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The scope and duration of automotive warranties can vary significantly, but they generally cover areas such as: bumper-to-bumper warranty, powertrain warranty, corrosion warranty, emissions warranty and others. [2] There is also an "extended car Warranty" also known as a "service contract" which is purchased separately.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay) and what the borrower owes on the loan if the car is totaled or stolen.
“They usually cover fixes for three years or 36,000 miles. Powertrain guarantees are also very useful because they cover important mechanical parts like the engine and transmission.
New car factory warranties commonly range from one year to five years and in some cases extend even 10 years, with typically a mileage limit as well. Car warranties can be extended by the manufacturer or other companies with a renewal fee. Used car warranties are usually 3 months and 3,000 miles.
Myth #5: If a loved one borrows and crashes your car, that driver's insurance will cover it. When sharing your car with family or friends, you should keep in mind how it may affect your insurance ...
Your car insurance typically covers family members and friends who infrequently borrow your car, but understanding the coverage limits helps protect you from unexpected costs.
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