Will Car Warranty Increase or Decrease This Year?
This year marks the start of another year in car shopping after the huge increase in new cars registered in 2016. However, even with this increase, car warranty protection is something you should know about before you even start shopping for a car this year. With the cost of living and energy being expected to rise, the cost of running your car will be enough without a good car warranty to cover you in case something goes wrong. A new car warranty is an agreement between you and the auto maker that states what you need to do during the running and servicing of the car such that in case of part failure, the manufacturer can cover the costs.
What makes up a Good Car Warranty?
• It should include some form of cover for parts that fail due to wear.
• It should cover parts that fail due to consequential damage. The biggest culprit in such situations is a timing belt.
• It should cover diagnosis costs
• The car warranty should cover failures identified during your routine service check to save you from having to pay for unprecedented failures out of pocket.
• The car warranty limit should be substantial enough to cover you for expensive failures.
• Choose a car warranty enables you to choose a repair facility and transfer funds directly to them to help you stick to your trusted mechanic.
• The warranty seller should also be insured such that you are always protected even in the scenario where your warranty seller cannot complete the claim due to unexpected circumstances.
Will car warranty increase or decrease this year? While this is a complex question, cars being launched are more reliable and hence have low running and servicing costs as well as less frequent visits to the service shop. However, due to the highly complex electronic and mechanical parts designed the cars more comfortable and high performance, part failure could run up high costs. Also, buyers prefer longer, transferrable and extended car warranties which are more costly.
Therefore, it is quite likely for the cost of car warranty to increase or decrease this year. However, this depends on the car maker as well as the type of car warranty plan that the buyer is willing to settle for. While most offer a standard 3-year, 60000 km car warranty excluding regular wear and tear and cosmetic damage such as damage to the painting, others have added years and unlimited distances covered. These include Mazda, Kia, Volkswagen, BMW, Land Rover, Audi and Hyundai among others. This write up was written by UK’s top insurance firm based in London. If you need some help with insurance claims, quotes and insurance questions then visit email them @ [email protected] .