If you own a high-mileage car, it's essential to understand your insurance coverage and decide whether to add auto repair coverage. An extended warranty, also called vehicle service coverage, explicitly addresses costs associated with fixing your vehicle when there's a problem with one of the vehicle's parts or systems.
Without auto repair coverage, you'll pay for 100% of the costs of repairing your vehicle's mechanical problems with your own money. For many people, high vehicle repair bills aren't easy to cover. It's common for people who live on a tight budget or struggle to make ends meet to charge expensive car repair bills to a credit card. They may also take out a personal loan, get a high-interest payday loan, or ask friends and relatives for financial support.
Fortunately, auto repair insurance for high-mileage used cars can help create a financial cushion by covering your auto repair bills, minus the plan's deductible.
How much insurance coverage does my high-mileage car need?
Auto insurance companies are typically more concerned about the year of your vehicle and how many miles you drive on average per month than the current odometer reading on your vehicle. Therefore, deciding on the level of liability or comprehensive insurance you would like to get for your vehicle will depend on how you drive and how much coverage you'll feel comfortable with. You'll want to consider your own vehicle's value as well as the value of other cars on the road that you may get in an accident with.
However, vehicle service coverage works a bit differently when it comes to your odometer reading. If you want vehicle service coverage to cover repairs to your car's parts and systems that your auto insurance policy doesn’t cover, your car's mileage could affect your coverage. Instead of estimating how much you plan to drive in the next year or so, a company offering vehicle service coverage (like Ridesure) may base rates in part on your car's current mileage.
What coverage options do I have if I own a high-mileage car?
Many companies providing extended auto warranties and vehicle service coverage have restrictions that make the plan less useful when you need it most.
Research your vehicle to learn about the potential engine, drivetrain, or electrical system problems. Ensure that the extended warranty you purchase covers the repairs your high-mileage car will most likely need. For example, if your vehicle has a reputation for transmission failure, make sure that your vehicle service policy covers those types of problems.
2001 and 2002 Honda Civics frequently have transmission problems that cost Civic owners an average of $2,300. They also often require exhaust manifold replacement, which costs an average of $1,000.
2014 and newer Jeep Cherokees with a 2.4-liter Tigershark engine must constantly top off the oil, as the engine may consume oil at a high rate. In addition to this ongoing small cost, 2014 Cherokees are notorious for having transmission problems that include not shifting correctly or shifting roughly. Replacing the transmission in a 2014 Jeep Cherokee costs an average of $4,474 - $4,827.
Nearly every vehicle’s make and model, whether it is a high-mileage car or not, has a few problems that cause high repair bills. Understanding which of your car's parts and systems are most likely to break down will help you choose the right mechanical breakdown plan.
How to choose the right auto repair plan for a high-mileage car
It may be helpful to focus on getting the vehicle service coverage you need from a reputable company dedicated to processing claims promptly. Look for a company with a reputation for paying valid claims quickly, and think about what you may need if your car breaks down.
Can you go for a few days or even a week without a car if your mechanic needs time to make the necessary repairs or needs to wait for the right parts to be delivered? Do you want vehicle service coverage that allows you to choose your mechanic? Consider those questions when comparing your breakdown insurance options.
Extended warranties for cars over 100k miles
When you shop for vehicle service coverage, you may come across companies that restrict access to coverage for cars that have over 100,000 miles or 200,000 miles. It's possible to get a great plan that includes vehicle service coverage for used vehicles with over 100,000 miles at an affordable rate.
With Ridesure, you'll have access to vehicle service coverage from a reputable company dedicated to helping people who live paycheck-to-paycheck. Facing expensive repair bills can be stressful, and having the right extended warranty coverage can help you reduce your out-of-pocket costs when it's time to fix your car.
With Ridesure, you'll have an extended warranty that comes with an easy claims process so that you can be prepared for the unexpected.