Car warranties are a must for all car owners who want to be able to enjoy their vehicles for as many years as possible. The reason why so many people buy extended car warranties (or vehicle service contracts as their proper name is) is to have a backup after the car factory warranty expires. Almost 90% of all cars on the road need some sort of repair sooner or later. If the breakdown occurs while your bumper to bumper warranty is still valid, you’re in luck. If not, prepare to empty your wallet, unless you have another type of warranty to back you up.
Carchex has been around for 2 decades now and it is one of the most recognizable names in the industry when it comes to extended car warranties and not only.
The company also offers financing, insurance and vehicle inspection. Carchex has an A+ rating from the Better Business Bureau. Carchex covers the entire country. Canada and Mexico are not covered.
Just like all its competitors, Carchex doesn’t offer fixed quotes on its website. Prices are customizable, depending on the owner, car make, model, mileage and so on.
In order to get a quote from Carchex, you have to fill in the form on their website and wait for them to contact you. In the form you have to fill in details such as your ZIP code, your car mileage, make and model. Carchex will send you your quotes via e-mail, but expect to also get phone calls after that. They can be a bit aggressive that way.
Carchex has 5 levels of coverage and each of them comes with its own plans. There are 18 contracts you can choose from and the levels are Titanium, Platinum, Gold, Silver, Bronze. Overall, Carchex is among the most affordable extended car warranty providers in the industry.
There are 5 plans in the Titanium level alone and you can get coverage for up to 6 or 7 years. The Bronze plan has the lowest coverage.
The longest coverage is for cars that have up to 250,000 miles and those plans can be found in the Titanium level. Those plans also have the most comprehensive coverage. The benefits drop with the other levels.
The Gold coverage for instance covers vehicles with over 60,000 miles.
Silver only covers a bit more than your power train and Bronze only covers your engine and transmission.
Carchex charges a $100 deductible, which is a standard amount. The down payment is approximately 5%.
Carchex allows you to take your car to any repair facility in the country, as long as it is licensed. You can take it to an independent repair shop, dealers, national chains such as Goodyear, Pep Boys. Once there, your car will be diagnosed and the estimate will be sent to Carchex for approval. Once the claim is approved, they will pay for the repairs.
This company lets you spread your payment over 24 months.