Modern cars: a dream to drive, a nightmare to repair!
Modern cars are amazing feats of engineering, delivering levels of comfort, fuel economy, safety and connectivity that were in the realms of science fiction back when some of us were born.
However, this improved technology brings with it a high level of complexity that can result in costly repairs when things go wrong.
Craig Barnard, Manager of Warranty Business Development and Operation at eric explains how modern cars can be both a blessing and a curse.
“I have been in the warranty business for over 20 years and prior to that I was a mechanic for 15 years and in that time, I’ve been amazed by how much the technology in cars has advanced.”
“Cars are better, safer and more comfortable to drive than ever.” Craig says.
Craig continues “the high number of computer-controlled systems and sensors in modern cars makes them highly complex. Think about it, the three enemies of electronic components are heat, moisture and vibration, and in a car you get all of those in spades, so sooner or later something will fail.”
“As a result, what might seem like a small issue can be quite complicated and cost thousands of dollars to repair” he concludes.
To highlight these potential expenses, here’s some of the costs for different claims types from customers that have purchased eric’s Car Warranty.
- Average claim cost $1,041.40
- Most expensive claim $19,058.49
- Average claim cost $1,409.83.
- Most expensive claim $15,172.40
- Average claim cost $2,597.28.
- Most expensive claim $43,656.90
- Average claim cost $1,893.20
- Most expensive claim $6,117.20
- Average claim cost $6,320.23
- Most expensive claim $14,903.21
Reviewing these figures, Craig explains:
“You’d think something minor like an issue with your air conditioning might be a relatively cheap and easy fix. However, as our figures reveal you could be in for a repair bill of over five-thousand-dollars depending on the model.”
“That’s why our warranty cover makes sense to a lot of our customers, as they’d struggle to cover these huge costs when the unexpected happens.”
So, what happens if you’ve got a near new car that has recently run out of its manufacturer’s warranty? This is where eric can help with a range of warranty options, with terms ranging from 12 to 36 months.
Annual premiums for eric’s 3-star warranty average just $378 for our customers, while the average annual premium for the top-tier 5-star policy is $880.
This means it does not have to cost a lot to protect yourself from unexpected repair bills that could run in to the thousands of dollars.
Let eric Insurance protect you from the unexpected.
Motor Vehicle Warranty is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (eric). This article may contain general financial product advice that does not take into account your personal financial circumstance. Please read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for full terms, conditions, benefits and exclusions before considering this product.