TERMS EX­PLAINED

Finweek English Edition - - Focus On -

VE­HI­CLE PLANS can be com­plex, one where buy­ers face a range of chal­leng­ing de­ci­sions. A start­ing point for con­sumers is to make sure they un­der­stand the var­i­ous mo­tor plan op­tions avail­able and how they ac­tu­ally work. • A ve­hi­cle main­te­nance plan cov­ers reg­u­lar ser­vice in­ter­vals, as well as a full range of wear and tear items on the ve­hi­cle. It ex­cludes (at least) tyres and petrol and typ­i­cally may also be voided if a car’s been “souped up” or there are ob­vi­ous signs of abuse or neg­li­gence. A ser­vice plan will sim­ply cover the costs of a reg­u­lar ser­vice and not the cost of break­downs or any ex­pen­sive me­chan­i­cal or elec­tri­cal com­po­nents. War­ranty plans cover only the re­place­ment cost of orig­i­nal equip­ment man­u­fac­turer parts.

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