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Honda Extended Warranties Pricing and Info

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Comments

  • packer3packer3 Posts: 277
    Thanks, I have never droped AAA I have had for a long time, I guess I won't need the Honda Care
  • Thanks to all of the postings on the extended warranty. We bought the CVR yesterday and after the sale we got hit with the "what ifs" doom sales job. Sounds like we should save our money.
  • batrachianbatrachian Posts: 13
    Anybody buy from hondacareextendedwarranty.com? Is it legit?
  • ezshift5ezshift5 West coastPosts: 855
    ...the lawsuit again AHC.....

    I wonder how the drama is playing out: internet sales of Honda's Extended Warranty was reported to cease May 1. Peer pressure from the dealer special interest. A lawsuit - by a major player in internet ew sales - ensued. Any news at all?

    .....ez....
  • gardinerrgardinerr Posts: 39
    I literally got off the phone with our lawyer minutes ago. The case is going full steam ahead and is now in Federal Court. The schedule will be nailed down in a June 2nd meeting.

    Honda had originally asked us to take down the notices on our site after we won the restraining order. They told us a new policy would be coming out that we would be happy with so we removed the notice in good faith. They were not true to their word, and are pushing for a trial instead.

    We will be putting the notices back on our site. We also have a few dealers that will be joining us in court.
  • jet10000jet10000 Posts: 656
    Anybody buy from hondacareextendedwarranty.com? Is it legit?

    Yes, it is legit. You get a genuine honda care service contract straight from Honda's corporate office.
  • pinnumberrpinnumberr Posts: 13
    I don't know the first thing about extended warranties but I see that there is alot of information on line about them as well as all of your good insight about them.

    I'm going to be buying a CR-V next week and wanted to know if I needed to buy the extended warranty the same day to get a better deal on it. In other words do I get a better price for buying it now as opposed to a later date. I assume that that one can buy the warranty at any time before the manufacturer warranty expires. Is that correct?

    If I don't need to buy it now that will give me time to read up on the topic. Thanks!
  • jet10000jet10000 Posts: 656
    I assume that that one can buy the warranty at any time before the manufacturer warranty expires. Is that correct?

    Well that is true. But, the cost of the extended warranty changes the longer you wait and the options for time periods and mileage decreases.

    However, as long as you purchase the Honda Care before the 6,000 mile mark you can get the same "new car" pricing that you would get if you purchased the warranty the day you bought the car. So that will give you some extra time to do more research.
  • aspesisteveaspesisteve Posts: 833
    my advice would be to wait till you get near the expiration of the manufacturers warranty (the price goes up substantially after this point) - decide if you will keep the car much longer, determine how well you've taken care of the car and follow reliability reports from publications like Consumer Reports to see if your make and model year are problematic.

    Buying the extended warranty up front when you already have 3 years of warranty ahead of you is not a good place to park your hard earned money imo.

    for most cars, I think the Extended warranty is a poor wager.
  • packer3packer3 Posts: 277
    How much are they asking for the warranty and for how many miles and years
  • macdaddygmacdaddyg Posts: 7
    Ok, advice please.

    I have an 2006 odyssey lx purchased in 9/05. Has 14000 miles or so. I'm in los angeles. Any opinions on where to buy extended warranty? Thanks.
  • mooger1mooger1 Posts: 14
    Does anyone know what an extended warranty would cost for an 06 oddy. has 27000 miles.. mixed feeling on getting one.. with the high price of repairs i'm thinking of it.. opinions welcome , experiences welcome thanks
  • jet10000jet10000 Posts: 656
    Just go to myhondawarranty.com and they'll give you an instant quote.

    They have different prices for different times & miles and deductibles.

    You can get up to 84,000 additional miles and an additional 60 months of coverage.
  • bjpominvbjpominv Posts: 4
    My question on Barnardi and Saccucci, etc is on the pricing of these warranties. Whenever I have performed online quotes, the pricing is as expected as the duration of the warranty increases, but then at the long/high end, the price is less than the previous one.

