The cost of buying a car has been rising gradually since the COVID-19 pandemic. This can be attributed to many factors, key among them being the shortage of chips needed to manufacture vehicles. Secondly, interest rates have increased to contain the rising inflation. Many economists have blasted the government for doing this, but it makes sense.
Raising interest rates may dampen economic growth, but it helps to stop rising inflation. Higher rates mean higher car payments. These two factors have led to record high car prices, with the average car being sold at over $48,000 for the first time in history.
Some estimate that production will go back to normal and the chip shortage will be resolved as manufacturers make the temporary measures they adopted during the chip shortage permanent. However, car prices are likely to remain high in the coming months as interest rates have increased.
After buying your car at a record-high price, you must protect it. You can do this by purchasing a comprehensive auto insurance policy. This will protect your vehicle from theft and damage. If your vehicle gets stolen, the insurance company will buy you another one or compensate you for the loss.
If you are involved in an auto accident, the insurance company will pay for repairs or replace the vehicle if it has been damaged beyond repair. This is the beauty of having a comprehensive auto insurance policy.
Be sure to also install a car alarm system in your vehicle. This is crucial as the alarm can warn you or passers-by when someone tries to enter your vehicle. Car alarms have proven to be highly effective in protecting automobiles over the years, so be sure to install the latest model.
A tracking system in your vehicle can help locate your vehicle if it has been stolen. According to Red Shield Administration, the best car trackers are small and easy to conceal. However, they are also powerful. They can send a strong signal even in the most challenging circumstances.
GPS car trackers, tracking systems that send a signal to your phone, can make vehicle recovery much easier as you can easily track the movement of your vehicle as you wait for the police to help you enforce the recovery.
If you live in an area with a high crime rate or own a vehicle considered "hot" by car thieves, you should think about installing a kill switch. The kill switch requires the driver to press a small concealed button or flip a switch before starting the vehicle or when prompted by the system. If the driver fails to press the button, the engine won’t start.
Knowledge of the exact location of the switch is necessary to drive the vehicle, so this feature can come in handy in protecting your vehicle.
Servicing your vehicle regularly is recommended by Red Shield Administration as it helps to ensure the vehicle runs smoothly for a long time. Frequent maintenance also improves the vehicle's performance and reduces the frequency of breakdowns. If you want to protect your vehicle, be sure to have it serviced by experts regularly. Engine oil change, brake adjustment, wheel alignment, brake pad replacement, and topping up lubricant and hydraulic fluid are some maintenance procedures that must be done when a vehicle is being serviced.
Another option for protecting your vehicle is procuring a vehicle protection plan from a company like Red Shield Administration. This is a contract between you and the service provider. After paying the required premiums fully, the service provider undertakes to maintain and repair your vehicle as needed.
Faulty components will be replaced and fixed at no extra charge. The vehicle protection plan will complement your auto insurance policy and manufacturer's warranty.
While the manufacturer's warranty may have bumper-to-bumper coverage, some parts are not usually covered. These are components that are known to malfunction frequently. Since you do not want to incur additional charges unexpectedly, you can fill the gaps in coverage by purchasing a vehicle protection plan that covers those specific parts.
Red Shield Administration offers various plans to address clients' coverage needs. Consumers with expired manufacturers' warranties can choose vehicle protection plans that offer bumper-to-bumper coverage. On the other hand, those with a valid manufacturer's warranty can choose the most basic plans that fill the coverage gap.
Many other service providers exist in the auto service contracts industry, but Red Shield stands out for many reasons. First, the company has been in the industry for a long time. The firm is also considered an industry leader in auto service contracts due to its innovative vehicle protection plans. Red Shield Administration offers plans to suit the needs of different types of clients.
First, the company offers competitively-priced vehicle protection plans that offer extensive coverage. Secondly, the company has a wonderful reputation in the industry, which shows that both previous and existing clients are happy with the quality of service they offer. Thirdly, the company offers bonus services, including free roadside assistance during emergencies.
When your vehicle breaks down by the roadside, Red Shield Administration will send a team to offer assistance. You'll also be provided a rental car until your car is ready for use. This means you will not be inconvenienced when your vehicle has to be taken to the repair shop. Lastly, the Red Shield Administration has invested in an easy-to-use online claims service.
It is now possible for clients to file a claim at any time and from any location. All they have to do is visit the company's website, fill in the required details and wait for a response from the company.