Carchex is a pretty good company, based on coverage options, customer reviews, and ratings from the Better Business Bureau (BBB). The company is accredited by the BBB and doesn’t have many customer complaints, though it has a mediocre TrustPilot review. Additionally, Carchex has an average user rating of 4.1 out of 5 on WalletHub.
Carchex offers vehicle service contracts, also known as extended warranties. These plans are meant to cover expensive car repairs arising from mechanical problems. Carchex does not disclose the average price of its plans, but authorized sellers advertise sample prices ranging from around $50 to $80 per month.
Carchex Reviews & Ratings
- Reviews on WalletHub: 4.1 out of 5
- BBB: A+, accredited
- TrustPilot rating: 3.2 out of 5
Carchex offers five plans, with various coverage levels and eligibility requirements. The company’s most affordable plan is called the Bronze plan. This plan offers less coverage than the average competitor’s basic plan, since it does not cover the air conditioning, water pump, or brakes.
The Bronze Plan Covers:
- Drive axle
Engine, transmission, drive axle
Engine, transmission, drive axle, fuel delivery, electrical, AC
Engine, transmission, drive axle, fuel delivery, electrical, AC, brakes, steering
Engine, transmission, drive axle, fuel delivery, electrical, AC, brakes, steering, suspension, enhanced electrical, heating/cooling
Everything except exclusions and parts covered by the manufacturer's warranty
Keep in mind that individual plans may vary depending on the vehicle and state. Additionally, Carchex does not disclose exact eligibility requirements, since eligibility is vehicle-dependent. However, potential customers can get a quote by filling out an online quote form or calling 877-CARCHEX to see if they qualify.
Bottom Line: Is Carchex a Good Company?
Carchex is an above-average company, since its customer reviews are overwhelmingly positive. The company provides samples prices that range from approximately $50-$80 per month, which is less than some competitors, though exact quotes will vary by vehicle. However, it’s worth noting that vehicle service plans often cost more in the long run than they cover in repairs.
If you are concerned about your vehicle’s reliability and want the additional peace of mind, the expense of a vehicle service contract from Carchex could be worth it, but it depends on your individual circumstances. On the other hand, one alternative to purchasing a vehicle service contract is buying mechanical breakdown insurance from a car insurance company.