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Risks of not Renewing Your Car Warranty

Risks of not Renewing Your Car Warranty Image

Many new car owners will go along with securing a Car Warranty when they first buy the car, but are somewhat reluctant to renew the warranty after they have owned the car for a few years.  In some cases, they simply do not see the point.  Assuming that the car is now paid for and there has never been the need to use the warranty to cover any major malfunctions with engine or transmission, the general idea is that there is no need to maintain warranty coverage.  That is not necessarily true.

Before making the decision not to renew your car warranty coverage, take the time to determine the scope of cover that is available for your vehicle.  While there is a chance that some of the coverage will change, you may be surprised at how many benefits and features remain intact, in spite of the fact that your car is no longer new.  Consider that coverage in light of what it would cost to pay for those same repairs out of your own pocket.  Then think about what other debts you could retire with that money.  It should not take long to determine that renewing your warranty just makes sense.

If you are not happy with your current car warranty, there is always the option of shopping around with other providers.  In fact, this can be the ideal way to decide if you can get the best deal by renewing or simply taking out a used car warranty with a different provider.  Either way, you protect yourself from potentially high car expenses in the future, which is the whole reason to carry a warranty in the first place.

Author - Michael Barclay

published: 01/04/2011 14:00:00

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