Car Warranties Worth It??

harrpau7

I have had my car for nearly 2 years now, and when I bought it I purchased a 2 year warranty, which is expiring soon.

Is it worth renewing it? The car is now 5 years old, 50,000 miles and nothing has gone wrong with it (touch wood, fingers etc etc). To renew with the dealership is about £300 for 2 years, or with a Warranty Direct it is £250 for a year (but they say they cover more stuff).

Worth it or not?

marlot

Only you can decide whether you think the car will continue to be reliable! And whether you could afford to have it repaired if it goes wrong.

Is it a make/model known for unreliability and large bills?

david29dpo

Maybe, maybe not, like any insurance.
Most of these warranties are riddled with not covered items, read the policy carefully.

albionrovers

Ask them what is covered and, more importantly, what is not covered. And get it in writing ...

I'm dead against them.

bazster

It isn't a warranty, it's an insurance policy, and as with all insurance the smart money-saving approach is to only insure things that you can't afford to pay for yourself (such as rebuilding your house, replacing an an expensive car, or third-party liabilities). Which is why you should always reject extended warranties on anything you could afford to repair/replace if necessary.

Otherwise, over a lifetime, you will spend far more on insurance policies than you will ever get back in claims.