Both ConsumerAdvocates.org and TopTenReviews.com rated Endurance and CarChex extended auto warranties as their number 1 and 2 picks respectively as of 2016, according to the company websites. Endurance received the highest marks because it does not involve third parties in administering its plan and provides direct customer service to plan owners. It also scored well for offering coverage on vehicles up to 15 years old and because its warranties are transferable to a new owner if the car is sold.Continue Reading
Other companies receiving top-five Consumer Advocates ratings were AutoPom, AA Auto Protection and Forever Car. Top Ten Reviews named Warranty Direct, EasyCare and AA Auto Protection to its top five, as shown on its website.
According to a 2013 study by Consumer Reports, 55 percent of people who purchased an extended warranty didn't use it, and among those who did, the median savings on repairs was $837. Because the average price of a warranty was $1,214, overall there was no savings to the group of vehicle owners in the survey. The customers who felt most satisfied with their warranty owned cars that were less reliable, such as BMW, Chrysler, Dodge and Mercedes-Benz. Owners of very reliable brands such as Honda, Subaru and Toyota were more likely to be dissatisfied about the purchase, according to Consumer Reports.Learn more about Buying & Selling