If you’re concerned about unexpected expenses on auto repairs, you’re not alone. In most cases, your regular auto insurance policy covers damages only after an accident, often barring repairs caused by normal wear and tear. According to PR Newswire, 63% of Americans cannot afford a $500 car repair, especially when the factory warranty expires or if you use a certified pre-owned vehicle. Olive.com is a reliable provider of mechanical breakdown coverage with affordable and transparent vehicle repair plans. Read on to explore everything about Olive car warranty and its plans.
Olive Company Overview
Olive and its affiliates have been leading the way in online vehicle protection and payment services since 2000. Olive offers extended car warranty solutions such as Mechanical Breakdown Insurance (MBI) for California residents and Vehicle Service Contracts (VSC) for the rest of the U.S.
Taking its place among the insurance technology leaders in 2020, Olive is the first and only company that offers end-to-end coverage for MBIs and VSCs, allowing consumers to get quotes online within seconds, customize their plans, and facilitate seamless online purchases.
Olive lets you start your coverage the moment you buy your plan online. There is no waiting period or preexisting condition inspection required by the company. There are monthly payments available, cancelable at any time.
What Is an Auto Repair Warranty?
A standard auto insurance policy often includes collision and comprehensive coverage, but it may not include parts that wear out with time. That’s where an auto repair warranty comes to your vehicle’s rescue. An automobile repair warranty is usually an additional warranty that provides coverage after a vehicle’s manufacturer warranty has expired. Third-party providers like Olive and dealerships offer these extended warranties.
Such companies may also provide customized policies to cover specific damages, such as engine damage, transmission damage, or other specific car systems that require repair. Some benefits of an auto repair warranty include:
- Ease of repair: A car repair warranty, such as Olive, makes it easy and affordable to repair and replace faulty parts.
- Peace of mind: Having a car warranty gives you peace of mind and keeps you relaxed about unforeseen damages or lump-sum expenses.
- Service plan benefits: There are several plans that offer their customers various service discounts.
- Resale value: Car warranties may give interested buyers a sense of good vehicle maintenance, which can make your car more appealing to buyers and help you get a good resale value.
Types of Extended Auto Warranties
It’s essential as a car owner to protect your vehicle from mechanical problems or breakdowns that happen with regular wear and tear. An extended car warranty applies to vehicles that have reached the end of their original manufacturer’s warranty period. The warranty can last for nearly four years after the original warranty expires and you can purchase it when you buy the car or after the manufacturer’s warranty has expired. An extended warranty often covers different types of plans, which include bumper-to-bumper and powertrain.
Plans like these are also referred to as comprehensive contracts and are usually similar to that offered by your original manufacturer. They cover most mechanical and electrical components, such as engine, transmission, steering, and navigation system. Dealerships usually offer limited vehicle service contracts that include a bumper-to-bumper warranty for new cars. Typical exclusions may include light bulbs, brake pads, windshield wiper blades, and tires. You can consider an extended bumper-to-bumper warranty by checking your vehicle’s reliability ratings and how much you’re willing to spend on repairs.
In contrast to bumper-to-bumper warranties, a powertrain warranty covers the mechanical components such as the engines, transmissions, and all components connected to the wheels. This type of warranty covers the major systems of your vehicle and is a long-lasting warranty. Typical exclusions may include items that wear out over time, such as clutches, batteries, wheel bearings, and certain drive belts.
Olive Car Warranty
Olive offers three coverage plans: Powertrain, Powertrain Plus, and Complete Care, which have varying degrees of coverage. Here are the plans:
- Powertrain: It’s one of the most affordable Olive plans. The plan does not cover repairs on parts, such as the oxygen sensor, radio, fuel pressure regulator, alternator, and stater motor.
- Powertrain Plus: This plan covers all features of Powertrain along with some additional components.
- Complete Care: It’s one of the most comprehensive Olive coverage plans that may resemble your new car’s bumper-to-bumper warranty.
Olive reimburses you for towing costs up to $100 per covered claim occurrence when a covered mechanical breakdown takes place. The Olive coverage excludes any preexisting conditions or modifications, whether known or unknown before your coverage begins.
Olive Car Customer Service
In addition to inexpensive rates, Olive car warranty offers good customer service and claims handling to its insured drivers. You can easily access a coverage advocate, contact customer service, and file a claim by using Olive’s all-digital approach. The Better Business Bureau has also accredited Olive with an A+ ranking.
How Much Is the Olive Car Warranty?
Prices at Olive vary according to the vehicle’s model, mileage, make, year of manufacture, and geographical location. According to Olive, most extended warranty plans cost between $30 and $80 monthly. Olive offers coverage for vehicles out of warranty for less than 140,000 miles and under ten years old. This includes a vast majority of American, Korean, and European makes and models. You can choose from a variety of deductible options and simple monthly rates for both a five-year and a seven-year term.
That’s an overview of Olive car warranty and its plans. With Olive, you can save on future auto repairs with no huge surprise repair bills. Olive consumers can access products online with easy access, affordability, and transparency.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.