    For example, I did a Saccucci quote for a 2006 civic with 20,000 miles and it had the following:

    36 mo / 36k miles: $750
    60 mo / 84k miles: $810
    48 mo / 48k miles: $850

    As you can see, the 48 mo / 48k miles costs more than the 60 mo/ 84k miles - why is that?

    Also, these extended warranties are from the date purchased right? So, if I purchased the 60 month / 84k miles one today for that 2006 civic with 20000 miles, it would expire 06/02/2013 or at 104k miles, whichever comes first, correct?
  • gardinerrgardinerr Posts: 39
    The 48 mo /48k is for any vehicle under 40k miles, while the 60 mo / 84k can only be sold on vehicles under 30k. You vehicle qualifies for both, though obviously the 60 mo /84k is a better deal.

    You are corrrect.

    The Honda Care trial has been scheduled for July 28th. -Gardiner
  • m1e1b1s1m1e1b1s1 Posts: 4
    We just purchased an 08 Civic two weeks ago. 3 years ago, we bought and Accord from a different dealer. We paid $1075 for an extended warranty to 75K, we didn't use it....only for a thermostat, which we were charged for, and it was a NIGHTMARE to be reimbursed.

    WIth that...when the dealer offered the extended on this, we were going to refuse. However....we paid $1200 for 6 year/100K extended warranty....if we don't use it, we get it back after 6 years is up, so we really can't lose this time. I will only use it if the cost is high, otherwise if we run into $200 etc, we'll pay it out of pocket.

    We were pricing the Civic for weeks...other dealers wanted 1800 for the SAME warranty so people..CHECK AROUND before you buy :-)
  • bjpominvbjpominv Posts: 4
    That's a good deal with the refund. Is that a local dealer option or how does that work?
  • jet10000jet10000 Posts: 656
    We paid $1075 for an extended warranty to 75K, we didn't use it only for a thermostat, which we were charged for, and it was a NIGHTMARE to be reimburse

    It sounds like the Accord warranty wasn't a Honda Care but a third party warranty.

    With Honda Care you don't get reimbursed. They pay the dealer directly and you don't have to deal with that.
  • wisemoneywisemoney Posts: 42
    Honda Care Extended Warranties are the worst products ever created. You will only lose money long term by buying such a financially stupid product. Long-term reliability is the number one factor and decision maker in buying a new car. Therefore when you choose a reliable car like most Hondas are, you're saying that your Honda is going to break down, and repairs will cost more than the overpriced cost of the extended warranty, within the short time frame, and within the short mileage limits, and most importantly within the extremely limited parts that are covered. If a Japanese Honda mechanic read the entire Honda care vehicle service contract, he or she would say that the covered parts are LEAST likely to breakdown, and the parts that are NOT covered are MOST likely to break down. It is so so so sad, that consumers can be so stupid to throw away their money and buy an extended warranty on a Honda Fit for example. A Honda Fit is by far the most reliable car in Japan, and quite possibly the most reliable car ever made. Why would anyone bet on a breakdown in just after 3 years of proper care. I've never heard of that in any well maintained Honda.
  • jet10000jet10000 Posts: 656
    Honda Care Extended Warranties are the worst products ever created. You will only lose money long term by buying such a financially stupid product.

    I didn't lose money on my last service contract. The repairs that were covered plus the years of roadside assistance that I would've otherwise paid for, more than made up for the cost of the service contract.

    In addition to that, since I sold my car before the end of the term, I got a pro-rated refund for the time and mileage I did not use.

    I was very pleased with the value of the contract and purchased another one with my new Honda. Sure, some people may take a chance by not getting one and come out ahead and that's fine. You may also own a car without collision insurance or a home without homeowner's insurance, and perhaps you'd pocket what you'd spend on premiums. Or perhaps you would incur large uncovered expenses.

