It is a known fact that people feel safer when they opt for a used car warranty because if something goes wrong following the purchase, the warranty will most likely cover all the necessary expenses so that the buyer will not have to pay from his own pocket. However, you should be very attentive when searching for this type of warranty as it’s a bit more complicated in comparison to the warranty that you normally get when acquiring a brand new car. Usually, there are two types of coverage offered in such cases: comprehensive coverage and breakdown coverage. Both of them should normally cover most of the expenses.
And by most of the expenses we mean the major ones that have to do with the gearbox, engine, suspension and the electrical system as well. You should keep in mind that a used car warranty doesn’t normally include coverage for things such as oil leaks, paint and/or bodywork damage, and issues with the head and taillights. The reasoning behind this fact is because these malfunctions are considered to be normal wear and tear.
As far as costs are concerned, it depends greatly on the type of car and the amount of coverage desired. One way of reducing the amount of money you pay for the warranty is by agreeing to pay a fraction of all the upcoming repair bills. You can think of this as a deductible that you normally pay for car insurance so that you pay less for the policy.
A reliable source for used car warranties are considered to be franchised dealers or you might want to consider an independent provider like Warrantywise or Warranty Direct. In most cases, you can get used car warranty for just about any make and model out there, but there are some exceptions to this rule, such as high-performance cars or vehicles which are used as taxi. Some of the warranty providers also have a few restrictions for cars which are older than six years and/or have been driven for more than 60,000 miles.
As a general rule, the older the car is and the more it has been driven, the less likelihood of a warranty provider to grant you a used car policy. They do however make some exceptions which is why it is best to shop around if you own a car which falls into this category. It is important to mention that in many cases the used car warranty can be transferred to somebody else in case you decide to sell the car. It will be an important asset when trying to sell the car which hopefully will allow you to get a better price.