3Rivers Blog

Think About Protecting Your Purchase Before Saying “No”

Posted on Thursday, February 18, 2016

I know what you’re thinking: protection plans and warranties can’t possibly be worth it, can they? Hey, I’ve been there, I get it. I’ve been in the checkout line to buy an electronic device that I already know is specifically designed to not last the long-haul only to be offered an “insurance” or “extended warranty” for the item. Of course, I declined. There’s no way I wanted to go through the hassle that would go with filing a claim. But there are times when it’s worth it to pay a little for peace of mind.

3Rivers Vehicle Protection | Image source: Shutterstock.com / Photographer: Pushish Images

Mechanical Breakdown Protection (MBP) for Your Vehicle

When you’re ready to make that big buy, you’re probably thinking, ‘The dealership has done their inspections and certified it to be in tip-top shape,’ right? That’s probably true. They’ve done their absolute best to make sure they are confident your new-to-you ride is ready to go. But things happen. I have been there, as well (boy have I!). Think about this: there are more than 15,000 parts to the average vehicle. If 99% of them never broke or malfunctioned, you’d still have 150 of them that did!

What if the control module goes out two days after purchase? What if the alternator and battery go bad two months after buying? What if your transmission needs rebuilt or replaced after a year with you behind the wheel? All those things and more happened to 3Rivers members last year. The bills for each totaled $311, $965 and $1,604 respectively. Fortunately, the members didn’t have to pay those amounts. Because they’d said yes to Mechanical Breakdown Protection, their repair costs were covered!

Guaranteed Asset Protection (GAP) for Your Vehicle

Now imagine this… you’re on your way to work one chilly morning and you hit a patch of black ice, leading to an up close and personal introduction to a utility pole on a country road. After going through the first few stages of grief in an instant, you’re left to wonder what’s going to happen to your loan now that the vehicle is totaled. What if the insurance determines your car is worth less than the amount you still owe? Who’s on the hook for that? You are. Yep, I’ve been there, too. And by the way, utility poles aren’t cheap, either!

Thankfully, in my case, the loan was recent enough that it wasn’t much of an issue. But if it had been an older loan, it probably would have been an issue and I would have learned the hard way that GAP coverage is a very wise choice. The last thing you want is to be paying back a loan for a car you no longer own! You see, 1 in every 3 people will have a car totaled or stolen in their lifetime. GAP has you covered if you’re one of them.

Life and Disability Coverage

Surely Credit Life and Disability coverages aren’t needed, right? I mean, if I’m gone, so is the debt. And if I get hurt, workman’s compensation will cover me, right? Sorry to say this, but here is a sobering truth: your debt can outlive you and force someone else to deal with it. Oh, and 90% of the injuries that occur happen outside the workplace (meaning no workman’s comp benefits). If you were to contract pneumonia, break a leg while training for American Ninja Warrior, injure your back while doing your third Tough Mudder, or have to be off for an extended period of time for similar reasons, your loan payments still need to be made. This protection makes sure you’re covered while the steady income is on pause.

Gain Some Real Peace of Mind

Now I am not suggesting the sky is falling and everything that can go wrong will; but again, I’ve been there. Unexpected accidents on the road, emergency surgeries, or yet another thing breaking on this “stupid vehicle I wish I’d never purchased!” happen. Sometimes it happens often. And that’s why 3Rivers offers these protections to members.

In fact, during 2015, the protection benefits paid on our members’ behalf was $678,753. That’s hard-earned money that didn’t have to come out of our member’s pockets while making sure their vehicles could get their fixes, total losses didn’t become total messes, and loved ones weren’t on the hook.

That’s peace of mind in knowing that if something were to happen, you’re protected. Ready to look into getting this same peace of mind in your life? Click here to learn more or get a quote.