Olive: #1 Auto Warranty Company in the U.S.
Olive is a new auto warranty company that has only been launched in 2020. However, one that has already proven its great impact on the market.
Olive has been in business since 2000 with its affiliates and has been rebranded as a digital-focused auto warranty company in 2020. The company started by offering mechanical breakdown insurance (MBI) in California only in 2020. Later on, the company expanded its services to offer extended auto warranty across all of the states.
Even though it is still a new company, it is a quite unique company in the industry. And it is so for multiple reasons; for example, the company offers a subscription-based billing plan where customers can subscribe and cancel whenever. Another great thing about Olive is that it has a very user-friendly website that is pleasant to the eye and is easy to navigate and use to learn about warranty plans and how to get an extended warranty for your vehicle.
To get an extended auto warranty with Olive, you can do the whole process online, which is something you don't get with every auto warranty company. Moreover, the company does not have a waiting period and does not require inspection for pre-existing repairs needed.
Overall, Olive has multiple accreditations and positive customer reviews. The company is accredited with the Better Business Bureau (BBB) with an A+ rating. It also has a rating of 4.7 out of 5 stars on customer reviews on Google.
A great thing about Olive is that its founders and team understand how annoying and intrusive robocalls can be, and so, you will never receive robocalls for auto warranty from this company.
Olive’s auto warranty plans are administered by QBE. QBE is a multinational insurer and warranty company with an impressive rating of A+ from Standard & Poor rating and an A from AM Best.
Olive offers three extended warranty plans that cover up to three years at a time and/or until you reach 185,000 miles. These plans differ in what coverage they offer as follows:
Olive's extended auto warranty plans
This plan covers:
- Drive Axle
- Air and Fuel Systems
- Seals and Gaskets
This plan covers everything in the Powertrain plan plus the following:
- Odometer and Speedometer
- Front Suspension
- Brakes (no rotors or pads)
- Air Conditioning
- Electrical Components
This plan covers everything in the Powertrain and Powertrain Plus plans plus the following:
- Anti-Lock Brakes
- Power Windows and Locks
- Luxury Electronics
- Emissions Components
- Safety Systems
To make things even better and make breakdowns less of a hassle, Olive provides more benefits and extra services. All of the plans above come with towing reimbursement of up to $100 per breakdown.
These plans also come with rental car reimbursement as follows:
- It covers up to $35 per day for 5 days.
- It covers an extra 2 days in case Olive requires an inspection of the breakdown.
- It applies to breakdowns that are covered by Olive or by your car’s manufacturer.
What Olive auto warranty does not cover
As is the case with most auto warranty companies, Olive does not cover repairs for pre-existing conditions. As mentioned before, the company does not require inspection for pre-existing conditions before agreeing to the plan, and so, they make it very clear to their customers that any conditions prior to the plan cannot be included. The website clearly states:
"Olive coverage excludes any pre-existing conditions or modifications whether known or unknown prior to your coverage starting."
Other things that Olive's extended warranty plans do not cover include:
- Wear items (wiper blades, brake pads, belts, and hoses).
- Regular maintenance (oil changes, filter changes, and so).
- Damage that happens due to accidents, misuse, or lack of maintenance.
- Environmental damage.
- Damage from theft or vandalism.
- Vehicles used for commercial services.
According to the company's official website, the costs and prices vary between $30 and $80 per month. However, after doing our research, we found out that prices can range from as low as $20 to more than $100 in some cases.
The money is paid monthly over 36 months for the whole warranty term or until you decide to cancel the contract, if ever. Since you do not pay the money at once and rather pay monthly, you can cancel your contract at any time just like you cancel a monthly subscription. If you decide to cancel your contract within 30 days, you will get a full refund. However, if you do cancel your contract after that, you will get a prorated refund.
If you look at Olive's prices in comparison to other auto warranty companies, you will find its costs quite affordable. While prices may vary according to your car and needs, the average for this company is around $65 per month. Meanwhile, the average monthly payment for all other extended auto warranty companies in the industry is around $115.
Given that the average monthly payment is somewhere around $65, the whole plan would cost somewhere around $2,340 for the three years ($780 per year). However, as mentioned before, plans can cost much less and your plan could start at around $750 for three years of coverage, which is $250 per year, and this is a great price.
As for deductibles, there is no $0 deductible option; Olive's auto warranty plans provide three options for that: $100, $250, and $500. Every time you go to a repair shop, you pay this deductible. And of course, as it goes, if you choose a higher deductible, this will lower your monthly payment and vice versa. This means you have three plans and three deductible options, which gives you the space to choose between nine total price points.
Olive's customer support is actually one of a kind. For starters, you can find a whole page on the website dedicated to frequently asked questions regarding extended auto warranty in general and Olive's auto warranty plans in particular. Another helpful source is Olive's blog page; you can find multiple blogs regarding the extended auto warranty on there.
If you still can't find an answer to your question, you can contact Olive's customer support as follows:
- Email them at [email protected]:
- Mon-Fri 5:00 a.m. – 8:00 p.m. PT
- Sat-Sun 9:30 a.m. – 6:00 p.m. PT
- Call them at 866-260-3688 from Mon - Fri from 7:00 a.m. – 6:00 p.m. PT.
- Live chat 24/7.
Finding the right auto warranty company will save you lots of money that otherwise you might have to spend on your car every time it breaks down.
Olive is actually on top of the list of the best auto warranty companies in the industry. It has some of the most affordable prices, best plans, and most helpful customer service.