Should You Buy a Toyota Extended Warranty?

Disclosure: This content was produced by an independent editorial party for the purposes of educating our customers, and is not influenced by the other business operations of CARCHEX. An extended car warranty is protection from the vehicle manufacturer against mechanical breakdowns. This term is sometimes incorrectly used to describe coverage from third-party providers, which offer similar protection plans called vehicle service contracts. CARCHEX is a vehicle service contract provider.

The Toyota name comes with recognition–drivers can rest assured that they own one of the most reliable, trusted brands on the road today. But is it worth investing in a Toyota extended warranty for peace of mind after your factory warranty expires? Even the best vehicles will eventually break down with age and added mileage. With an extended warranty from a third-party provider like CARCHEX, you can save thousands on what would be expensive trips to the repair shop.

Read on to learn how to find the best Toyota extended warranty and the key things to think about before you buy.

Buying a Toyota means you’re driving a new vehicle from one of the most trusted vehicle manufacturers worldwide. While Toyota is known for superior performance, safety, and lasting power, even the best vehicle needs repairs and servicing in their lifetime.

You may want extended coverage sooner rather than later. Toyota’s new car warranty only lasts for three years or 36,000 months. Rust-through and powertrain coverage lasts a little longer at five years or 60,000 miles. Since Toyotas are known for reliability, it’s likely you’ll want to keep your Toyota longer than that.

Once your original coverage expires, having an extended warranty in place means you’ll have peace of mind whenever a mechanical breakdown occurs.

When it comes to selecting a Toyota extended warranty, you can primarily choose from two different options: one of the manufacturer’s extended plans or a vehicle service contract from a third-party provider, like CARCHEX.

Known as Toyota Vehicle Service Agreements, manufacturer-backed Toyota extended warranties come in three tiers. The company recommends coverage if your vehicle is less than three years old and has fewer than 36,000 total vehicle miles. Like many manufacturer plans, Toyota extended warranties can be transferred if you sell your vehicle before your coverage period ends.

Platinum Protection

The Platinum Toyota extended warranty provides coverage for your vehicle in different increments up to 10 years/125,000 miles. If your Toyota is used, term lengths aren’t as generous and max out at five years/60,000 miles.

The plan comes with unlimited towing to the nearest Toyota dealership. You’ll also be reimbursed up to $50 a day for rental cars in the event of a mechanical issue with your car. If you’re more than 150 miles from home and break down, Toyota will pay up to $100 per day for your meals and lodging. However, this is limited to $500 over the life of your agreement.

Gold Protection

The Gold Toyota extended warranty also provides coverage to your vehicle in different increments up to eight years/125,000 miles. Do you need an extended car warranty for your used Toyota? Used Toyotas can only be covered up to five years/60,000 miles.

The plan also comes with a towing reimbursement, and you’ll be covered up to $35 a day (up to five days) for rental cars and $50 for your meals and lodging (up to four days) if your car breaks down more than 150 miles from home.

Powertrain Protection

The Powertrain Toyota extended warranty also provides coverage for six years/100,000 miles. A used Toyota can be covered up to two years or 24,000 miles.

The plan comes with towing reimbursement, and you’ll be reimbursed up to $35 a day (up to five days) for rental cars. If your car breaks down more than 150 miles from home, Toyota pays up to $50 for your meals and lodging (up to four days).

While the Toyota vehicle service contracts offer protection for your aging vehicle, the plans do not cover everything.

Here are some parts of your Toyota that will not be covered by the Toyota extended warranty plans:

• Batteries
• Accessory drive belts
• Clutch friction disc and pressure plate
• Body panels
• Rotors and drums
• Brake linings, pads, and shoes
• Chrome
• Bumpers
• Carpet
• Filters
• Fluids
• Dash cover and pad
• Door fabric
• Door trim
• Glass (windshields and mirrors)
• Hybrid vehicle battery pack
• Spark plugs
• Tires

According to RepairPal, Toyotas cost $441 per year to maintain and repair on average. Toyota is king of the road and continues to be ranked within the top three vehicle manufacturers by Consumer Reports, but certain models are prone to defects, service issues, and reliability issues that potentially need to be addressed. In a single visit to your mechanic, one issue could cost you thousands of dollars unless you have Toyota extended warranty coverage.

Common problems facing Toyota owners include:

• Excessive oil consumption trending across multiple models
• Takata airbag recall
• Camry unintended acceleration
• Prius headlight failure and brake issues
• 2001-2003 RAV4 engine control module and transmission failure issues

More specifically, here are costs 2012 Toyota Camry drivers most frequently pay for repairs, according to RepairPal.

Do these expenses make your heart race? Don’t worry—there’s no reason to panic. An extended warranty plan can save you money on expensive repairs, parts, and labor while covering the full cost of these defective problems.

Drivers of new, used, and certified pre-owned Toyotas can benefit from an additional 10 years of protection with a CARCHEX Extended Vehicle Protection Plan. In fact, the average monthly cost of a Toyota extended warranty from CARCHEX is just $56.*

Here’s a look at the five levels of coverage available from CARCHEX. We offer many protection plans within these five levels, so you can further customize your coverage to get the extended warranty you need.

