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One of the fundamental principles of casualty insurance is that you should not pay a 3rd party to assume a risk that you can assume on your own. In other words, you should buy insurance only to protect yourself from financial catastrophes. With this in mind, I carry the best available homeowner's coverage from the strongest insurer doing business in my area because the 6-figure cost of repairing the damage from a house fire would bankrupt me. But I don't bother with automotive service contracts. I've got plenty of savings & very little debt, so a $3K repair bill doesn't frighten me. If I'm hit with one tomorrow, I'll be pretty cranky for the rest of the week. You won't want to sit next to me in the cafeteria. But I won't have to postpone my retirement or my next vacation or switch to a cheaper brand of scotch. That's the benefit of a strong balance sheet. Money in the bank will always trump any service contract.
I am planning to buy a 1999 Camry LE with 37000 miles. I am looking to buy an extended warranty (I may not be eligible for Toyota financial services warranty as it is not new). This vehicle is NOT from a Toyota dealer as they sell only 2002 or later used vehicles. Any reputable ones out there that I should consider? I understand that it should cover both mechanical breakdown and wear and tear for gaskets etc
With hundreds of 3rd party warranty services and some going belly up, and so many mixed reviews on different warranty companies, I am really confused.
Help
Venky
Thanks,
Jeannine Fallon
Corporate Communications
Edmunds.com
Have received quote on extended warranty for my new Acura TSX from a local dealer of $1275 (7 yrs./70,000mi); and another quote from Curry Acura of $970. Does anyone have input into a better price for a factory warranty on an Acura? Thanks.
bbq1
at www.hondacuraworld.com looks like you'll find a new TSX 7/70 0 ded plan for $775
Car_man
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Smart Shopper / Prices Paid Forums
I just bought a 2004 Buick LeSabre from a Buick dealer. It has about 35,000 miles . I didn't buy the extended warranty the dealer offered . After I own the car 3 months or 4000 miles I won't have any warranty. Anyone have any suggestions or recommendations. Thanks
Jean
Thanks
bbq1
I'm looking into purchasing a used 2003 Mazda Protege with 145,000KM. I'm very interested in getting a warranty (through Mazda or a third party) however I am a Canadian citizen. Would Mazda Canada offer an extended warrany on a car with 145,000km on it? Does anyone know of any decent third-party companies which offer warranties to Canadians?
Thanks in advance!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
One of the best extended warranty companies is warranty direct. Check them out at http://www.warrantydirect.com
They have a decent track record with the BBB as well....Hope this helps!
you may want to check with warranty direct.
http://www.warrantydirct.com
I maybe wrong. but I don't believe Mazda will have any EW for a car with 145,000Km on it.
Doesn't really matter which reseller you get it from as Mercury Group is the underwriter and you'll never deal with the reseller again anyway. But it's the point I guess. I'm paying a couple hundred more just not to have to deal with Auto Club.
Anyone have any better recommendations than the Mercury Platinum?
Put the $2850 in a savings account and forget about it until you have a problem....Self Insure. This way when the aftermarket warranty company vanishes, and it will...you'll still have something.
that lists for each Auto company what their extended warranty options are and how much each goes for retail
JUlius Edlavitch
Does anyone have any experience with this, and any traps I might want to avoid?
Thank you, will keep u updated.
An update. Since no one replied back in January I guess this is pretty rare, so I thought it would be informative to post the outcome (OK, and because I feel good about it, I admit :shades: )
I received the check today, for the full amount (which was so high I'm embarrassed to share). Took a while, no run around, although I checked with them regularly.
All in all, cost me about $200 in finance charges - pretty good for 5yr/100K Service Contract. Would it have worked well in case something had happened? I'm glad I never had to find out.
Has anyone heard about or had any experience with Old Republic company ?
1. They cover wear and tear, damage due to overheating, and seals and gaskets.
thanks
VEnky
Chris
They cover wear and tear, seals and gaskets. The coverage is gold plan (from old republic insurer) which is exclusive (which means few things listed are not covered. Everything else is covered).
Venky
My advice, save your money.
I know of two Internet companies that represent Old Republic Insurance Company.
http://www.warranties4wheels.com
http://www.5starwarranty.com
Here are a few very strong points about Old Republic
Old Republic Insurance Company has been in business for over 100 years.
