Discover how you can save up to 50% on your car warranty by purchasing it online. Despite the clear advantages, many people still overpay for their car warranties. Learn why this happens and how you can avoid it.
Many car owners are unaware that they could save up to 50% on their car warranties by purchasing them online. This lack of awareness leads to unnecessary expenses, even though the benefits of buying online are evident.
Most new cars sold in the UK come with a manufacturer's warranty that typically lasts for the first three years. During this period, the manufacturer covers the cost of any repairs needed due to mechanical failure or breakdown. According to the Society of Motor Manufacturers and Traders (SMMT), 2.3 million new cars were registered in the UK in 2022, all of which came with such warranties.
After the initial 36-month period, car owners are left to fend for themselves. This is why many UK consumers opt for extended vehicle warranties. An extended warranty functions similarly to the original manufacturer’s agreement, covering the cost of repairs during the extended period.
A common misconception is that extended warranties must be purchased from car dealerships. For instance, many believe that Ford warranties can only be bought from Ford main dealerships. This confusion contributes to why many UK car owners end up overpaying for their coverage.
In reality, numerous specialist car warranty companies in the UK offer policies for a wide range of vehicle makes and models. These companies often sell their products online, allowing them to reduce costs and pass those savings on to customers. According to a report by the Financial Conduct Authority (FCA), online sales channels can reduce administrative costs by up to 30%.
To get the best deal on a car warranty, it's essential to compare various policies and understand the type of coverage you need. Here are some steps to follow:
The key to saving money on car warranties lies in understanding your options and taking advantage of online offerings. By doing so, you can benefit from significant savings and comprehensive coverage. Don't fall into the trap of overpaying at dealerships when better deals are just a few clicks away.
For more information on car warranties and consumer rights, visit the Financial Conduct Authority and Which?.
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