Is the CarShield Platinum Plan Worth It?
Published August 24th, 2023
Are you tired of unexpected car repairs draining your bank account? The more technologically advanced our vehicles get, the more parts there will be that might break down and need repairs, which might be quite expensive, especially in the long run. To that end, purchasing a CarShield Platinum plan may be a good idea because of its comprehensive coverage, which covers a wide list of vehicle components.
CarShield is one of the most well-known and recognizable vehicle service contract (VSC) providers in the US market. They offer auto warranty plans that extend beyond the factory warranty, providing coverage for unexpected repairs due to mechanical or electrical breakdowns. Their variety of coverage plans are tailored to fit specific needs and budgets, ensuring peace of mind for customers. Despite some controversy with the Better Business Bureau, CarShield reviews show that it is a trusted warranty company with a high customer satisfaction level. They strive to have excellent customer service and reliable claims approvals and can provide broad coverage for cars, trucks, SUVs, motorcycles, ATVs, and more.
In this blog, we'll take a deep dive into the benefits of the CarShield Platinum plan and help you understand how it works. We'll help you understand the plan's offerings and costs and highlight its unique features and perks. We'll compare it with other coverage options at the company and from competitors in the industry.
So, if you're looking for a suitable extended auto warranty plan, read on to find out why CarShield's Platinum plan may be worth considering.
Exploring the Benefits of CarShield's Platinum Plan
The Platinum plan offers comprehensive inclusionary coverage for your vehicle's mechanical and electrical components, and it sits near the top of CarShield's warranty options. The company offers one plan with a higher coverage level, the exclusionary Diamond plan, and three lower levels of coverage: Gold, Silver, and Aluminum. They also offer specialized plans for electric cars as well as motorcycles and ATVs.
With this plan, you will be covered for the highest amount of 'stated components' within the VSC, which include the categories of the mechanical engine, transmission, cooling system, transfer case, drive axle, electrical, steering, air conditioning, suspension, brake system, fuel system, audio center, high-tech electronics, and emissions. The service contract spells out all the covered components as well as the added benefits, limitations, exclusions, and extra surcharges. They offer sample monthly and term contracts online, which you should read through carefully.
You have to pay an extra surcharge if you want to cover a car with a branded title, lift kit, diesel engine, turbocharger, or 4-wheel drive. There are also three optional vehicle use packages that allow for your car to be covered while being used for business or to make money. A surcharge will apply to those as well. Those options are:
- Ride Share Use: You would be covered for using your car as an Uber or Lyft vehicle, but not as a taxi
- Agricultural Use: You would be covered to use your vehicle in a farming transportation or production capacity
- Commercial Use: This includes assorted other 'business' uses, including delivery, carpooling or business travel, service calls, and construction, among other uses. There are exclusions, however, which are detailed in the contract
As with all CarShield plans, Platinum offers the added benefits of 24/7 roadside assistance, trip interruption coverage, and rental car or alternative transportation coverage. Their deductible is typically set at $100.
What are the exclusions and limitations?
The Platinum plan covers a lot of parts and categories for repairs, but just because a certain component falls within a covered category doesn't mean it will be covered. If a specific component fails, you would have to check your contract to see if it is listed. Depending on who your CarShield contract's administrator is, you may find excluded components explicitly listed as well.
All benefits will be limited to certain dollar amounts, per occurrence or day, that you can find in the contract. You will also be subject to a limit of liability, which means overall costs for claims and benefits cannot exceed your car's book value or a certain fixed amount. Note that the administrator may use this to require lower-cost parts be used in repairs.
There are many general exclusions to service, such as pre-existing conditions, normal wear and tear, maintenance items, breakdowns due to a lack of maintenance, and so on. As previously mentioned, you can find all these listed within their sample contract.
Who Is the Platinum Plan For?
CarShield describes this VSC as a comprehensive plan, and they position it as being the best protection for high-mileage vehicles. The provider accepts cars with up to 300,000 miles on them, although not for all their service contract options; and definitely not for their exclusionary Diamond coverage.
If you have a well-used car that is technologically advanced and you need protection for most electrical or mechanical repairs, including those of the fuel pump or water pump, then this would be the plan you'd choose. However, you might not choose this if you have a motorcycle, an all-terrain vehicle, or a hybrid or electric car, as their parts would not be covered; and CarShield has specialized plans for some of those vehicles. You also would not get it if you have a newer car that is still under the manufacturer's powertrain warranty, as the company has supplementary coverage that is better suited for such a use case.
Is the Platinum Plan Worth Its Pricing?
Even though CarShield does not share prices on their website, we understand that their plans carry a monthly payment in the range of $99.99 to $139.99; and your costs for the Platinum plan will be in the higher end of that range. Given how many more repairs you are covered for versus with any of their other inclusionary plans, the price difference between them is minimal. However, because you can buy coverage for a specific term period and mileage limit, as well as on a month-to-month basis, your monthly premiums will also depend on the length of your installment plan. We have seen them get upwards of $200 a month.
How does it compare with other warranties?
With that said, their prices compare favorably with those of top plans at CARCHEX, Endurance, or other top providers. We have seen prices be discounted based on your special circumstances, although they also may balloon based on your criteria and with added surcharges. The coverage in these competitors' comprehensive plans matches that found in the CarShield Platinum plan, for the most part, although keep in mind that the CarShield plan might only cover certain parts or circumstances as extra, paid options.
For example, Ox Car Care's Diamond plan, with otherwise similar parts coverage, will cover your turbocharger, diesel engine, and hybrid parts as standard, whereas CarShield will impose surcharges on you; and they will not cover hybrid parts at all! On the other hand, some categories like emissions may not even be offered through other providers; and even their variety of vehicle use options, though paid, are relatively rare.
Is the CarShield Platinum Plan For You?
The Platinum plan offers near-comprehensive coverage of your mechanical engine car, with many included benefits. True, it doesn't offer quite the bumper-to-bumper coverage of your factory warranty, but the warranty provider does offer such coverage in their Diamond plan.
However, if you need extensive coverage for an older Honda or Chevrolet with many miles on it, the Platinum extended warranty plan might be the most full-featured plan your car can get. With higher mileage, most other providers may only offer protection for the vehicle’s powertrain. And not only do you have protection for many more parts categories than some competitors, like emissions, the audio system, and the high-tech electrical system, but you are also able to cover a greater variety of vehicle types, conditions, and special uses by paying extra surcharges.
On the other hand, if you want to make sure you get the best type of plan and pricing you can, or if you're concerned about CarShield's issues with the BBB, you might want to look around. There are many reputable providers out there that you can read about, a few of which operate in California, unlike CarShield. We recommend you compare between them to see which ones suit your purposes at a glance, then request free quotes. The perfect fit for you is out there, and it could be the Platinum plan.