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Tire Insurance: Myths And Facts About Road Hazard Policies

Insurance—it's everywhere. One can insure just about anything. Are tires an investment one needs to insure? Tire insurance, also called a road hazard policy, road hazard warranty, or tire reimbursement plan, is a rapidly growing industry in the automotive world.

Tire warranty plans pay in full or in part for the replacement or repair of damaged tires and/or rims from "road hazards." Road hazards are defined as pot holes, debris, nails, wood, and other hazards found in the road. Curbs, sidewalks, and stone walls are not road hazards. This is an important distinction to consider when deciding if tire insurance is right for you (discussed further ahead).

Tire plans last for a specific period of time and tire wear tread-depth. Some plans last 2-3 years. Others can last 5 years or 60,000 miles. Several plans come with fixed amounts of coverage: $500 per year up to 4 years. Many contracts require three years of law school to comprehend. In terms of tread depth, a tire is usually considered worn out (and thus the plan null and void) at 2/32 to 3/32 of an inch.

Another important distinction is in the type of plan.

Tire reimbursement plans are just what they say. You, the plan holder, will be reimbursed after the claims process is finalized—usually 2-8 weeks. There is an out-of-pocket expense. These plans are often sold by new car dealerships. The prices can range from $300 to $600 dollars.

Road hazard policies operate similarly to reimbursement plans. However, some tire insurance providers, in partnership with the repair facility, may have a direct-pay relationship. Thus, there would be no out-of-pocket expense, except for applicable deductibles, and items not covered in part or in full. These plans are primarily sold by tire dealers and repairshops. The prices range from $10 to $30 per tire. They also can be based on a percentage of the cost of the tire: usually 12% to 15%.

Both types of plans have a number of variables, requiring a magnifying glass to read the fine print. Also, many are pro-rated warranties, covering only a percentage of the cost of the tire based on its wear.

Claims and Coverage:

Depending on the plan, claims are initiated by the repair shop. The process is fairly smooth, although there can be a significant delay from the provider for authorization. This delay may be an hour or an entire weekend. This means that you'll have to "ok" the tire replacement, and then hope it's authorized for the full amount, or drive on your spare.

Some plans offer national coverage either among their service facilities or from other repair centers. Claims procedures will vary. Others only provide local coverage, or coverage at the selling facility.

Limitations:

Tire insurance does not mean that everything is covered. Pro-rated warranties are based on the wear and tear of the tire. You may get 75%, 50%, or only 10% coverage depending on the tread-depth. You'll pay the remainder. While there are plans that offer full coverage, even these have limitations, or they may conflict with a repair shop's policies.

For example, many plans allow for a maximum of $30 to mount and balance one tire, and a maximum of $15 to repair a tire. However, sport tires often have significantly higher mounting and balancing fees—upwards of $50 per tire—and tire repair prices can exceed $90. There are also discrepancies on the tire and rim prices themselves, which in the end, may have to be supplemented by the service customer.

Although there usually is not an issue with the latter given the competitive market, the service center's price mark up may be unacceptable to the plan provider. In this case, the service center needs to lower the price or you, the service customer, need to pay the difference—or go somewhere else. This does happen!

Rim Prices and Repairs:

Rim replacement is becoming less frequent. With the high cost of aluminum wheels and sport wheel packages, tire insurers have opted to have them repaired. Repair will only be done if the rim does not hold air. What this means is that even if the rim is warped—enough to cause a vibration and even premature tire wear—they won't replace it. Rather, they will send it out to be straightened and repaired.

Rims are replaced only if the damage is so extensive that the new tire, when mounted on the rim, won't hold air. However, even in this case, especially if it's an expensive sport wheel, they may still attempt to repair it.

Repairing rims is a bad option. While some rim repair is acceptable, badly warped or damaged rims will in no way ever be the same.

Alignments:

If a car hits a road hazard hard enough, such as a pot hole, it's wise to have the alignment checked. Road hazard policies and tire reimbursement plans do not cover alignments. The service customer will have to pay for this procedure.

Road Hazard Protection Positives:

Some plans include tire rotations, wheel balancing, and nationwide coverage.

Myths:

1) "Can I pop all 4 tires and get a new set of tires?"

You can try. But this type of claim will trigger a number of red flags with the insurer. The policy holder will likely send out adjusters and/or require photographs. You will also have a difficult time explaining how a "road hazard" caused all 4 tire pop.

2) "New tires come with a road hazard warranty."

New tires do come with a warranty by the tire manufacturer. However, it only covers defects in workmanship. New tire warranties do not cover punctures or damages from external sources. This is why "road hazard" protection is being pushed.

New tires are rarely defective. If there is a problem, it's usually noticed when balancing the tire. Or, there is a drivability concern such as vibration or noise. If there's a defect it's generally caught right away, and the tire swapped out.

3) "It's so cheap; it's a no-brainer, right?"

Actually, the experts don't agree with this statement.

