A Look at Platinum Auto Warranty’s Policies

If your factory warranty has expired and you’re considering purchasing an extended auto warranty from an independent third party, comparing quotes from different providers through Platinum Auto Warranty can be a good way to help you learn what your options are and make a solid, educated decision.

Since you aren’t getting an auto warranty plan directly from Platinum, the amount of coverage, coverage options, costs, and benefits are widely varied and different from person to person and are based on which warranty providers decide to offer a quote. Warranty coverage options are also based on age, make, and model of your vehicle, as well as what area of the country you live in. 

Platinum does seem to follow a specific set of guidelines and standards to determine who it partners with, so you can expect a similar experience across the board from the various companies that offer you a quote. Most plans will contain similar benefits, such as emergency roadside assistance, rental car coverage, choice of repair facility, towing coverage, etc. They may also have similarities in their deductibles, down payments, and monthly payment requirements. 

At the very least, the companies with which Platinum partners have been fully vetted and generally have a solid reputation or a well-known presence in the warranty industry. Keep in mind that by participating in the quoting process, you are consenting to allow third-party warranty providers to contact you directly to discuss and provide quotes based on your specific warranty needs and desires. This could mean that you receive multiple calls from three or more different companies.

Because it is an online marketplace, narrowing down the cost of a Platinum Auto policy is difficult. It varies based on your statistical data regarding your age, the make, model, and year of your vehicle, and your geographic location.

As it’s a pretty formulaic equation, you can expect similar rate quotes from most of the companies you are introduced to. Platinum does claim to save you up to 60 percent on your coverage by having various vendors compete for your business. To learn more about the real costs of extended warranties, check out our article here: How Much Does An Extended Car Warranty Cost? This can help you know what to expect before speaking to a company directly. 

In general, you will have the option of choosing between a fully comprehensive, bumper-to-bumper warranty, stated component coverage that will provide protection to specific automotive systems, like steering, electrical, heating and air conditioning, fuel systems, and the like, or basic powertrain coverage that covers the transmission, engine, and axles in older makes and models where full coverage doesn’t make sense. 

What’s great about Platinum Auto Warranty is that it allows you to quickly and easily receive information from and assess several different warranty providers, saving you the time and effort of exploring and calling each company individually. It’s nice to have them reach out to you.

The other benefit to Platinum is that it has a wide variety of warranty providers to choose from, including some that you may not have thought of on your own. Having several options to choose from in a short amount of time gives you peace of mind in knowing that you’re selecting the company that is the best fit for you.

Interestingly, the things we don’t like sort of overlap with the things we do like. Agreeing to receive multiple quotes from multiple providers has the potential to get tedious and annoying. If several different companies reach out to you and keep reaching out to you, that can get frustrating. Nothing is more annoying than multiple phone calls, emails, or text messages when you don’t want them.

Coverage and plan options vary greatly depending on the administrator of each plan, so it’s tough to know what to expect prior to being quoted. If you have specific questions regarding coverage, you have to reach out directly to each individual company.

Platinum Auto Warranty isn’t tracked or rated by either the Better Business Bureau or Trustpilot, which for us is a bit of a red flag.

Lastly, the fact that you can’t get any options or coverage quotes online, or even get an idea of what that’s going to look like for you until someone decides to reach out to you directly, is a drawback. You have no way of knowing what potential deductibles, down payments, monthly rates, perks, or added bonuses are.

A. A platinum warranty can cover the most basic powertrain needs, or you can select the most comprehensive bumper-to-bumper warranty with roadside assistance, rental car coverage, and much more. It all depends on what you want and who wants to work with you to provide coverage. 

A. Again, this depends on the company that ultimately ends up underwriting your specific policy. Be sure to inquire with your provider directly about their cancellation and refund policy, as it can vary greatly from vendor to vendor.

Platinum Auto Warranty’s website indicates that you will definitely save money by obtaining an extended vehicle warranty through them, but whether it’s truly worth it or not can only really be judged by the consumer. 

Do you value the time savings and ability to quickly assess multiple policies to see which one is best for you enough to endure the potential hassle of being contacted by several different providers multiple times? This is a personal choice that only you will know the answer to.

Here are a few more resources you can use: