Veritas Global Protection
Since vehicle service contracts are optional (unlike mandatory car insurance), many car owners are uncertain whether they need to invest in a vehicle service contracts policy. Well, the short answer to that is: yes. The only exception is when you plan to sell your car in a few years.
When such is the case, your essential manufacturer’s warranty is all you need. However, the Bureau of Transportation Statistics shows that the average vehicle age steadily rises yearly.
In 2020, the number was 11.9 years, which already went up to 12.1 years in 2021. Let’s go back 25 years, and the numbers will strike us as no less than startling since back then, a car’s average age was no more than 8.4 years. As such, it was quite a feat back then for a vehicle’s odometer to hit the 100k miles mark.
Of course, long-lasting cars are great news from a sustainability perspective. But older cars also require more frequent repairs. Add to it the technological advances that have, among other things, resulted in specialized auto parts that are less interchangeable and considerably more expensive.
This is one of the main reasons why taking out a vehicle service contract policy is a wise decision, especially when you plan to own your vehicle for a longer time.
Car Insurance and Vehicle Protection Plans
Although motorists are legally required to have liability and collision insurance in nearly all U.S. states, the truth is that only a tiny percentage of car owners need to use their car insurance.
However, almost all vehicles will need to undergo minor to major repairs at some point in time. Mechanical failure or breakdown is much more common than collisions or car accidents. Now, let’s look at the costs of standard repairs for some of the most popular vehicles in the U.S.
Costs of replacing the engine: $6,000 or more; transmission, $4,000 and more; turbocharger, drive axles and transfer case: $2,000-2,500 each. In addition, minor parts such as fuel pump replacement, spark plug replacement, shock strut assembly, or suspension replacements cost anywhere from $250 to $800.
Since then, the auto industry crisis has led to steep costs of different auto parts. Before the 2021 U.S. inflation rate of 4.7 percent, the cost of auto parts and equipment had increased by almost 4.9 percent (Bureau of Labor Statistics). In 2022, the prices will continue to rise.
Given the above, one only needs to ask himself whether he would like to pay all these expenses out of his pocket or have someone else pay the costs for him. The most significant advantage of subscribing to a vehicle protection plan is that it affords you that precious peace of mind once you get your car on the road.
You need not worry about those costly repairs since your plan already covers you. In case of a major mechanical breakdown, one covered repair can equal the money you spend for an entire protection policy.
Veritas Global Protection Essential Plans
Veritas Global Protection is an industry leader in four different continents and is hugely popular for its many customer-friendly plans and excellent customer service. The company offers a full spectrum of different protection plans, including lower-tier Basic and Simplicity plans right up to Veritas Electric and Exotic plans (for hybrid and exotic vehicles, respectively).
However, the Veritas Global Essentials Plans are the company’s most popular products. The Essentials Program was designed to give drivers peace of mind once they get their new wheels. The program provides maximum value to customers since all the Essential Program plans cover a vehicle’s costliest and most essential components at highly affordable rates.
The program offers both short-term and long-term coverage options. The former offers coverage for 1-9 months, while with the latter, one can choose coverage options for 1-5 years. All plans under the Essentials Program come with liability limits of $7,500, adequate to cover any expensive repairs/replacements, including engine, transmission, or other costly repairs.
Veritas Global Essential Coverage Plans
Currently, Veritas Global Protection offers three different levels of coverage under its Essentials Coverage Program, namely Powertrain, Powertrain Plus, and Powertrain Enhanced. The Powertrain plan covers the most critical components on your vehicle (which are at the highest risk of breakdown): Engine, Transmission, Turbo/Supercharger, Drive Axles, Transfer Case, and Seals & Gaskets.
The other two plans, on top of these essential components, provide cover for some additional components. Powertrain Plus, for example, covers air conditioning and electrical components.
At the same time, Powertrain Enhanced, the most advanced of these plans, will also provide cover for fuel and cooling systems and enhanced electrical such as power trunk switch, power window motors, power antenna motor, and more.
A mechanical breakdown is stressful not only because it results in costly repairs but also because one loses valuable time. However, to prevent that from happening, all Veritas Global Protection plans (those under the Essentials Program as well as others) come with value-added perks like Emergency Roadside Assistance (lockout assistance, tire changes, fuel delivery, etc.), Trip Interruption Benefits (when the breakdown occurs at least 100 miles away from your residence) and First Day Rental Car Benefits.
Add to that other benefits like Nationwide Protection and Transferrable Coverage, and one can easily see why Veritas Global Protection enjoys the popularity it does among its customers.