How Much Does It Cost to Get an Extended Car Protection Plan?
In the first half of our ongoing series, you learned all about what a car Protection Plan is, as well as how to check to see if your vehicle is still under Vehicle Protection Plan. You also learned when to pay out-of-pocket for repairs versus when to allow your Vehicle Protection Plan to do the heavy lifting. Finally, you learned what specific actions and inactions can void your Vehicle Protection Plan and how long a given Protection Plan lasts, whether from the manufacturer or a third party.
The second half of our Vehicle Protection Plan series answers another common question about extended car Protection Plan coverage: how much does it cost? After all, the cost of the original Vehicle Protection Plan is baked into the monthly car payment of a given new vehicle; therefore, the price of an extended Vehicle Protection Plan may not be something most people think about at first.
It turns out that the cost for a given extended Vehicle Protection Plan depends on the issuer, as well as what the specific Vehicle Protection Plan offers to the consumer. Your vehicle’s make, model and mileage also factor into the total cost of an extended Vehicle Protection Plan, as well as the deductible, the high-tech components in your vehicle and your own driving habits.
According to a survey of 1,000 consumers by Market Watch partner Home Media, the median cost for an extended Vehicle Protection Plan amounted to $2,458. Half of the respondents mentioned paying anywhere from $1,615 to $3,208 for their vehicle’s Protection Plan coverage. Of course, you won’t pay that price all at once, but over a month-to-month basis for the term of the Vehicle Protection Plan.
For example: $76.10 per month for 30 months with a $175 down payment would lead to a total cost of $2,458.
If you are considering buying an extended Vehicle Protection Plan for your vehicle, be sure to buy coverage as soon as possible, as higher-mileage vehicles may result in higher Vehicle Repair Coverage payments. Also, keep in mind that third-party providers not only offer lower Vehicle Protection Plan prices than manufacturers, but greater flexibility on where to take your vehicle for repairs.
Finally, talk to one of our helpful representatives to find the right plan and price for your vehicle and budget.
An extended Vehicle Protection Plan provides peace of mind — something you’ll wish you had next time you’re faced with a shockingly high repair cost.