An aftermarket car warranty is a protection for your vehicle that you purchase after the manufacturer’s warranty expires to help pay for repairs. Owning a car costs money due to the monthly payments, insurance, and repairs. The factory warranty on a new car offers some insurance against mechanical failure, but what happens after that warranty expires? An aftermarket auto warranty, also known as a “vehicle protection plan” or “vehicle service contract,” would be the ideal choice to pay for repairs.
With so many options, you must conduct some research to find the service that best meets your needs. Autopair has done the work for you by explaining all you need to know about aftermarket warranties for a used car in Canada or for a new one and evaluating warranty providers based on customer service and industry reputation. Our results have been gathered to highlight the best vehicle warranty providers.
An Aftermarket Car Warranty:
When the manufacturing warranty expires, an aftermarket warranty covers it. It’s not only available when you buy the car; you can add it at any time. Aftermarket car warranties can also be called “extended auto warranties,” though technically, these are both vehicle service contracts commonly provided by third-party providers. These auto protection plans are a typical source of vehicle protection, especially for used cars. They cover the cost of repair parts and labor, just as the manufacturer’s warranty does.
Where Can You Get an Aftermarket Car Warranty?
A dealership or independent organization might provide you with an aftermarket auto warranty. Original Equipment Manufacturer (OEM) parts and factory-trained mechanics are available through the dealership. Normally, you have to bring your vehicle to the manufacturer’s facilities and services. This could be a benefit or a major drawback. More flexibility is provided with a third-party aftermarket auto warranty. You can visit any authorized repair facility with the mechanic of your choice.
Types of Aftermarket Auto Warranty Plans:
There are many different types of aftermarket auto warranties. The plan expires when one of the limits is reached, just as factory warranties do. The limits are designated by year and mileage. For instance, a 5-year/60,000-mile plan would expire if the car was either 4 years old but had 60,000 miles on it or 5 years old and had 40,000 miles on it.
Drivers can select from a variety of different coverage lengths from the leading vendors. Drivers can also choose which items the plans cover. Many companies offer five basic coverage options that use a method similar to this:
Exclusionary coverage: The highest level is similar to a factory bumper-to-bumper warranty and lists the things that it doesn’t cover to define the plan. It won’t cover wear and tear, misuse, or neglect, just like a factory warranty.
High-stated coverage: The next level is the highest level of stated coverage, and the contract precisely describes every component that is covered. This level of planning may include hundreds of different parts.
Medium-stated coverage: This level often covers the majority of the car’s major systems, such as the electrical, steering, and A/C systems.
Low-stated coverage: Also referred to as a “powertrain plus” plan, this provides coverage for the powertrain as well as a few important assets.
Basic powertrain: This is the least that an extended warranty covers and is comparable to a powertrain warranty. The costs of the drivetrain, transmission and engine are all covered. On high-mileage cars, it’s logical to protect these components since they might be expensive to fix.
Automotive Aftermarket Warranty Flexibility:
In comparison to warranties from the manufacturer or a dealership, aftermarket vehicle warranties offer more flexibility. For instance, factory extended warranties must often be purchased before the expiration of the standard warranty. In some cases, you must get an extended warranty when you buy a new car. How would you determine if you need one that early?
On the other hand, aftermarket auto warranties can be added at any moment. Additionally, they last longer than factory-extended warranties. For instance, Toyota’s longest extended warranty coverage is only good for 125,000 miles, whereas the best aftermarket plans offer plans with 200,000 or 250,000 miles of coverage.
What Benefits Are Included in Aftermarket Auto Warranties?
Because of the additional benefits that come with dealer-backed coverage, many drivers now prefer to keep using it. However, aftermarket options also offer many of the same benefits. The following benefits are offered by some of the top suppliers:
- Towing and 24-hour roadside assistance
- Benefits of Trip Interruptions
- reimbursement for a rental automobile
- Repair funding
- ID theft protection
How Much Does an Aftermarket Car Warranty Cost?
According to estimates, we obtained from more than 30 warranty providers, an extended warranty typically costs $2,862 per year. An aftermarket auto warranty’s cost is based on a variety of factors, including:
- Vehicle year and mileage
- automobile brand and model
- Your desired level of protection
- Choose a deductible supplier of your choice.
Are Aftermarket Car Warranties Worth It?
If you missed the opportunity to purchase a dealer-backed extended plan, an aftermarket warranty is the best vehicle warranty and is a smart solution to provide you peace of mind after your factory coverage has ended. In any case, we believe there are some benefits to choosing an aftermarket plan over a dealer-provided one.
If you buy a used car, aftermarket plans can also be helpful because you might not be aware of its service history, and the extra security may one day save your life. Many aftermarket warranties have flexible payment plans to make budgeting easier. But as you shop around, be careful to read the fine print.
Conclusion
After your factory warranty expires, you may find comfort in an aftermarket vehicle warranty. You can select the plan that best suits your demands and budget from Autopair, which varies from powertrain plans to bumper-to-bumper. Visit our website for more information.
