The Toyota Corolla was named the most reliable car in America by the December 2015 CarMD Vehicle Health Index Manufacturer & Vehicle reliability rankings. I suppose it is not surprising, since Toyota is consistently ranked as one of the most reliable vehicle brands in the world. Keeping this in mind, do I think a Toyota Corolla extended warranty or vehicle protection plan is a smart choice? Yes, I do
Although Toyotas are considered quite reliable, no vehicle is perfect and every one of them will eventually break down. Plus, Toyotas are also known to be more expensive to repair than a lot of other vehicles. What if your Toyota Corolla breaks down and it’s something like the transmission failure or alternator? Once your manufacturer’s warranty has expired, 100% of that very expensive repair bill will come out of your pocket. So, investing into a vehicle protection plan is a smart choice.
Toyota Extended Warranty Overview
Attention Toyota Corolla owners. Has your Toyota Corolla warranty expired? Or did you buy a used Corolla with no Toyota extended service plan on it? Then it’s time to look at your options for vehicle protection. While Toyotas may be known for being very reliable, that does not mean Toyotas don’t break down. Your Toyota Corolla will almost certainly break down at some point. And when it does, it can get expensive fast.
Toyota repair costs are higher on average than for other brands. According to RepairPal, Toyota drivers pay about $441 per year on average for maintenance and repairs. Remember that this is just an average and one large repair – like a transmission or alternator – can easily add up to several hundred dollars or more. Consider this: Many Toyota extended warranty plans could pay for themselves with just one or two expensive repairs!
Breaking Down Toyota’s Extended Warranty Options
When it comes time to buy a Toyota Corolla extended warranty, what are the options? The good news is, there are many different options. Extended warranty plans range from lower-priced limited coverage to higher-priced extensive coverage and everything in-between.
At the most basic level, there are two main types – a true Toyota Corolla extended warranty sold by an authorized dealer or a vehicle protection plan sold by an independent provider.
Both types of Toyota extended warranty plans will provide coverage for repairs on your Toyota. However, extending your Toyota Corolla warranty can provide much more than repair coverage, especially when you buy a plan from a good independent provider. Many independent providers include benefits like roadside assistance, tire protection, and vehicle assistance.
Toyota Extended Warranty Coverage
Both dealerships and independent providers will also offer different levels of coverage – including simple Powertrain coverage, Stated Component, and Exclusionary coverage.
There can be many different levels within each of those three types of plans. Generally speaking, powertrain plans cover major systems such as the Engine, Transmission, Drive Axle, and Air Conditioning.
Stated component plans cover all of those major systems plus a specific list of other major systems. Exclusionary plans are the most comprehensive and are the closest option to an original Toyota car warranty.
Toyota Extended Warranty Costs & Pricing
Getting a Toyota Corolla extended warranty may be sounding like a good idea to you by this point. But are you worried about the cost? Don’t be! There are Toyota car warranty plans to fit different budgets. Plus, many providers offer monthly payment plans to help a plan fit into your budget more easily.
But really, what are the costs? There is no simple answer. Many factors go into Toyota extended warranty costs. These factors include:
- Model year
- Level of coverage
- Deductible amount
Even knowing the above factors, there would be a price range because each provider may have a different price. However, just to give you an idea, the average cost across the country is about $2,000. When considering the numerous plan type and coverage level options available – from basic Powertrain coverage on a budget car up to exclusionary coverage on a luxury vehicle, the cost can range from $1,000 up to $4,000.
Dealer vs. Third-Party Extended Warranty Comparison
|Buy the warranty when you buy the vehicle.||Buy at any time the vehicle is eligible for coverage.|
|Buy at the dealership.||Buy online or over the phone.|
|Costs more.||Costs less.|
|Often included in financing so you pay interest on monthly payment.||No interest charges.|
|Repairs must be done at the dealership.||Repairs can be done at a repair shop of your choice.|
|Few plan options.||Several plan options to fit many budgets.|
|Strict vehicle requirements.||Coverage is available for most vehicles.|
Some of the Benefits of a Toyota Extended Warranty with autopom!
autopom! invites you to contact us and see how we compare to the competition. Extending your Toyota Corolla warranty by buying a vehicle protection plan from autopom! has many benefits.
All of these benefits work together to provide vehicle owners automotive peace of mind. Some of the key benefits we offer include:
- Money-back guarantee
- Roadside assistance
- Rental vehicle assistance
- Tire protection
- Monthly payment plans
- Exceptional customer service
- A network of 2,600 trusted and certified repair facilities
- $100 deductible waived for using preferred repair facilities (some plans)
- First year maintenance included (some plans)
Facts About the Toyota Extended Warranty
Before you make a final decision on a Toyota extended service plan, here are some facts you will want to know:
- Understand what coverage is included and what is and is not covered by the plan. Read the contract and know the exclusions and inclusions.
- Know who backs the plan. Toyota extended warranty plans can be backed by the vehicle’s manufacturer or by an independent warranty company (third-party provider). If a warranty is backed by the manufacturer, that should be safe. Plans that are backed by third-party providers require a little research to make sure you are buying from a reliable company. You can quickly and easily look up a company’s ratings on the A.M. Best or Standard & Poor’s websites. We recommend that you only buy from a company that has an A- or better rating.
- Know your options for repair locations. A manufacturer-backed extended warranty should allow you to get repairs at all authorized dealerships. Carefully check plans sold by dealerships that are NOT backed by the manufacturer as those plans may only allow you to get repairs at the dealership where you bought them. Finally, plans sold by third-party providers typically cover repairs completed at most repair facilities.
- Review the features and benefits that are included. The differences in features included can be significant and these differences can help you find the plan that best meets your budget and needs.
- Know how claim payments work. The plan should pay repair shops directly for your claims. Companies that do not pay claims directly should be avoided.
- Look for a money-back guarantee. Any reputable company will offer you a 100% refund if you are not satisfied with your purchase. You will usually get 30 days to cancel and receive a refund. If a company does not offer a money-back guarantee, this can be a red flag.
Frequently Asked Questions
- Does Toyota offer an extended warranty?
Yes. Both Toyota and many independent providers offer Toyota extended warranty plans.
- Can you buy a Toyota extended warranty after purchase?
Yes. You can buy an extended warranty or vehicle protection plan from an independent provider after you purchase the vehicle. Many providers even have plans for vehicles with high mileage.
- How much does a Toyota extended warranty cost?
Toyota extended warranty costs vary and depend on many factors including year/make/model/mileage and state of residence but the average cost across the country is about $2,000.
- Is the Toyota extended warranty cost worth it?
Many people would say yes. Toyota extended warranty plans can provide peace of mind, budget protection, and can often pay for themselves with just one or two expensive repair bills.
- Why do you need a Toyota extended warranty?
Do you have $1,000 or more set aside to pay for a big repair when it happens? Or will you need to go into credit card debt or borrow money to pay for it? If you don’t have extra money available for repairs, extended protection could be a need for you.
- Should I buy a Toyota extended warranty?
Only you can answer that question, but if you would like to have automotive peace of mind, protection from unexpected and expensive car repair bills, and the many features and benefits that can be included with extended protection, then you should buy a Toyota extended warranty.
- Is the engine covered under a warranty?
Even the most basic extended protection plans, usually known as Powertrain plans, cover the engine.
- What will void my Toyota warranty?
The three main ways that people can void their Toyota warranty are by skipping regular maintenance, modifying their Toyota, and unapproved commercial use. adding aftermarket parts to their Toyota.
Would you like to learn more about extended protection from autopom? Please feel free to call us at (888) 655-0784 or get in touch with us to request a quote.