Do you know the difference between a motor warranty and a motor plan? This difference could do damage to your finances. Don’t fall into this trap. Get in the know about what is motor warranty and what is motor plan, and find out which of these investments in your car insurance portfolio can save you the most money.
What Is A Motor Warranty?
Every car fresh off the assembly line has a motor warranty attached to it. This is the manufacturer’s guarantee that they’ll cover the cost of any faulty parts, since a car with little to no mileage on it shouldn’t make trouble for its owner.
A warranty is temporary, however, and only covers the costs mechanical and/or electrical failure for either three or five years. Once the manufacturer’s warranty has expired, you have the option to shoulder the cost of repairs yourself or pay a monthly premium toward an extended motor warranty.
As the name implies, an extended motor warranty picks up where the manufacturer’s warranty left off – protecting your financial wellbeing in the event your car breaks down.
What Is A Motor Plan?
Similar to your motor warranty, a motor plan – also called a maintenance plan – is focused on keeping your car in working order should things go wrong on the road. This benefit kicks in to cover a large part of, if not all, repairs and service costs. It’s kind of a mash-up of your manufacturer’s warranty and a service plan.
Motor Warranty VS Motor Plan: Which Is The Better Investment
However, the convenience of a motor plan doesn’t come cheap. Renewing an expired motor plan tends to beat up the monthly budget. Besides, if you’re savvy, you can easily save up for your car’s annual service and pay a more affordable premium for an extended motor warranty instead.
Make The Decision That Makes A Difference
As with any car-related insurance product, you’re more likely to find the best fit for your budget by finding and comparing multiple motor warranty quotes. This can prove incredibly time-consuming and inconvenient since you’re taking time out of an already busy day to do the tedious admin of quote-hunting. The good news is that you can leave this tedious task to the professionals.
Supercompare specialises in finding you those quotes for you to compare and find your best option – the clue is in the name.