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More Auto Warranty Companies Are Going Bankrupt –
Get Security With A Rated Extended Warranties at the Better Business Bureau
Recently there has been a flurry of extended warranty companies filing for bankruptcy. When the news hits the airwaves, policy holders scream for justice. The most recent was the online warranty giant US Fidelis, who in March 2010 filed for bankruptcy and left thousands of customers wondering how to pay for repairs.
So if you’re in the market for a an extended warranty, how can you be sure the companies you are considering won’t leave you holding the bag for future claims?
Make Sure Your Company Has a Protective Layer of Insurance. Look for Better Business Bureau (BBB) Approved Extended Auto Warranties.
One way you can protect yourself is to be sure your warranty is backed by a reputable insurance company. If the warranty company files for bankruptcy, insurance protection will pay for future breakdowns until your service policy expires. You can check the rating of all insurance companies by visiting A.M. Best Financial Rating Systems.
When considering a warranty company, there should be wording about a protective layer of insurance company backing openly described in the policy similar to the following: “THIS CONTRACT IS INSURED—Our obligations under this contract are guaranteed by an insurance policy issued by (insurance company name, address and policy number). You may file a claim directly with the insurance company. Please call (telephone number) for instructions.”
Never Purchase a Car Extended Warranty That Lacks Insurance Reinforcement
By selecting an auto warranty with credible insurance backing, you’ll avoid paying for repairs that should have been covered if the company goes under. Never purchase extended warranties for your automobile without solid insurance reinforcement. The best car warranties have insurance protection backing their policies. Check the A.M. Best insurance company ratings online. Best’s Credit Ratings are the industry leader in unbiased and comprehensive evaluations of an insurance company’s balance sheet strength, operating performance, and business profile. Check for BBB-approved extended warranties as well.
Our insurance ratings are "A-"
by the A.M. Best Company.
The A.M. Best Company, founded in 1899 is a full-service credit rating organization.
Our Better Business Bureau rating is "A".
The BBB is the authority on trust in the marketplace, upholding high standards for ethical marketplace behavior.