insurance what type? how much?: Auto warranty

Auto warranty

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Auto warranty

What is a vehicle service contract/extended warranty?

Once the manufacturer's warranty expires, you have nothing to protect you from expensive vehicle repairs. Most vehicles come with a 3 year/36,000 mile bumper-to-bumper warranty. Once that expires, you have no protection against breakdowns or failures. Our service contract assures that for a specified amount of time and/or mileage, both parts, labor and sales tax (if applicable) required for replacement or repair of covered mechanical systems in your vehicle will be paid.

Are the extended warranties insured?

A solid extended warranty company will offer you three layers of protection, the administrator, the insurer and the reinsurer. Insurance provides peace of mind, however the administrator is the company that handles claims. They are often NOT the company selling you your warranty. Their financial strength is the most important factor in buying an extended warranty. We administer our own warranties and have documented financial stability.

In addition to our financial stability, all our extended warranties are insured. Insurance provides peace of mind but most important is the financial stability of the administrator, as they pay for your vehicle repairs. And if that's not enough, all plans come with a money back guarantee. You'll be hard pressed to find a more financially stable administrator than us. We can't reiterate how important that is.

What is Wear and Tear coverage?

Wear and tear protection is the highest level of coverage one can purchase. We provide coverage for parts that break as well as those that wear out. It is a much broader level of coverage than the mechanical breakdown only plans offered elsewhere. All our plans include coverage for wear-and-tear failures.

Many extended warranties exclude repairs needed due to "wear and tear." A large number of car repairs are needed because a part wears out from a long period of use, not because it was poorly built.

Many extended warranties define "mechanical breakdown" as a defect in parts and workmanship as supplied by the manufacturer, or a defect that makes the part unable to perform the function for which it was designed. Often, they will state that the gradual reduction in operating performance (wear-and-tear) is not covered.

Service contracts that exclude wear and tear will not cover repairs needed because a part's performance has gradually deteriorated because of normal wear and tear, unless a mechanical breakdown has occurred.

The more miles on a car when a repair becomes necessary, the more likely it is that the repair will be needed because a part wore out, rather than because the part broke due to poor manufacturing. Again, many extended warranties do not cover parts that wear out.

Before buying an extended warranty, you should carefully review what is covered and not covered to see whether wear and tear claims are excluded from coverage. That way, if it is not clear whether a repair is needed due to a manufacturing defect or simple wear and tear, it is more likely that the service contract company will pay for the repair. It is a mistake to assume that a repair agreement will cover every repair your car may need.

What is the no In-Service date program?

At Quote Loans and Insurances we offer a no in-service date program. All our traditional auto warranties begin on the day you buy them, not the in-service date of the car. Quite simply, we offer you more time than the others. If you purchase a 4 year /100,000 mile warranty today, it will expire 4 years from today or when your odometer reaches 100,000 miles. Beware of plans that start your coverage from the day the vehicle was purchased brand new (in-service date). .

Do you cover damage due to overheating?

We do NOT have an overheating exclusion in our contract. While many warranty providers shy away from damage caused by overheating, we take a much different approach. Although damage sustained when a vehicle overheats can be severe, we take care of all repair costs for covered components provided the vehicle does not overheat due to negligence and provided you act immediately to prevent unnecessary damage when your vehicle overheats.

What benefits do you offer?

When you experience a mechanical breakdown, we are there with you even before you file your claim. In addition to the most comprehensive coverages and fastest claims handling in the industry, your agreement includes the most comprehensive peace of mind benefits package in the industry. Assistance is available 24 x 7; you'll never be stranded on the side of the road with no one to call. Best of all, it's all part of your fully insured agreement.

Our plans provide protection for you 24 hours a day, 7 days a week. All our plans include FREE membership in a nationwide roadside assistance plan. Simply call the toll free number anytime you need help. This benefit is extended to you for the full term of your warranty agreement. This is a true roadside assistance plan, not a limited reimbursement plan. Need a tow? Flat tire changed? Lock your keys in the car? Run out of gas? Just call the toll-free number and help will be on the way.

