Warranties: Protect your investment
Tailor your coverage to suit your needs with wide range of warranty packages
There are only a handful of companies that sell aftermarket extended warranties in Canada and their products vary. Most offer a range of packages that allow the consumer to tailor the coverage to suit their needs.
Except for the Canadian Warranty Corporation, packages cannot be purchased online — the consumer has to either purchase the coverage through a dealer when purchasing their vehicle or by contacting the company via phone or email to obtain a quote. Specific terms and pricing was not listed on the websites Wheels visited, with the exception of Canadian Warranty Corporation’s site.
The Canadian Warranty Corporation sells two packages through its website — RepairShield Warranty ($269.80 for one year, $489.21 for two years) and RepairShield Warranty Plus ($389.75 for one year, $698.01 for two years) — that can be purchased with a major credit card. RepairShield Warranty covers the engine and transmission, while RepairShield Warranty Plus also includes electrical systems, suspension, instrumentation and brake and body components.
The other companies fall into two camps. Some, such as Lubrico Warranty, Nationwide AutoWarranty, A-Protect Warranty Corporation and First Canadian Group of Companies only sell their products through authorized dealers when a vehicle is purchased. Others, such as Warranty Direct Canada and Ensurall Extended Vehicle Warranties can be purchased at any time directly through the providers.
Each company offers a range of different packages (usually between four and eight) that begin with basic major component coverage (engines, transmissions and electrical systems, primarily) and top out with comprehensive packages that cover almost every part of the vehicle, including turbochargers, suspension components and fuel injection systems. Extras such as road side assistance (24/7) and rental car provisions are offered on many plans.
All providers have restrictions for non-eligible vehicles (such as those used as taxis or limousines, or those that could be considered a little too exotic, such as an Acura NSX or a Dodge Viper) and many offer money-back guarantees, usually in the 60-day range.
As of April 2012, dealers can only sell aftermarket warranties with insurance or credit-security backing, which guarantees coverage should the warranty company close, Don Brennan of Lubrico Warranty told Wheels. This provision does not apply to the extended warranties being sold by the manufacturers.