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Do You Have to Carry a Car Warranty

Do You Have to Carry a Car Warranty Image

As more countries require that automobile owners and operators carry a minimum of auto insurance, some consumers are wondering if maintaining a Car Warranty may also be a legal requirement.  At present, there is usually no requirement of this type in place.  While it is true that you can drive without a warranty in place, choosing to do so does increase the level of risk you are assuming as a driver.

One of the few instances in which a car warranty may be required is when a consumer purchases a new vehicle and finances the purchase with a car loan.  Some lenders will require that at least a basic warranty be carried for the duration of the loan, as well as an adequate amount of car insurance.  This is because the presence of the warranty tends to lessen the risk to the lender, since costly repairs could affect your ability to keep up the payments.  Once the car loan is settled in full, there is a good chance no legal reason will remain to keep a car warranty of any type in place.

This does not mean you should dispense with the car warranty just because you owe nothing on the vehicle.  By investing in a warranty plan, you protect yourself from a number of different events that could be quite costly, should they come to pass.  For this reason, it is a good idea to keep a warranty on your vehicle for as long as possible.  Even one major event could more than offset the cost of the plan, allow you to have the car repaired without spending a lot of money, and maybe even get you back on the road a little faster.

Michael Barclay


published: 29/07/2011 14:00:00

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