    There's something to be said for the peace of mind of knowing that major repairs are covered on my vehicle for 8 years or 120K miles. At the low cost that Honda Care is sold online, plus the 8 years of included roadside assistance, I have determined that it is a good deal.
  • wisemoneywisemoney Posts: 42
    Extended Warranties are NOT insurance policies. Insurance is meant to protect against catastrophic events. Of course I have collision coverage at a very low cost because it protects against catastrophic accidents costing over $15,000 or more. Same with homeowner's insurance. It protects against total loss of a home which typically costs more than $200,000. I would suffer a devastating financial set back without insurance. Same goes for health insurance. Health insurance protects against catastrophic operations and costly disease management. We're talking millions of dollars of potential financial destruction. On the other hand, the worst that could happen with a car is the engine totally breaks down as far as warranty coverage goes. That's not more than $5,000 on most cars. The bottom line is if your repair costs more than the value of the car after the factory warranty expires, trash the vehicle and buy a new one because it's not worth keeping a problematic vehicle past its factory warranty. Put that $2000 you would have spent on an extended warranty in a high-yield savings account, and compound interest until the factory warranty expires. Now you have TRUE PEACE OF MIND because you know your money will cover ANY part at ANY time at ANY mileage.
  • jet10000jet10000 Posts: 656
    Insurance is meant to protect against catastrophic events.

    Well that's not insurance's only purpose. True, insurance does offer protection during catastrophic events. But collision insurance will also pay for a minor collisions as long as it's over the policy deductible. Same for homeowner's and health insurance. A person need not have a catastrophic operation as you claim, it will also cover something as simple as a broken arm.

    Same with a extended care contract. It can cover a $5,000 engine breakdown as you mention. It can also cover electronic CD players going bad, power windows becoming inoperable and many other technical or electronic things that go wrong with a complicated automobile.

    And your statement about selling a car that has had excessive repairs bills during the factory warranty period doesn't have anything to do with extended care contracts. Extended care contracts are for people that are expecting to keep a car beyond the factory warranty which can be a period from 3-8 years after a car is purchased, when all of these complicated systems are much more likely to malfunction.

    If you're saying to put $2,000 in a savings account, it's obvious that you haven't priced Honda Care at one of the online dealers like Bernardi or Saccucci. I can buy an 8 year 120,000 mile Honda Care with $0 deductible for a top of the line Accord for only $995.

    And in case you haven't noticed there aren't really any high yield savings account currently. The highest I know of is 2.75%. Even if you compounded the $995 for 8 years, you'd only have $1,200. Which is certainly not enough to, "cover ANY part at ANY time at ANY mileage" as you claim. Nor would it also cover the $432 that I would pay AAA for roadside coverage for 8 years that I get included with the Honda Care.

    The facts simply do not back up the claims you're trying to make.
  • wisemoneywisemoney Posts: 42
    The question you need to ask yourself is this.

    How do extended warranty companies make money?

    The answer: By paying out less in repair claims than the cost of the warranty itself.

    Statistically the odds are against you that you will get more than the cost of the extended warranty in repair savings. That has been proven by Consumer Reports, and everyone that I've spoken with. Yes, there are a few who saved on repairs, but the majority lost money with extended warranties.
  • mitzijmitzij Posts: 612
    We're thisclose to the old 'peace of mind is worth something argument'.
    Gentlemen, return to your corners...
  • jet10000jet10000 Posts: 656
    The question you need to ask yourself is this.

    How do extended warranty companies make money?

    The answer: By paying out less in repair claims than the cost of the warranty itself.


    Right. And how do insurance companies make money which you yourself admitted you pay for. By paying out less claims than the cost of the premiums received. Does that mean insurance is a "financially stupid product"? By your logic, consumers would be "so stupid" to buy that too.

    Companies that agree to assume potential future costs get paid a fee for the service they provide whether they provide insurance, extended warranties or even a futures contract which guarantee that a certain amount of oil can be purchased at a locked in price.

    These agreements are widespread throughout a free-market society. It is up to the person involved whether he feels the service provided of assuming future risk is worth the cost charged.

    If he doesn't feel the service is a good value, then he doesn't need to purchase it. As in any free-market society, if something of poor value is being sold, people will stop buying it. If it provides a good value it will continue to sell.

