What are Extended Warranties?
Coverages
Tips for Purchasing an Extended Warranty
Prepaid Maintenance
What are Extended Warranties?
Today’s vehicles are completely different than 15 or 20 years ago. Automobile technology has moved into the 21 st century. While this technology is bringing us safer and more efficient vehicles, it is also bringing us a much more complicated vehicle. “It is not your father’s Oldsmobile,” was never a truer statement. Dealers spend 10’s of 1000’s of dollars each year on training and buying new equipment. The automobile technicians in today’s world must understand everything from electronics to hydraulics to computer technology.
Extended Warranties:
- Provide you with peace of mind
- Provide you with financial security
- Ad value to your vehicle when you decided to sell or trade it in
- Provides you with alternative transportation when your vehicle is in the shop
- Other benefits include towing, tire coverage, trip interruption and road lock out service.
We can customize your extended warranty to meet your driving habits. Our business professionals will help you determine the mileage, term, and deductible that works best for your family, and explain all the ins and outs of our extended warranties. Below is a list of covered components in our Millennium Gold Automotive Protection Plan: Just click on any one of the areas to see a list of the covered parts.
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Coverages (Arrow's Millennium Gold)
Choose a component for it's coverage definitions:
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Tips for Purchasing an Extended Warranty
When considering the purchase of an extended warranty, you should first evaluate the standard factory warranty to determine if the length and degree of coverage meet your driving needs.
Extended warranties are designed to lengthen the standard warranty up to as much as six years. They are available with time and mileage variables that can be selected to meet your specific needs. Many of the extended warranties require you to pay a preset deductible amount every time the vehicle is repaired. The number of components covered vary. You should read the covered component list prior to purchasing the warranty, as some important components may be excluded. Any service or part not listed in the contract is not covered, even if the salesperson says it.
Extended warranties are supplemental agreements between you and the dealer, the manufacturer or the independent insurance company. Make sure your extended warranty has nationwide coverage. Many independent contracts are honored only at the dealership that sold them.
Certain restrictions apply to all policies, so read the contract carefully. Check the deductible amounts, the covered components, the length of the contract, any towing, and rental reimbursement, transferability to subsequent owners, any exclusions and the repair authorization requirements. Extended warranties do not cover the expense of routine maintenance or damage covered by accident or abuse. So you might want to investigate prepaid maintenance policies offered by many dealerships.
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Prepaid Maintenance
Manufacturers have always required you to maintain your vehicle in accordance with the recommended maintenance schedules in their warranty manual. Click here to find your warranty/maintenance manual. Until recently they have not reviewed customer maintenance records before approving warranty claims. However, as vehicles become more and more complicated the need to maintain your vehicle not only becomes more important to its proper operation, but also, to assure the manufacturers that the owner has done their part to keep the vehicle properly maintained. Warranty failures do to poor maintenance are being declined more and more frequently.
Manufacturer and independent companies now offer maintenance programs which allow you to pre pay these cost and spread the expense over the term of your contract. This allows for you to bring your car in and not worry about cost of loss of warranty coverage. It will also provide you with peace of mind because, it is true and always has been true that a well maintained vehicle will last twice as long as one that has not been maintained. Maintenance cost need to be budgeted into your over all cost of ownership.
There are many prepaid maintenance programs on the market. The one’s we have found that work the best are those sold by the manufacturer. They, like extended warranties come in all shapes and sizes to fix your driving habits. We recommend that you review these programs and determine if they are right for you.
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