• Titanium Coverage—Our bumper-to-bumper plan that covers most of your Toyota, with a few exceptions
• Platinum Coverage—Our highest level of stated-component coverage
• Gold Coverage—Our plan that’s perfect for vehicles with high mileage, covering all major systems of the vehicle
• Silver Coverage—Our plan that gives essential coverage to your vehicle’s major systems
• Bronze Coverage—Our plan that protects you from expensive engine and transmission repairs

While Toyota Vehicle Service Agreements may seem appealing, know there are other options available that put more power in your hands. When you purchase coverage from a third-party provider like CARCHEX, you gain the following:

• No interest: When you buy extended warranty coverage from a third-party warranty provider, you are buying a separate product. If you were to purchase a Toyota extended warranty and had an auto loan, Toyota may roll the warranty price into your car purchase, so you end up paying interest on the contract. At CARCHEX, we believe in low monthly payments with no interest attached.
• Flexibility: With a CARCHEX policy, you won’t have to take your vehicle to the Toyota dealer for repairs and be limited to using their parts. You can choose from our network of more than 30,000 mechanics.
• Custom plans: Only pay for the coverage you need. With 21 contracts and optional add-ons, you can customize your coverage, even if your Toyota is a hybrid or electric vehicle.

Choosing to go third-party when it comes to your Toyota extended warranty is a good idea, and it gives you covered repair options beyond what the dealership offers. However, not all of these options are the same. See how CARCHEX stacks up against the competition:

• CARCHEX has over 20 years of experience in the warranty business. That’s more than most other third-party providers.
• We score a 10.0 on ThoroughlyReviewed.
• The Better Business Bureau (BBB) gives CARCHEX an A+ rating for customer satisfaction.
• CARCHEX has trusted partners and endorsements throughout the industry, including Edmunds, Kelley Blue Book, CARFAX, and MotorWeek’s Pat Goss.

Different extended warranty providers offer different perks. At CARCHEX, our VSAs cover these basic benefits:

• Affordable payment options—Save money through our flexible, low monthly payment plans. What’s more, we offer a No-Haggle, Low-Price Everyday Guarantee™, so you don’t have to fight for savings.
• Your choice of repair shop—You won’t have to use a Toyota dealer to get your car fixed unless that’s your preference.
• 30-day money-back guarantee—Was your extended warranty not what you expected? We promise to give you your money back.
• Extended auto warranty extras—Going with CARCHEX comes with services that provide peace of mind, like free roadside assistance, rental car, gas delivery, towing, and travel protection trip interruption benefits.
• Claims paid directly to the repair facility—You won’t have to wait around for a reimbursement check.

Find a protection plan to fit your budget the easy way with CARCHEX. Our dedicated team of specialists can match a personalized plan to any used or new Toyota model and year for complete coverage of your car, truck, hybrid, or SUV.

At CARCHEX, we’ve spent every one of our 20+ years in business dedicated to “Customer Service Above All.” With an 99.9% customer service rating from the BBB, our auto warranty company can help you cover the cost of car repairs and much more.

Call 866-261-3457 today for your free Toyota extended warranty quote. Not sure about which plan is right for you? One of our friendly CARCHEX representatives is willing to help.

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*Figure accurate as of May 2017. Average monthly coverage cost is based on the average total price of the Vehicle Protection Plan over a four year coverage period. Actual monthly payments will vary per plan’s payment policy. Individual pricing is subject to change based on the combination of make, model, year, and mileage as well as coverage level and term length.

Sources:

Design News: https://www.designnews.com/electronics-test/toyota-continues-reliability-dominance-honda-declines/158171123260385

Toyota: https://www.toyotafinancial.com/us/en/vehicle_protection_plan/vehicle_service_agreements.html

Consumer Reports: https://www.consumerreports.org/car-reliability-owner-satisfaction/who-makes-the-most-reliable-cars/

RepairPal: https://repairpal.com/toyota

Toyota Problems: http://www.toyotaproblems.com/models/

Toyota Problems: http://www.toyotaproblems.com/Camry/

RepairPal: https://repairpal.com/cars/toyota/camry/2012?trk_loc=nav

RepairPal: https://repairpal.com/estimator/toyota/camry/brake-pad-replacement-cost

RepairPal: https://repairpal.com/estimator/toyota/camry/resurface-rotors-cost

RepairPal: https://repairpal.com/estimator/toyota/camry/brake-rotor-replacement-cost

RepairPal: https://repairpal.com/estimator/toyota/camry/spark-plug-replacement-cost

RepairPal: https://repairpal.com/estimator/toyota/camry/ignition-coil-replacement-cost

Toyota: http://www.toyota.com/owners/resources/owners-manuals

Thoroughly Reviewed: https://thoroughlyreviewed.com/car-warranty/carchex-reviews/

Better Business Bureau: http://www.bbb.org/greater-maryland/business-reviews/extended-warranty-contract-service-companies/carchex-in-hunt-valley-md-23015869