Car Warranties for Seniors
For seniors who still own a car
, warranties can come in handy, especially if the car is older and the original warranty has expired. As the mileage adds up, the car can experience problems due to excessive wear and tear.
Since buying a new car may not be in the budget, many seniors opt for extended warranties. These warranties can help to lessen the cost should a problem occur. Extended warranties can protect a car past the original warranty which is typically three years or 36,000 miles, whichever comes first. Many car owners will tell you that their car problems began once the original warranty expired and they were left to foot the bill for entire repair cost. An extended warranty would have decreased the amount they had to pay.
When Should You Get an Extended Warranty?
If possible, you should secure your extended warranty before the original one expires. This will lower your cost. If you wait until the mileage adds up and you’re near the 100,000-mile mark, it can be more expensive and may end up not being worth it at all.
Why is an Extended Warranty Important?
An extended warranty can help with the cost of repairs as your car gets older, especially if it’s at or near the 100,000-mile mark. If you’re a senior citizen on a budget, unexpected car repairs can put a real dent in your bank account. Having an extended warranty can help to minimize those costs.
Should I Invest in an Extended Warranty?
The cost of an extended warranty will depend on the make and model of your car as well as the mileage and the condition.
When your car’s original warranty has expired, think about how much longer you plan on driving and how much longer you plan on keeping your car. If you’re in good health and don’t see yourself needing to stop driving anytime soon, then an extended warranty may be a good idea. Also, if you plan on using your car until it reaches the 100,000-mile mark or more, then you’ll also want to invest in an extended warranty.
An extended warranty may not be worth it if you plan on selling the car in the near future. You want to be able to get the most out of what you’re paying for, and in that scenario, it may not be the best idea.
Things to Ask About Extended Warranties
As you’re deciding whether an extended warranty is right for you, consider the following:
Is a deductible involved?
The point of an extended warranty is to reduce your cost should a repair be necessary. Look into how much you’ll have to pay out of pocket to determine if the extended warranty is worth it. A high deductible may not be worth the cost of the extended warranty.
Is there anything else included with the warranty?
Some companies will include roadside assistance for a limited time with their extended warranty. It’s important to ask what other types of perks may come with the warranty.
Can you choose where repairs are made?
If the company has a short list of places where repairs to your car can be made and none of them are close to you, then the extended warranty from that particular company may not be worth it. Look for one that allows you to choose where the repairs made. This is also important if you bought your car in one state, but have since moved to another.
Do you have to pay for repairs up front and get reimbursed?
If this is the case, look for a company that will pay the repair shop directly. You don’t want to have to pay for the repairs first and then wait an unspecified amount of time to get your money back. It’s just not worth it.
Are there coverage limits?
Although your car may have a lot of miles, you’ll want to know what types of coverage limits are included with the extended warranty. If there are too many limitations, then the extended warranty may not be in your best interest.
If you’re considering an extended warranty for your vehicle, shop around and do your homework. One of the best things you can do is to ask around to see if others have had success with certain companies. This will also give you insight into which companies you’ll want to avoid.