GARDEN GROVE, CA / ACCESSWIRE / August 16, 2022 / Each year, millions of Americans across this great nation experience mishaps, accidents, and breakdowns related to their vehicles, RVs, homes, boats, and motorcycles. Although many such issues are covered by insurance, research regarding policies has revealed a glaring gap in coverage, putting tens of millions of home, RV, and vehicle owners at risk of significant financial hardship.
This quarter, industry leader in automotive and home protection warranties, Hayward Protection, discusses who is at risk and what these individuals can do to protect their most valued assets when disaster strikes.
Data Reveals Nearly 75% of Homeowners and 63% of Vehicle Owners Are One Mishap Away from Financial Disaster
According to research compiled by Haywire Protection and sourced from leading real estate and automotive companies, nearly 75% of homeowners and 63% of vehicle owners do not have an extended warranty on their home or vehicle.
Homeowners at Risk
Owning a home is a dream come true for many Americans. However, home ownership isn't all rainbows and sunshine. For many individuals, the high cost of home repairs has left many households struggling to keep afloat.
Data from insurance companies reveals that the monthly average cost of home maintenance ranges between $200-$300, with the costs of home repairs due to system breakdowns into the thousands (and sometimes tens of thousands) of dollars.
Homeowners without an extended warranty are at a considerably higher risk of having to pay out of pocket. With the pressures of the struggling economy, inflation, and supply/labor shortages, home repair costs have skyrocketed, with Angi's 2021 State of Home Spending Report showing a 25% increase from 2020 alone.
Home warranties offer a safe, reliable, and affordable means to protect homeowners from excessive and unplanned home repair costs. According to Haywire Protection, its policies act as a safety net, giving homeowners peace of mind when disaster strikes.
Vehicle Owners at Risk
The Car Care Council found that 84% of vehicles on US roadways at any given time require servicing, making them less safe. Similarly, research from Utires reveals that 91.8% of Americans surveyed put off or postpone vehicle maintenance.
This inevitably leads to bigger and costlier problems down the road, many of which are not covered by insurance.
Even More Troubling Statistics:
- 61% of Americans are unable to afford unexpected vehicle repairs of $1000 (Bankrate, 2021).
- 40% of adult Americans are unable to cover unexpected vehicle repair bills of $400 (Ally, 2020).
According to Haywire Protection, mishaps such as vehicle breakdowns are up to 50X more likely to occur than an accident covered by insurance. Nothing lasts forever, but the right vehicle warranty can cover costly and unexpected bills, helping individuals get back on the road fast.
Research from NerdWallet and PEGA echoes this sentiment, stating that nearly 1 out of every 10 warranty owners uses their coverage and policy, extracting considerable value.
With car repair costs up 926.69% since 1968 (OfficialData.org), and average warranty payouts of $850 industry-wide (Consumer Reports, 2020), savvy vehicle owners are flocking to get the coverage they need.
The Haywire Protection Difference
Instant Online Quotes Make Warranties Easy - An intuitive instant online quote process guides customers towards the right policy, taking the guesswork out of home, auto, boat, and RV warranties.
Safe and Secure - Utilizing industry-standard security practices, its customers' data is always safe and secure.
Convenient - Within minutes, Hayward Protection can get customers set up with the right plan to protect their assets from disaster.
Affordable - Haywire Protection's affordable flat fee structure makes high-value warranties accessible for virtually any budget.
No Pressure / Hassle-Free Process - The extended warranty industry is often known for high-pressure sales tactics, but not at Haywire. Its business is based on a customer-first approach that puts people before profit.
Peace of Mind for Home and Vehicle Owners
Haywire Protection takes incredible pride in offering affordable, reliable, and convenient warranties that protect its customers from unexpected major expenses.
Major Policy Features:
- Affordable flat fee policies
- Customers can choose their own mechanic (vehicle) or contractor (home)
- 24/7 roadside assistance
- Lightening fast claim payouts
- Unmatched support and service
- A+ Better Business Bureau Rating
- 5.0/5.0 TrustPilot Rating
- 5/5 Star Google Reviews
Types of Warranties Offered:
About Haywire Protection
Since its inception, Haywire Protection has built a reputation as a leading provider of home, auto, boat, RV, motorcycle, and e-bike warranties. Focused on value, affordability, fast claims processing, and superior customer service, the company has set itself apart from the sea of competitors, earning the company high ratings and high praise across the board.
Those interested in learning more about the company, the warranties it offers, or in obtaining a free instant quote, are encouraged to visit the official website for more information.
SOURCE: Haywire Protection
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