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The Simple Dollar: Best Extended Car Warranties of 2016

The Simple Dollar [The Simple Dollar - BLOG]; Chatham

Apr 29, 2016

Im guessing youre here looking for the best extended car warranty for one of two reasons: fear or bartering. If its bartering, youve been doing your research: The vast majority of extended car warranties are sold when you buy a car and hagglers know the best way to negotiate any price is to have a better one in your back pocket. (If its quotes youre after, Id start with Endurance and Delta Auto Protect, my two top picks.) If its fear, the manufacturer warranty on your favorite ride is probably about to expire, and the threat of an unexpected repair bill outweighs the fact that you might never even use your extended warranty. Thats right: In 2014, Consumer Reports published survey results that found a full 55 percent of car owners who purchased an extended warranty never used it for repairs -- and 75 percent wouldnt buy one again. In fact, few automotive products stir up as many conflicting opinions. Even the phrase 'extended car warranty' is contentious: Strictly speaking, most of the products offered under that name are actually vehicle service contracts.

A typical extended car warranty website will have a disclaimer explaining the company actually offers vehicle service contracts , not warranties.

So what makes these contracts worth the extra cash? For a lot of people, nothing. The Consumer Reports survey shows the median out-of-pocket savings on repairs covered by extended warranties across all brands was $837 -- and the average initial cost of a policy was $1,214. Thats a loss of about $377 for all but those unicorn customers who got walloped with more massive repairs. But if youre someone who thinks $377 is a fine price for peace of mind, a car warranty will suit you well: The best will offer features beyond whats available through a manufacturers warranty, pay for repairs after that warranty has expired, and are insured to guarantee payment, even if the provider goes under. If your car has to go into the shop -- like mine did for nine days because they had to order a new computer and remove my dashboard to replace it -- the automobile manufacturers warranty doesnt entitle you a rental car. But my service contract paid for nine days of rental car service for me. Tim Meenan General Counsel and Executive DirectorService Contract Industry Council

The Simple Dollars Top Picks for Best Extended Car Warranty

Ill admit, finding the top providers from a list of more than 40 service contract companies turned out to be a more difficult task than I anticipated (and resulted in amuch shorter list than I imagined). Part of that is because the industry is incredibly entwined, with companies falling into three categories: sellers, administrators, and ones that do both. Sellers offer you a contract; administrators are the companies that actually fulfill the terms of the contract. A lot of times the same administrator will work with a bunch of sellers, including car dealerships. I wanted to find an extended warranty provider that both sold and administered its own contracts because it cuts way down on liability issues: Who actually services your claims? How does the other get paid? What happens if one half of your two-party system goes out of business? Some third-party sellers choose heavily regulated insurance companies to administer their contracts to help answer these questions, but I say cut out the middle man. The crazy thing is, that decision knocked my list down to only two companies. And because I also wanted a company that was backed by an insurer (again, that pesky liability issue) I was left with one option. Yep: Theres only one insurer-backed vehicle service contract company that both administers and sells its own product directly to consumers. Endurance is definitely the standout, but Delta has a lot going for it: easy access to sample contracts, a quick online quote process, and coverage that is transferable to a new owner if you sell your car. And while it isnt insured, it actually has more robust coverage offerings than Endurance, including in-vehicle technology like GPS. Both have easy-to-use websites, but Endurance wins again here, allowing you to log in and make a claim online (a feature I love -- its so hassle-free!). Yes, its a pretty short list. But if you want to do business directly with the company that will be handling your claims -- rather than a third-party seller -- Endurance and Delta are two solid options to get you started. In theory, service contracts make a lot of sense. Manufacturers across the board are slashing the coverage offered by their warranties: A typical one is only three years or 36,000 miles, whichever comes first. But according to Experian, nearly 30 percent of todays car buyers are financing their vehicle for over 72 months -- thats six years! -- and a survey by AutoMD.com shows that most people plan to keep their vehicles for at least a decade. If you plan on driving your car for the long haul, a vehicle service contract is worth considering. But the industry is loosely regulated -- and has a lingering reputation for scammy behavior. Much of that bad rap stems from the 2010 bankruptcy of US Fidelis, one of the countrys largest providers of extended vehicle service contracts at the time. The bankruptcy was the result of a consumer fraud lawsuit, specifically regarding an 'additive scam,' which let the company sell unlicensed, unauthorized, and therefore illegal insurance contracts. The one good thing that came out of the US Fidelis scandal was a sharper regulatory focus on service contract providers. In Missouri, the state where US Fidelis originated, p

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