One recent survey from Consumer Reports discovered
that 55% of owners who bought an extended warranty had not used it for repairs
within the lifespan of the policy, though the average cost paid for the
coverage was right over $1,200. Plus, on average, the ones who did utilize it
spent a lot more for coverage than they saved in costs of repairs.
Amongst participants in the survey who utilized
their policy, the average out-of-pocket savings with repairs covered by
extended warranties for every brand was $837. Based upon a $1,214 median
initial cost, that will work out to a net loss of over $375. Factoring the ones
who did not utilize the policy, the average savings was zero. Additionally,
that may have something to do with why satisfaction with car mobile extended
warranties is amongst the lower rated of all services and products surveyed by
Consumer Reports, and why just around a 1/4 of respondents said they’d absolutely
get it again.
In late 2013, performed by Consumer Reports National
Research facility, the survey involved responses from over 12,000 subscribers
of Consumer Reports who bought an extended warranty.
Satisfaction
and reliability
When car owners were asked whose extended warranties
took effect how content they were with their experiences, the most content were
mainly owners of less reliable brands, which included Mercedes-Benz, Dodge,
Chrysler, and BMW. In the Annual Auto Survey, those all are brands which have
had average or below average reliability. Interestingly, some of those brands
additionally had the priciest extended warranties, with owners of Mercedes-Benz
paying, on average, $2,200, followed up by owners of BMWs, at $2,007, and owners
of Chrysler, at $1,525.
The reason for these owners’ greater satisfaction
might be that they usually used the coverage more oftentimes than owners of
vehicles from historically reliable brands. This American Automotive Service Solutions Reviews potentially assists consumers
in feeling more justified about spending money for the coverage—one bittersweet
method of rationalizing their purchase.
Conversely, Honda, Subaru, and Toyota
owners—perennially high ranked brands for reliability—were amongst the least
content overall with the extended warranties.
Is
an extended car warranty going to actually save me money?
If the extended auto warranty is offeredas an
extended service agreement with American Automotive Service Solutions, yes
it’ll save you money. Every car service contract we furnish not just guards you
from auto repair costs; it additionally comes with trip interruption and
roadside assistance coverage which may save you on towing and costs incurred
with even small problems.
For more details on our extended service contracts contact
American Automotive Service Solutions at 800-293-5048.
