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Is Extended Motorcycle Warranty in Your Mind
Is Extended Motorcycle Warranty in Your Mind?
Whilst purchasing a bike, people often get confused regarding the extended motorcycle warranty. Among the buying decisions you will have to make, extended warranty is quite complicated and expensive. Doing a detailed research regarding the extended motorcycle warranty not only save money but also saves you from making decisions that will be regretted later.
What is Extended Motorcycle Warranty?
An extended motorcycle warranty acts as a service contract. Let's think of it as medical coverage for your bike. Extended motorcycle warranty includes the cost of listed repairs after the bike's manufacturer warranty expires. Some extended warranties are more inclusive when compared to others. Some come with deductibles, others don't.
The Types
Extended warranties consist of two types:
Warranty backed by the manufacturer: It is an extension of the warranty that comes with the bike. This type of warranty provides for repairs that are to be made in any authorized dealership by factory-trained technicians.
Warranty backed by a third party: This type of warranty is underwritten by a company other than the manufacturer. In this case, there is no guarantee that the work will be done at a franchised dealership. It requires the repair shop to seek approval from the warranty company before initiating the repair work. In this case, the owner has to pay for the work done and then submit the bill to seek for reimbursement. Remember, third-party warranty firms can go bankrupt, taking all the money and leaving no coverage.
If There Is a Deductible, What Kind and How Much Is It?
There are some extended motorcycle warranties that come with deductibles. Deductibles are either per-repair deductibles or per-visit. The ideal warranty would carry no deductible at all; however, if to keep the initial cost of the warranty low you accept a deductible, steer clear of per-repair deductibles. Often, a warranty company charges deductible for every part that is repaired or replaced even if they are related to the same problem.
What Is Covered?
When opting for extended motorcycle warranty, ensure that the items that are likely to fail, wear out or break are covered. It is important to read the contract in order to determine what all is precisely covered in the contract.
Do You Really Need an Extended Warranty?
Normally, an extended warranty comes in existence only once the manufacturer's warranty has expired. Therefore, it is important for you to ask yourself, "How long do I plan to keep the bike?" If you trade-in a bike every two or three years, chances are the warranty that came with the bike will still be in force. If you keep a bike for 3 years or longer, an extended warranty may pay for itself.