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Major Auto Repair Insurance Advantages

mari-2Auto repair insurance is a burgeoning field, and just might be a product that helps you sleep better at night.

It’s happened to everyone. The car breaks down and it’s either just after the warranty expires or something that slips off the list of coverage provided by your warranty.

“I’m sorry sir. While your transmission was covered under the terms of your 100,000 mile warranty, the brackets that actually hold the transmission were not. Your transmission is scattered between M St. and Allen Way. You’ll need to pay the cashier up front. We prefer gold bullion.”

Some car owners are choosing to avert this headache purchasing car repair insurance. WiseInsuranceQuotes.com looked into major auto repair insurance advantages.

1- It’s Customizable: You can choose to purchase coverage on major items such as engines and transmissions. This option will cost a couple hundred dollars a year. Or, you can cover virtually every nut, bolt, and widget on the car. This option will cost a couple thousand a year. There are tiers of coverage between these extremes. Research into your year, make, and model could guide you toward the proper tier. Some mechanical breakdown insurance policies have a deductible you can raise to keep your costs lower, while others have no deductible.

2- No Waiting for Reimbursement: Insurers that carry this line of coverage normally pay the mechanic directly. This is peace of mind for the owner of the vehicle as well as making him very popular with the mechanic. Save 50% on Car Insurance. Search for Rates.

3- The Coverage Lasts No Matter Who Owns the Car: This is a big one. A potential buyer may be loath to buy your Roadhog 88 because of the number of miles you’ve logged. Watch as his objections melt away when you produce an insurance policy that says the car is covered for repairs for another 20,000 miles.

“If you sell your car before the coverage expires and decide not to transfer the insurance, you can get a refund of the prorated amount of unused insurance,” said David Scott, vice president of the auto repair section for Mercury Insurance.

There are a couple of things that you must consider before purchasing a policy of this sort.

1- Your Mama was Right When She Told you That You Better Shop Around: As you might expect with a product that is new to the market, the price can vary quite a bit. It is to your advantage that a car repair insurance policy can be sold by traditional insurance companies, car dealers, and credit unions. There is no one-size-fits-all as to where you get your best price. Look around and play the providers off against one another. You could save a lot of money.

2- Pay Attention to the Fine Print: Many policies will allow you to take your car to any qualified mechanic for repair. Some policies give you a list of “approved” repair facilities. Still others require that you take your car to the dealer, and we found one that requires you to take your car to the original dealer. What if you move across the country during the duration of the policy?