Publicly traded on the NASDAQ (symbol ORI)
AM Best A+ rating
Corporate assets in excess of 10.6 Billion dollars
Underwrites GMAC's Gap Insurance product in 16 states
Underwrites Hyundai's factory extended warranty in 14 states
Underwrites Subaru's factory extended warranty in 6 states
Underwrites Honda's Cross Country Motor Club in several states
They also can do business in California.
So, I do not know how mikefm58 can make these assumptions without having any fact on this company. I do not believe any manufacturer would do business with an insurance company that wasn't of the highest caliper. This is probably the best directly insured contract available on the Internet today.
He asked for advice, I gave him my opinion, and you gave us yours. Peace.
Warranty Gold WAS AM Best ++++ rated too !
I wouldn't put too much faith in their ratings.........
I won't buy thrid party insurance either...it simply a hassle and these places go out of business all the time.
Still I am not a fool. I won't pay a grossly infalted price for a warranty. So, here I am doing some homework.
Anyone buy a Toyota Platinum Plus zero deductible warranty for a RAV lately. What did you pay? I am being offered the warranty for 7/75 = $900....that sounds hight since I paid $685 a few years back for my Camry....
But, please get your facts straight. Warranty Gold never had an AM Best rating of any kind. They were only the warranty provider.
The warranties were underwitten by NWIG, (National Warranty Insurance Group) a risk retention group based in Nebraska.
The warranties from NWIG were then re-insured by an AM Best rated insurance company in the Cayman Islands.
I have just recently purchased from 5 star warranty and believe if you check out this link, you will see that the website gives alot of attention to explaining extended warranties.
http://www.5starwarranty.com/warranty.cfm#howInsured
ANN
I would be very interested in knowing if anyone else has had this experience and what can be done about it. Needless to say it is unlikely that I will request an extended warranty quote at the Edmunds web site in the future.
reinsurer WAS !!!!!!!!!!!!!!!!
You still got STIFFED anyhoo !!!!!!!!!
Shows just about anyone that a AM Best rating is WORTHLESS !
Midwest Superstores (Kansas, area code 620) $520
Mechanicsville Toyota (Virginia area 804) $520(+2.5%VA tax)
McGeorge Toyota (Virginia area 804) $520 (+2.5% VA tax)
I went with Midwest Superstores who gave me a great price with no haggling. I gave him my credit card over the phone, along with my purchase date/VIN number/miles; I had the official Toyota order form receipt in 2 days; and I just received the Toyota Platinum Warranty Contract about 2 weeks later. The person I dealt with there implied that I had gotten some end of month special and he could not guarantee the price being available again, but you could always go with either of the 2 Virginia dealers and pay the $13 Virginia sales tax difference. If you already purchased the warranty and paid significantly more for it (My San Diego dealers wanted between $1295 and $1430 for it!!), you have 30 days in which to cancel for no charge, and you can buy it again from one of these guys at the discount price. After 30 days, you can still cancel and get a pro-rated refund. Unlike the new car purchase, the Toyota Warranty gives you an opportunity to correct a possible overpayment. Good luck!
You obviously haven't rate-shopped lately. EmigrantDirect & HSBC are both paying 4.50% on their online savings accounts, with no minimum balance required. (Standard disclaimer: I am neither an employee nor a shareholder of either bank. I'm just a satisfied customer.) You can link your account to an existing checking account & arrange for periodic funds transfers. If you're buying a new car today & you can bank $100 per month - just $3.33 per day - you'll have $3850 in 3 years & $5250 in 4 years. If & when you need money for repairs, just write a check. It's your money. You're in charge, & you get to keep the interest. (If you can't afford $3.33 per day, then why are you buying a new car?)
I shake my head when I hear people say that extended warranties give them "peace of mind". The only peace of mind that really matters comes from having a fat, insured bank account. The best extended warranty in the world is a poor substitute for money in the bank.
But if you just can't handle money - if you're living from paycheck to paycheck - then I guess that an extended warranty is better than nothing at all.
Why would any warranty cover a car that isn't properly maintained per mfg specs?? For a large claim, like a bad engine or tranny its not uncommon for any mfg to ask for proof of routine maintance
"Shop supplies are not covered, nor is diagnostic time or tear-down expense."
So if they approved my claim after the car had a diagnostic, and then they tear down the transmission and send out an inspector and he approves the problem, I'm still going to be charged the diagnostic fee and the $2000 to tear down the tranny?