The Economics of Tire Warranties:

An article from the Washington Post by Terence O'Hara explains the economics of extended warranties and purchase protection plans in general. It is quite fitting for road hazard warranties. He writes:

"The decision to buy an extended warranty...defies the recommendations of economists, consumer advocates and product quality experts, who all warn that the plans rarely benefit consumers and are nearly always a waste of money.

‘[Extended warranties or purchase protection plans] make no rational sense,' Harvard economist David Cutler said. ‘The implied probability [of having an issue with the product] has to be substantially greater than the risk that you can't afford to fix it or replace it. If you're buying a $400 item, for the overwhelming number of consumers that level of spending is not a risk you need to insure under any circumstances.'"

In short, road hazard warranties are a waste of money. Don't insure that which you can afford to replace.

Numbers Game and Slim Chances:

Like all insurance, tire insurance plans are a numbers game. However, this is a game you have a 98% chance of losing. Insider statistics show that the percentage of claims paid out by providers is as low a 2%.

Curbs:

Another interesting note is that a lot of tire damage is caused by curbs. Curb damage is not covered under most road hazard policies. High granite curbs with sharp edges slice through tens of thousands of tires per year.

You Won't Notice:

Many people don't even notice tire damage. Other than to see if the tires are holding air, who "really" looks at tires? Tires are subject to a whole host of external influences which cause bubbles, slices and gouges.

Despite the potential dangers of damaged tires, the damage very often does not translate into any noticeable drivability issue. The point is that if you don't notice any tire damage you can't benefit from the coverage.

Research Shows:

Those raving about the benefits of a road hazard policy are the actual folks in the industry who stand to benefit from the sale. They'll argue that it's so cheap—only $10 to $20 per tire. Even so, for four tires, that's $80 based on the "possibility," the "chance," of damaging a tire that meets the repair/replacement requirement protocols.

Auto Insurance:

If a rim and tire has incurred significant damage, it's quite likely that other problems have resulted as well. The first is that the vehicle may have been jarred out of alignment. Secondly, hub bearings, front end components: tie rods, spindles, ball joints, and a variety of other components may have sustained damage. In this case, auto insurance, which you are already paying for, will pay for everything—brand new.

Free Road Hazard Warranties:

Many tires come with road hazard warranties FREE. In other words, in an effort to secure retailers, many tire distributors provide service centers FREE road hazard insurance. Some shops pass this on to their tire customers, others sell them. Ask if the tire "comes" with a road hazard protection policy. If not, request that one be provided at no additional charge. It's worth a shot.

Also, some car manufacturers provide road hazard warranties FREE of charge for 12 months or 12,000 miles. If you're buying a new car or even used, ask that the dealer provide a complimentary road hazard policy (after all the wheeling and dealing is done, of course), and just before you commit.

"What's the best road hazard policy?"

Money in "your" bank account.

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Slime Smart Spair 15-Minute Emergency Tire Repair Kit List Price: $24.99 Sale Price: $22.34 You save: $2.65 (11%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description The Slime Smart Spair 15-Minute Emergency Tire Repair Kit allows you to fix flats quickly without removing your tire. This kit includes a bottle of Slime tire sealant to plug punctures up to a quarter-inch and a portable air compressor to reinflate the tire. The compressor comes with adapters to inflate mattresses, balls or other inflatables. Features Emergency repair kit fixes a in 15 minutes No need to remove the tire Includes a bottle of Slime tire sealant and a portable air compressor Seals punctures up to a quarter-inch Comes with adapters to inflate mattresses, balls or other inflatables

Dynaplug 1007 Tubeless Tire Repair Kit List Price: $19.95 Sale Price: $11.76 You save: $8.19 (41%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Dynaplug Tubeless Tire Repair is designed to repair a punctured tire in less than a minute without taking the tire off the wheel. This plug can permanently seal the puncture hole from the inside out without compromising the tire balance. It saves time and money by repairing a tire puncture in a simple way. This is certified by UTAC which is a European vehicle test laboratory. It has certified Dynaplug for permanent repairs in tread area for clean punctures upto a 16 penny nails at speeds of 90mph. The process is very simple, load the tool with a brass-tipped plug, insert tip into puncture hole and pull the handle out of the tire. Features Perfect for any tubeless tire even run flats No glues or solvents required One plug seals a hole size as big as 3/16 inch Up to 4 plugs can be used in one hole if needed The Dynaplug works with the tire pressure monitoring sensors

Slime 70005 Safety Spair Flat Tire Repair System List Price: $59.99 Sale Price: $38.00 You save: $21.99 (37%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Slime Safety Spair Flat Tire Repair System is designed to instantly seal the puncture and quickly re-inflates the tire. It features a 12 V built in compressor which activates by the push of a button and forces air into the sealant cartridge sending sealant as well as air into the tire. This repair system is easy, fast and safe to use. It seals punctures up to quarter inch and the tire pressure is sensor friendly. This system has a safety light for night use. Features Designed to instantly seal the puncture and quickly re-inflates the tire Features a 12 V built in compressor which activates by the push of a button and forces air into the sealant cartridge sending sealant as well as air into the tire Easy, fast and safe to use Seals puncture up to quarter inch and the tire pressure is sensor friendly Safety light for night use