    The fact that Honda Care has been sold for many years and is continued to be sold, would indicate that the market as a whole, considers it a good value for not only the actual repair costs being made, but the service being provided of assuming future risk.
  • wisemoneywisemoney Posts: 42
    It is a fact that dealerships make a profit by selling extended warranties. With extended warranties, you're fighting all odds that you'll come out ahead. Statistics prove that you lose money on extended warranties.

    YES, with insurance, you sometimes pay more in premiums than the claims paid out. But it is WELL WORTH the protection from catastrophic events. Certainly, I pay a low premium for car and health insurance, and it has more than paid off. Most people I know couldn't survive without car or health insurance. And yes, there are the MINORITY who pay more in premiums than the amount paid out in claims, but it is WORTH the protection from potential future financial destruction or catastrophic events.

    If I had bought an extended warranty on my last car, I would've lost $1,000 or whatever the cost of the warranty was, because I never needed any repairs other than oil changes, tire changes, and regular maintenance items that are not covered by extended warranties. For 120,000 miles, I never used the extended warranty because either the factory warranty covered the item or it wasn't covered by the extended warranty and my car was extremely reliable so not many things broke down. Choosing the right car has a lot to do with it.
  • wisemoneywisemoney Posts: 42
    The way to save money is to buy a reliable car like the Honda Fit, and bet on reliability, not on major breakdowns. If an unlikely breakdown does occur, I'll gladly fix it for a fair price knowing that my money is paying for a repair, not a stupid warranty company. It's very unlikely that you'll see more than the cost of the extended warranty in repairs costs from a Honda Fit within the limits of time, mileage, and covered parts. If the worst happens and something big breaks after the factory warranty, then decide if it is worth it to fix the problem. If not then buy a new car.
  • jet10000jet10000 Posts: 656
    It is a fact that dealerships make a profit by selling extended warranties. With extended warranties, you're fighting all odds that you'll come out ahead. Statistics prove that you lose money on extended warranties.

    And insurance agents make a profit by selling insurance policies. And statistics prove that people also lose money on insurance as well.

    And yes, there are the MINORITY who pay more in premiums than the amount paid out in claims,

    That's just a completely false statement. There is no way an insurance company could stay in business if a majority of its customers received more money than it paid in premiums. Many people drive for years and years paying thousands in auto insurance and never have a claim. Many people stay healthy for years and years and never receive medical services to cover the premiums that are paid for the insurance.

    You're trying to say the two things are different when they're not. Insurance companies and extend warranty companies are providing a SERVICE in addition to the money they pay out in claims. The service is that if you pay a small fixed amount, they will bear the risk of future claims. That service is something that one receives in addition to the actual cost of the claims.

    The value of that service is a matter of personal opinion. I value not having any expensive repair bills for my car so I have a Honda Care. And I value not having to pay for huge costs in the case of an auto collision so I have car insurance.

    You're trying to accuse buyers of extended care contracts of being financially stupid, yet you admit to buying insurance in which most people pay out more than they will ever receive in actual financial benefit. You are doing the same thing.
  • wisemoneywisemoney Posts: 42
    You're trying to accuse buyers of extended care contracts of being financially stupid, yet you admit to buying insurance in which most people pay out more than they will ever receive in actual financial benefit. You are doing the same thing.

    Again, I need to repeat myself because you didn't understand what I've stated. The amount that you lose to car and health insurance is WELL WORTH the protection from devastating accidents. The amount that you lose to extended warranties is NOT WORTH the unlikely potential $5000 engine repair. The WORST that can happen when you don't have an extended warranty is a $5,000 to $10,000 repair bill, which you shouldn't pay for. That's nothing compared to a major car accident or major surgury without insurance. It is more unlikely that you will have an engine breakdown within the time and mileage limits of an extended warranty, than the chances that you get diagnosed with cancer, or other costly disease. That is the crux of my argument.
  • wisemoneywisemoney Posts: 42
    Let me just back my statement up by saying that this.

    There has not been one reported case of a total Honda engine breakdown in a Honda vehicle that has been properly cared for with less than 100,000 miles.
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