the repair cost! We would naturally want the car dealer to repair all necessary items on the vehicle and everyone would have a peace of mind.
With the extended warranty coverage, you will surely get a higher resell value because the warranty is transferable. The buyer would not need to worry about problems that were not repaired and the problems that may arise.
The best and cheapest time to extend the warranty is when it is new. The premium increases according to the time and mileage. Most vehicles within 7 model years and within 100,000km are eligible for extending the warranty (after a free mechanical and electrical inspection).
Of course, the vehicle would still need to be serviced as per the schedule required by the manufacturer and shall be repaired at any authorized car dealership in Canada or in the U.S.A.
Safe driving may be able to prevent us from car accidents, but this would not prevent us from the wear and tear that causes the mechanical and electrical breakdowns.
Car insurance costs about $2,200 per year. It costs only about $2,000 to extend you car’s *complete vehicle warranty for an additional 5 years, which is, only about $500 per year.
As experience by most drivers, the repair cost would rise to the highest point in the 5th to 8th year. Extending the warranty can eliminate such burden for car owners and save us from unexpected expenses.
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The extended warranty service contracts are insured by the
Old Republic Insurance of Canada, member of Old Republic International Corporation.
( NYSE: ORI )
