Extended Service Plans
Is an Extended Service Plan necessary? That depends on you and your situation. If an unexpected repair may represent a financial challenge or if you simply prefer the peace of mind of having repair coverage on your vehicles then an extended Extended Service Plan plan is something you may want to consider. You can get a quote on an extended Extended Service Plan and judge for yourself whether such coverage is right for you.
With over 14,000 components on today’s vehicle, warranties or extended service plans can provide a welcome sense of security from the unanticipated expense of auto repairs. More than one-third of all vehicles experience a failure in a given year. The average extended Extended Service Plan contract holder will make 4-5 claims over the life of their plan. Should your vehicle fail after the factory Extended Service Plan expires, extended Extended Service Plan plans can protect you from repair costs that can be in the thousands of dollars. More importantly, it can be tempting to put off needed repairs until you can afford the cost of the repair. This delay may result in additional damage to the vehicle, and can create unsafe driving conditions.
The risk of component failure and associated repair costs increases with your vehicle’s age and mileage. Today’s vehicles are extremely complex and contain many electronics, high tech sensors and computers. While engines and transmissions are more reliable than ever, it’s these other parts that fail more frequently. As vehicles get more and more “high tech”, associated repair costs are forecast to rise dramatically.
Much like life insurance costs rise as we age, the cost for a car extended Extended Service Plan will rise as the vehicle ages and accrues mileage. You will be offered the longest terms and the lowest rates for newer vehicles with lower mileage.
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