Where can I take my vehicle for repairs?

Repairs can be made at the repair facility of your choice (dealer, national chain, local mechanic) anywhere in the United States. We have an extensive database with thousands of repair facilities who have already accepted our plans and can even help you locate a reputable repair facility anywhere in the US. You will not find a plan more widely accepted than ours.

How are claims paid?

Quote Loans and Insurances lets you use the repair facility of your choice (dealer, national chain, local mechanic) and pays your claim quickly and efficiently over the phone via our corporate credit card. Simply present your Membership Card to the service professional, who in turn will contact our claims department. You simply pay your deductible (if any). There is no paperwork, no need to lay out any money and no limit on the number of claims you may have. We cover parts, labor and even sales tax, if applicable.

How does the deductible work?

With Quote Loans and Insurances , each repair visit, no matter how many items need to be fixed will only require payment of one deductible. Many plans offer a zero deductible option where you'll never reach into your pocket for a covered repair. Some plans even cover the deductible on your manufacturer's warranty.

Do I really need an Extended Warranty?

There are many reasons to purchase a vehicle extended warranty. Your vehicle is one of your biggest investments. An extended warranty will ensure it is always in the best mechanical condition. With the complexity of today's vehicles, one major repair often costs more than the extended warranty. Hourly labor rates can top $100 or more per hour in some markets.

Since our extended warranty is transferable, it increases the resale value to potential buyers. Who wouldn't want to own a vehicle that comes protected from repair bills? Our contract also provides for a pro-rated refund for the life of your contract should you sell your vehicle and elect not to transfer the warranty to the new owner.

Why buy it now? I'm still covered by the manufacturer.

A common misconception is that by waiting to purchase extended coverage, you will get coverage for a longer time. Much like life insurance costs rise as we age, the cost for a car warranty 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.

We understand that you may have a warranty from the manufacturer. Our coverage is simply an extension of that, not double coverage. The manufacturer's warranty has been factored into your price quote. The more factory warranty you have remaining, the lower the cost and greater the length of the warranty extension. In other words, you are paying for tomorrow's coverage at today's rates.
Waiting may also carry other risks. Coverage costs rise as repair rates do. Labor rates have been steadily rising over the past few years. It is not uncommon for a repair facility to charge $100 or more per labor hour. As more repair data becomes available for your vehicle, its costs may also rise. These factors can cause the rates for your vehicle to rise should you elect to delay purchasing coverage.

What if my repair facility won't take your plan?

It is rare that a repair facility will not accept our plans as we pay them immediately and utilize industry standard manuals to determine pricing. When they find out they do not have to bill us, they are eager to accept the business we refer to them. In addition, they also want your routine maintenance business, so it is rare that they will turn down the rest of your business. We would be happy to call your repair facility to establish a relationship before you buy. We also maintain a database of tens of thousands of repair facilities that have already accepted our plan; yours may already be there. In the rare event a repair facility will not accept our direct credit card payment, we will reimburse you promptly for the authorized amount.

What if I want to cancel my warranty?

Our agreement contains full details on refunds. You have either 30 or 60 days to obtain a full and prompt refund. After that, you are entitled to a pro rata refund of the unused portion of your contract. Unlike some companies, we do not pro rate your refund from the in-service date of your vehicle.

Is my warranty transferable?

Absolutely, for a modest ($50 or less) transfer fee, you can transfer the auto warranty to another private purchaser of your vehicle. Vehicles with extended warranties typically offer much higher resale values because the buyer knows they are not going to get hit with huge repair costs.

How do I enroll my vehicle with Quote Loans and Insurances ?

You may purchase your agreement online using our state-of-the-art, secure software. We'll simply need your Vehicle Identification Number (VIN) and an accurate odometer reading. It takes only 7 minutes to protect your vehicle from the high cost of future repairs.

Once enrolled, you will receive your instant quote which will include full details on coverage and the roadside assistance plan. A Warranty Direct membership card will also be included.