Question: To what extent is my vehicle already
under warranty, and is this coverage in sync with how long I anticipate owning
it?
Answer: If the vehicle you've recently
purchased is new, take a close look at its factory warranty before making an
extended warranty decision. You can easily access your vehicle’s factory
warranty information from the Warranty Map App.
Let’s say your vehicle includes a factory warranty covering three
years or 36,000 miles, and you plan to keep the vehicle for two or three years
with and you anticipate driving about 10,000 miles per year. In this scenario
an extended vehicle service contract makes little sense, since you're likely to
be covered under the manufacturer's plan.
If, however, you plan to keep the vehicle long after the factory
warranty expires, an extended vehicle service contract is worth considering. If
the vehicle you've just purchased was previously owned, and you declined the
extended service contract offered at the dealership you can still purchase a
Protector policy online today (coverage periods range from as little as one
year up to 4 years).
If you've recently purchased or are considering the purchase of a
late-model used vehicle, it's possible that some portion of the
vehicle's original factory warranty is still in effect (this will be dependent
on how many miles the car has under its tires, and on how much time has passed
since it was originally titled). If the car isn't under factory warranty, or if
you plan on keeping it past its factory warranty's expiration, an extended Protector
Vehicle service contract makes sense.
Question: Does the Make and Model of vehicle I’m
looking to purchase have an adequate reliability record?
Answer: Spend some time researching the
reliability history of the model you're planning to purchase. Though this is in
no way a fail-safe method of predicting future repair bills, it does offer some
insight into future cost of ownership repairs; keep this information in mind
when making a decision to purchase a factory warranty extension or Protector
extended vehicle service contract.
Question: Who is behind the Protector extended
service contract I am considering?
Answer: Protector Warranty Corporation, operates under the
Florida State Department of Insurance (DOI) regulatory statute Chapter 634,
that governs all approved Warranty Associations under its jurisdiction.
Florida Chapter 634 insurance legislation was designed to protect against the
consumer risk that a Vehicle Service Contract Agreement provider would not only
honor its obligation to reimburse the consumer for losses due to the failure of
a vehicle's mechanical component parts, but would also in fact be in existence
long term, when future repairs may be needed..
To eliminate both abuse and fraud, all Florida Warranty Associations, including
Protector Warranty Corporation, are regulated as a form of insurance company in
the state of Florida, subject to the approval and over site of the Florida DOI.
Protector, as with all Florida domiciled Warranty Associations, must be
approved to operate and monitored for financial stability by the Florida DOI.
All Florida Chapter 634 Warranty Associations, including Protector in Florida
must:
1)
Obtain and maintain a Certificate of Authority, and a corporate
Auto Warranty License approved by the Florida DOI.
2)
File Articles of Incorporation and By-Laws with the DOI.
3)
Post initial Working Capital Deposits with the state.
4)
Maintain Net Asset Ratios, and Minimum Claim Repair Reserve Funds
with the state, as required by the DOI.
5)
File and receive approval from the DOI of its vehicle service
contract consumer retail rates for all mechanical repair coverages, and update
these with the DOI as needed.
6)
File quarterly and annual financial statements with the Florida
DOI.
7)
Be subject to Florida DOI audits of all corporate financials, as
deemed appropriate by the department.
As the motor vehicle service contract industry generates over $10
Billion in sales annually, and over a third of Florida's vehicle purchasers
take advantage of this valuable mechanical & electrical component repair
protection, Florida consumers can be assured that state DOI regulation of
Warranty Associations, including Protector Warranty Corporation, under
insurance department statute Chapter 634, protects the interests of its
citizens and vehicle service contract consumers both now, and in the future.
Question: What's the nature of my Protective
deductible?
Answer: Protector Vehicle Service
Contract deductibles are always $100 per visit (not per part). This
means that each time you have a covered claim, each visit only costs you $100
out of pocket. Other extended warranties could have a major impact on your
wallet. If, for example, you've got a $100 per repair deductible and you
take your vehicle in to get the air conditioner, fuel pump and alternator
serviced, you'll be out $300. Again, with Protector those repairs would only
have cost you $100.
Question: Is my Protector Extended Vehicle Service
Contract transferable?
Answer: Yes. You can transfer this
policy coverage to the next person buying your vehicle. Complete directions
are included for you under “Conditions” as you complete your online Protector
service contract. You will receive a written copy with your Protector Vehicle
Service Contract in the mail.
Question: Can repairs be performed at any repair
shop?
Answer: Yes. Protector Vehicle Service
Contracts allow you to choose any ASE Certified service facility. For claims
visits, please contact Protector Warranty Corporation at
1-800-452-4566.
Some extended auto warranties stipulate that repairs must be
performed at the dealership from which the warranty was purchased; this can
prove limiting and inconvenient. You'll appreciate Protector’s repair policy
should the vehicle ever need service while on a road trip, miles away from
home.
Question: What exactly is covered?
Answer: Protector Vehicle Service
Contracts make this easy. They are known as “Stated Coverage” policies. This
means that all covered parts are clearly written in the “Coverage Section” which
you can read online after entering your vehicle information and selecting a
coverage option from the “Map My Warranty” tool. You will also receive a
detailed description of covered parts with your policy purchase.
Question: Is a cash layout required for repairs?
Answer: No. Claims covered by
Protector Vehicle Service Contracts are paid directly to the repair facility.
You are only responsible to pay the $100 deductible. You will not have to pay
in-advance and wait months to recover your money.
As with many things in life, it helps to be fully informed when
shopping for protection against unplanned (and often expensive) vehicle repairs.
We hope this online research center proves useful.
