As an owner of certain high value assets, like a vehicle, you know that unexpected repairs can be a major headache. Not only do they disrupt your day-to-day life, but they can also put a dent in your wallet. This is where a mechanical breakdown warranty comes in — it provides coverage for unexpected mechanical failures of your vehicle components. Here are the benefits of having a mechanical breakdown warranty and how it can protect you from unexpected repair costs.
What is a Mechanical Breakdown Warranty?
A mechanical breakdown warranty (MBW) — also known as an extended warranty or vehicle service contract — is a type of insurance that covers the cost of repairs for your vehicle’s components in case they fail due to mechanical issues.
How Does It Work?
A mechanical breakdown warranty typically has a set term and kilometre limit, meaning that it will expire after a certain number of years or kilometres, whichever comes first. When you purchase a mechanical breakdown warranty, you pay a premium upfront and in return, the warranty provider agrees to cover the cost of repairs for any mechanical issues that may arise within the term and mileage limit.
Benefits of Having a Mechanical Breakdown Warranty
- Protects Against Unexpected Repair Costs
One of the biggest benefits of having a mechanical breakdown warranty is protection against unexpected repair costs. With a mechanical breakdown warranty, you won’t have to worry about shelling out thousands of dollars for a major repair that you didn’t anticipate.
- Provides Peace of Mind
Knowing that your vehicle is covered by a mechanical breakdown warranty can give you peace of mind. You won’t have to stress about potential mechanical issues and the financial burden they may bring. Instead, you can focus on enjoying your asset without worry.
- Affordable Payment Options
A mechanical breakdown warranty doesn’t have to break the bank. Many warranty providers offer flexible payment options, such as monthly payments or a one-time annual payment, making it easier for vehicle owners to budget effectively.
- Higher Resale Value
Having a mechanical breakdown warranty can also increase the resale value of your purchase. A potential buyer may be more inclined to purchase your truck or jet ski if they know it is covered by a mechanical breakdown warranty.
What Does It Cover?
The exact coverage of a mechanical breakdown warranty can vary depending on the provider and type of policy you choose. However, most warranties cover major components such as the engine, transmission, drivetrain and electrical system. Some warranties also cover smaller components like air conditioning, brakes and suspension.
A mechanical breakdown warranty can provide valuable protection for your marine vessel, truck or other type of vehicle against unexpected repair costs. It offers peace of mind, affordable payment options, and can increase the resale value of your vehicle. Consider talking to us about mechanical breakdown warranties from Warranty Finder today.