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What you need to know about extended coverage

Several factors can influence the price of an extended vehicle service contract, mainly the type of vehicle, length of coverage in time, and the mileage on the vehicle already. Make and model are the two most important factors when it comes to the warranty price. Higher end vehicles can be more expensive to repair and cover than lower end models. Special equipment such as 4×4 and drivetrains can also increase the price. Knowing this will help you pick plan that’s right for you and your vehicles needs. Vehicle Eligibility Even if you buy a new vehicle and opt not to purchase the extended warranty, you may still have an opportunity to purchase one at a later date, either from the dealer or other sellers.  But the longer you wait can limit the options available due to the age of the vehicle and mileage. Generally, to be eligible for an extended warranty, vehicles cannot have more than 100,000 miles on them at the time of purchase; they must also be less than 10 years old. Vehicles that still have time or mileage left on the original manufacturer warranty are eligible for the most comprehensive and longest coverage plans. Some used vehicles which are under 7 years old, and under 75,000 miles can also be eligible for great plans similar to the original manufacturer plan, but for a lower mileage limit and a shorter time frame. Most available extended warranties will take effect 30 days after the purchase, so people thinking that they can buy one and use it to pay for immediate repairs are going to be out of luck. Length of Coverage Eligible coverage length will differ based on the mileage and age of the vehicle. On many new vehicles, or vehicles still under factory warranty protection, plans up to 7 years and up to 100,000 miles from the purchase date may be available to you. Some used vehicles which are outside the factory warranty can get coverage up to 4 years and 48,000 miles from that date and their current odometer reading.  Higher mileage and older vehicles, over 7 years old and over 75,000 miles, are generally eligible for 2 years and up to 24,000 mile extended warranties. As a vehicle gets older and nears 100,000 miles, options for coverage become limited, in the extent and length of coverage. Older vehicles may be limited to a powertrain coverage, compared to the full protection available to newer and lower mileage vehicles. Potential buyers should look into the choices available, and choose one that balances their needs and the protection plans for sale. Choose the plan that works for you.