Why you need cover
Anyone who owns a vehicle should consider investing in an extended warranty.
As cars become even more complex the cost of repair becomes higher and higher. For example a very popular 2018 BMW 318i sport with a 1.5 litre petrol engine:
Supply and fit one ABS Wheel Speed Sensor will be in the region of £229.08 #
Supply and fit a replacement water pump will be in the region of £442.09 #
# Prices shown are for parts, labour and VAT. Prices may be more depending on whether the parts are OEM or a motor factor supplied and the hourly labour rate applied.
A typical car manufacturers warranty offers bumper-to-bumper coverage for 3 years, with a mileage limitation. A few manufacturer warranties cover you for longer, but they still fall short of more than 100,000 miles that the average car owner can expect to put on their vehicle over the course of its lifetime.
Similarly, although they usually have much lower mileage than cars, motorcycles and motorhomes, typically have just 2 years of mechanical and electrical factory cover from new.
An extended vehicle warranty is exactly what it sounds like: It acts as an extension to the original manufacturer’s warranty. In a nutshell, it will cover your vehicle after your original warranty runs out, giving you that extra peace of mind.
Remember, full comprehensive insurance, which allows you to drive on the road, generally doesn’t cover repairs that are due to mechanical or electrical failures. It covers damage caused by collisions and environmental factors, so don’t think that you’re in the clear, just because you have this type of insurance policy. If you want full financial peace of mind, an extended vehicle warranty is what you need. Considering that vehicle repairs become more likely and more frequent as a vehicle ages, it’s worthwhile to invest in an extended warranty that will cover your vehicle in its later years when the repair bills typically start to pile up.
Protect your car’s value
Whilst the average length of time that a car stays with an owner is 3 years it is a major selling point to be able to include a Comprehensive Extended Warranty when advertising your car for sale. If you plan on selling your vehicle after a few years, a transferable Mechanical Breakdown Insurance contract will make your vehicle much more appealing to potential buyers.
Insured warranties for cars, vans, motorcycles, motorhomes and touring caravans.
The extended warranty market-place’s reputation has suffered in the past from some providers avoiding genuine and reasonable claims. Extended warranties are all about peace of mind, but if you can’t trust your provider to be there for you when you need them, then that peace of mind you’re paying for can easily turn into stress.
Let’s be realistic, any time a provider covers a repair, they lose money. While reputable extended car warranty companies make provision for claims and accept their responsibilities to you. Untrustworthy providers will do everything they can to avoid paying up, leaving you to foot the bill for costly repairs on top of the premium you’re paying for your extended warranty coverage. It’s Important to make vitally sure that the contract you invest in is an Insurance policy, and no other. Few warranty providers offer you a fully insured Mechanical Breakdown insurance policy. With this type of policy you have the protection of the Financial Conduct Authorities stringent regulations. Plus in the event you feel you need to complain then you have the mediation services of the the Financial Ombudsman. Your policy is independently administered and fully underwritten separately to the warranty provider who you purchased from.
Very simply, we will only offer you a fully insured vehicle warranty policy. You can be completely at ease in the knowledge that you’ve invested wisely and that the level of cover and premium paid is administered on our behalf by Global Insurance Management Ltd. You have a Mechanical and Electrical failure insurance policy, and in the case of leisure vehicle’s also includes habitation cover at no additional cost to you. Your policy is underwritten by Arch Insurance (UK) Limited and fully meets with the FCA’s regulations. You can be totally assured that any number of claims on your part is evaluated and authorised independently of Iam Covered Ltd. Your policy T&C’s has been set out and approved by Arch Insurance (UK) Limited and in our opinion provides you with the best level of cover available given the premium paid.
Our Mechanical and Electrical failure insurance policy will serve you well and provide you with peace of mind. Through Arch Insurance (UK) Limited , we provide 5 levels of cover that is tailor-made to suit the type of vehicle(s) you own. Car, motorcycle, van, motorhome or touring caravan. The small print is minimal, day one cover, no limit to the number of claims, so long as the total of all claims doesn’t exceed the value of your vehicle. And you choose the repairer you wish your vehicle to be repaired by.
If you want to purchase extended vehicle protection from a reliable company, Iam Covered ..have you covered.