Dynaplug 1014 Tire Repair Refill Plug - Pack of 5 List Price: $8.95 Sale Price: $6.69 You save: $2.26 (25%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Dynaplug Tire Repair Refill Plug is designed to bond like a patch and makes a permanent seal from the inside-out. It is made from a combination of two synthetic rubbers and easily rolls between fingers to ensure easy insertion. This refill plug contains rubber solids impregnated into a cotton cord meant to mold irregular punctures and is stored in the handle of the Dynaplug tool. It features a pointed brass tip for easy insertion and plugs the hole with no glue. Features Made of a combination of two synthetic rubbers Contains rubber solids impregnated into a cotton cord designed to mold irregular punctures Stored in the handle of the Dynaplug tool Features a pointed brass tip for easy insertion and plugs the hole with no glue Lasts for the life of the tire and has a very long shelf life

Auto Meter 2343 Autogage Mechanical Tire Pressure Gauge List Price: $31.32 Sale Price: $19.50 You save: $11.82 (38%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Autogage line offers economical instruments for street and street performance vehicles, perfect for those needing good design at an affordable cost. Autogage is famous for its wide variety of black and chrome tachometers and underdash panels for 50's and 60's muscle cars. 60 PSI gauge retains the last measurement until the pressure is released. Patented design assures accuracy and durability, while a large dial and angled chuck enable easy measuring. Bronze bourdon tube 270 degree sweep movements and durable nylon gearing have made these rugged and long lasting gauges a proven high performance favorite for over 25 years. These mechanical gauges require no electrical power for operation making them an ideal choice for vehicles with no or low powered electrical systems. Features Economical and requires no electric power Used to measure the pressure of tires on a vehicle Has a range of 60 PSI Size of this mechanical tire pressure gauge is 1-1/2 (38.1mm) Offers a race inspired design with the trademark Auto Meter Monster look

Slime 1031-A Tire Repair Plugs - Pack of 30 Sale Price: $8.32   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Slime Tire Repair Plugs come in a bulk pack of thirty strings. These repair strings are extra-strong and easy to use. Simply insert the plug centered in the eye of a needle into the punctured tire, pull the needle straight out with a rapid motion and check for air leakage. This Slime plug kit, designed for emergency tire repairs, will get you safely to a service center. Features Bulk pack of thirty repair strings Extra-strong and easy to use Simple instructions make checking for air leakage a breeze Simply insert the plug centered in the eye of a needle into the punctured tire, pull the needle straight out with a rapid motion and check for air leakage Designed for emergency tire repairs

Slime Powerspair - 48 Piece Kit Tire Repair Kit List Price: $79.00 Sale Price: $60.00 You save: $19.00 (24%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description This 48 piece kit contains: a heavy duty tire inflator, a 24 oz. bottle of Slime Tire Sealant, a reamer and plugger set , 30 tire plugs, a tire gauge, an alligator clip power adapter, a Slime decal set and a 10 piece tire tackle kit. The Power Spair flat tire repair kit contains every tool needed to repair a multitude of flat tires. Be prepared for your next flat tire with Power Spair. It works continuously, is non-flammable,non-corrosive, non-toxic, and cleans up with water. Features The kit's heavy duty 12 volt tire inflator has a 16ft. coiled air hose, 3 minute inflation time and adapters for inflatables An alligator clip power adapter is also included, allowing for a direct to battery connection Slime tire sealant seeks out and instantly seals puncture up to 1/4" using patented Fibro-Seal Technology The kit contents are conveniently packaged in a durable case for easy storage on any vehicle

Slime 2510 22-Piece Tire Tackle Tire Repair Kit List Price: $11.98 Sale Price: $11.70 You save: $0.28 (2%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description Slime Medium Tire Tackle keeps your repair tools together in one place where you can find them. This 22-piece compact storage case includes essential repair tools such as a screwdriver reamer, a screwdriver plugger, repair strings and an anodized pencil gauge. This set is designed for 4x4s, SUVs and off-road vehicles. Made of durable PVC, this case fits easily in a glove compartment or trunk. Features Keeps your repair tools together in one place where you can find them 35-piece compact storage case Includes screwdriver reamer, screwdriver plugger, repair strings and anodized pencil gauge Designed for 4x4s, SUVs and off-road vehicles Fits easily in a glove compartment or trunk

Slime 70003 Flat Tire Repair System List Price: $49.99 Sale Price: $13.00 You save: $36.99 (74%)   Eligible for free shipping! Availability: Usually ships in 24 hours See Reviews For This Product Description No more waiting around or getting messy when repairing a flat tire. The Slime Flat Tire Repair System is designed to a repair flat tire in a fast, easy and safer way. It fully inflates and seals the puncture in 10 minutes. This tire repair system does not require any tools, and is safe for tire pressure monitoring systems. It is also equipped with an LED light for night use. Features SLiME tire sealant seeks out and repairs the puncture in less than 10 minutes Easily installs directly through valve, no tools required Reusable compressor with built in LED light and gauge Tire pressure sensor friendly Durable case for convenient storage in any vehicle