This resource is part of the Innovative Funding Services (IFS) auto finance Library.
Learn about the Benefits of Tire and Wheel Insurance
Tire and Wheel Protection Plans supplement your insurance coverage, protecting you from paying for damage to your car’s tires and wheels when your insurance may not.
Without Tire and Wheel Protection Plans, many car buyers have to pay for repairs to their vehicles’ tires and wheels out-of-pocket. Typically, auto insurance plans do not cover tire and wheel damage, and when they do their deductibles are usually higher than the cost of the repairs.
Usually, Tire and Wheel Protection Plans have no deductible, place no limit on the number of claims you can make, and are not reserved for cars with low mileage, making them an attractive purchase for those who do not want to pay for tire and wheel damage out-of-pocket.
In general, tire and wheel protection plans cover you from damage from road debris, potholes, blowouts, and manufacturer defects. You can get a tire and wheel plan whether your car is new or used, and you can bundle the cost into your car financing or simply purchase one separately. Moreover, you can often transfer your plan if you sell your car, offering extra resale value.
SELECTIONS FROM OUR BLOG
GENERAL AUTO FINANCE EDUCATION
This resource is for educational purposes only. Its content is designed to explain concepts, not to present exact definitions or to reflect how all financial institutions or auto companies conduct business.