The extended warranty services industry has suffered a great deal at the hands of the truth behind the old saying, “A few bad apples spoil the whole bunch.” If you are wary of extended warranties because of a bad experience or something you’ve read online, we’d like the chance to respond to the three most common extended warranty myths.
Myth 1 – You’ll Never Use the Warranty
About half of people who buy extended warranty services end up using them. So unless you think 50/50 are good odds when it comes to thousands of dollars, this isn’t a valid reason to pass on a warranty. The fact is that some cars are far more likely to need repairs than others, so you may want to do some advance research if you are that worried about using the warranty. Remember that part of the reason for the warranty is peace of mind. You carry car insurance and health insurance even though you hope you never have to use them, right? Think of an extended warranty in a similar way.
Myth 2 – Your Coverage Will Cost More than the Repairs
First of all, labor is often over $100 per hour, and garages/dealers charge double what they pay for parts. Repair costs are skyrocketing, so you only need one major repair to have gotten a steal on your warranty. Remember too that you are also paying for the peace of mind that if your car doesn’t start one morning, you don’t have to decide between spending a few grand on repairs or using it as a down payment on something new.
Myth 3 – All Extended Warranties Are Scams
There are scammers in every industry. Most extended warranty companies are legit. But to be safe, make sure that your extended warranty provider is an accredited member of the Better Business Bureau like Vehicle Service Center. We have affordable coverage options that can bring you peace of mind without breaking the piggy bank. Call 1-800-280-6708 to get your free quote today.