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The Danger of Foregoing a Vehicle Warranty

The Danger of Foregoing a Vehicle Warranty Image

While many consumers would not think of buying a new or used car without some type of Vehicle Warranty, not everyone sees the point.  Their rationale is usually along the lines of declaring that warranties are just a waste of time and money, since the chances of actually having to use the coverage for some major repair issue is very low.  While this point of view may have some validity, it is this type of mindset that could end up costing the driver a great deal of money.

An auto warranty is much like owning an insurance policy.  The hope is that the coverage never has to be used.  People don't buy life insurance because they think it will pay for itself each and every month; they carry it so that if some type of major health issue develops, the insurance will help keep the financial impact to a minimum.  In a similar manner, people don't buy car insurance because they plan on having an accident.  The goal is to be protected, just in case.

A good vehicle warranty provides the same type of benefit to car owners.  Ideally, the engine will not be recalled or develop issues that would cost a lot to repair; but should a covered event take place, that warranty can quickly allow the owner to recoup their investment in the coverage quickly and easily.  From this perspective, seeing an auto warranty as preventive maintenance rather than something that is supposed to produce spectacular returns in a short period of time is a much more reasonable approach.

Author - Michael Barclay

published: 02/03/2011 11:00:01

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