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PHOENIX, AZ, September 17, 2020 /24-7PressRelease/ -- As car ownership surges, the demand for vehicle components rises accordingly, at least going by the law of complementary demand. For example, the need for a car would require engine parts, and since so many cars are likely to require replacement parts, the sellers of these parts are going to respond by hiking the prices. Ideally, owning a car is becoming an extremely expensive investment, especially if you consider the unprecedented rise in the cost of maintenance and repairs. In the last five years, an average car owner in the US spent approximately $2,000 on car repairs and maintenance in the last five years, a survey by Ally, a highly reputed auto insurance company observed. Out of America's driving population, those aged between 18 and 34 years parted with an average of $2,300 on vehicle maintenance and repairs in the last five years, which was a much higher financial burden compared to their older counterparts and baby boomers.
These findings come against a backdrop of findings from other studies conducted by the Federal Reserve which observed that about 4 in every ten people owning cars are unable to meet unexpected car repair expenses without having to commit themselves to a loan or selling an asset they own. A majority of the Americans depend so much on their cars to run their business, personal, or work-related errands, thus having a ground car can really disrupt programs of many people and cause distress, said the President of Ally Financial. The financial struggle can even be more serious, especially among the youth who have just started working and who may still be paying their hefty student loans.
What these findings indicate is that there are many Americans who are on the verge of being forced to make crucial financial decisions about Auto warranty protection plans. Auto protection plans are designed to lower the cost of repairs and help car owners continue running their missions on the roads without getting stuck because of an unexpected breakdown. According to Ally's survey, a paltry 20 percent of Americans purchased a vehicle service contract or an extended warranty in the past ten years. These are auto protection coverages that cover the expenses related to the replacement of parts and repairs.
Veritas Global Protection premium protection plans provide comprehensive coverage of all components and provide other attractive benefits, including roadside assistance, rental reimbursement, and reimbursement due to interference with the trip. Clearly, vehicle service contracts and extended warranty plans are the surest ways you can manage your vehicle repair costs over a longer period. At the same time, the plans make the expenses almost predictable and easy to fit into your tight financial budget.
How Veritas Global Protection Administrative Can Help You Manage the Cost of Repairs
To help consumers realize more out of their money, clients have the right information to help them make crucial financial decisions. Although new cars sometimes come with VSCs as part of the car financing or periodic installment, Veritas Global Protection understands that a sizable market is largely made of second-hand cars, which do not have manufacturer's warranty. Therefore, Veritas Global Protection is working round the clock to ensure its customers stay safe and protected from exorbitant repair costs in some of the auto repair shops out there.
To help car owners deal with the rising cost of repair and maintenance, Veritas Global Protection administrative is helping both existing and potential clients to make the most of their hard-earned savings by availing information about all available plans and their features and the possible savings they are likely to make.
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