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Auto Warranty Broker

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Comments

  • warranty101warranty101 Member Posts: 6
    That is all correct to some degree and depends on the company. In the case of Volvo, they will send an adjuster ANY time the claim is over $1200 and it is not automotated. GM has had an automated system if the claim is under a certain amount, Chrysler is an online system. Not all dealers has a set limit they can spend in the case of third party administrators. On true factory programs, Nissan for example, they do have a set limit without approval. The only point I am trying to make is, not all "Factory" programs are that, several are no different than a policy sold to you over tghe internet or by a non-franchised used car lot.
  • thaitravellrthaitravellr Member Posts: 3
    I have a C55 running out of factory warranty in 6000 miles. I got into a crappy balloon loan and can't get out in one piece for another 2.25 years. I expect to put 70K miles on the car by then. I am really thinking about an extended warranty, but the dealer priced it at almost $6000!!! Is there a decent aftermarket add on warranty available, or do I simply hope and pray for 2 more years sans breakdowns? Thanks, Adam
  • autogirl4autogirl4 Member Posts: 2
    There are two sources for extended warranty's. One is a risk retention group (RRG) which is a private company backed by an insurance company or reinsured by an insurance company. This is the majority of the extended warranty companies you access through the internet. Those insurers or reinsurers are only backing the people in business, so if they go out of business they have their money, the policy holders on the other end are not protected. They aren't federally regulated.

    You want to go through an insurance company. These are federally regulated (by an Insurance Commissioner) and don't feature the limit of liabilty, labor cap and headaches you find with RRG plans. I recommend Auto Warranty Broker because they broker for 3 insurance companies-American Mercury, Great American and General Fidelity (Bank of America's underwriter). You are a direct policy holder of the insurer you select. They are all AM BEST A rated insurance companies.

    Go to www.extendedautowarrantytips.com for more information on this.
  • autogirl4autogirl4 Member Posts: 2
    There are two sources for extended warranty's. One is a risk retention group (RRG) which is a private company backed by an insurance company or reinsured by an insurance company. This is the majority of the extended warranty companies you access through the internet. Those insurers or reinsurers are only backing the people in business, so if they go out of business they have their money, the policy holders on the other end are not protected. They aren't federally regulated.

    You want to go through an insurance company. These are federally regulated (by an Insurance Commissioner) and don't feature the limit of liabilty, labor cap and headaches you find with RRG plans. I recommend Auto Warranty Broker because they broker for 3 insurance companies-American Mercury, Great American and General Fidelity (Bank of America's underwriter). You are a direct policy holder of the insurer you select. They are all AM BEST A rated insurance companies.

    Go to www.extendedautowarrantytips.com for more information on this.
  • luvmybenzluvmybenz Member Posts: 6
    Thank you. I took your advice and found a great warranty at a very fair price. After days of researching different companies and contracts I was able to make the best decision. I went with these guys:TCB Warranty very helpful in explaining the details of the coverage and didn't call me 3 times a day pressuring me. I hope I never have to use it, but if I do I know these guys will take care of me.
    Tristan H.
  • joel0622joel0622 Member Posts: 3,299
    I don't think I could ever bring myself to buy anything from a company that has Elvis plastered all over there website. :D Not that I have anything against Elvis, I just don't see what the connection is.
  • luvmybenzluvmybenz Member Posts: 6
    What's wrong with Elvis? Do you have a warranty on your Benz or "Volkswagen"? If yes, Who did you choose?
  • joel0622joel0622 Member Posts: 3,299
    Oh there is nothing wrong with Elvis, I was just at his house last spring, like I said I just don't see the connection. Unless they are selling a "hunka hunka burning warranty" :D

    Do you have a warranty on your Benz or "Volkswagen

    No I do not have a Benz or VW, I drive Fords and have service/maintanence contracts on both of them. The Dealer I buy my car from gives me a fantastic deal on service contracts. Besides I would never have anything but the manufactures warranty any how. The Finance guy that handles my stuff is the best F&I guy in America. The fact that my wife sleeps with him helps allot though.
  • luvmybenzluvmybenz Member Posts: 6
    Well, aside from the pictures on their website, I got the same exact coverage the dealer was offering (covers everything) for $1,000 less. Plus I got a longer term. Anyways, I'm going to stick with it and I will let you know how if they "Take Care of Business" :) like they say they do!
  • stella11stella11 Member Posts: 2
    I have only great things to say about this company. I had initially purchased a factory extended warranty for my new Subaru, but then realized that in order for it to cover repairs, I would have to take the car into a Subaru dealership, and there are many parts of the US where Subaru dealerships are few and far between. This policy was also about $500 more than what I eventually purchased. I cancelled this policy, and after exhaustive research chose to buy a policy from Auto Warranty Broker.

    They have been nothing short of terrific. First of all, it took 4 calls for me to decide on this company. Their sales representatives were patient, informative and very helpful, and basically they said, "Don't buy from us until you have shopped around." Wow. That was a refreshing approach. Since then I have had to use the warranty several times and everything that they said would be covered has been, plus they used their card to pay for the repairs, so I did not have to lay out any money (and then deal with getting reimbursed). That was a huge relief. Again, Auto Warranty Brokers were very helpful and reassuring and easy to deal with. I did not find them "tough" as one writer mentioned, but I did find them to be extremely professional.

    A writer also mentioned that this company may be a bit more expensive than others. Though I am not sure that that is true, I have to say, that in my experience it has been worth it. Having this policy has made me and my family feel much safer, especially since I know that I am dealing with a "tried and true" company...established, reliable and not a fly by night thing. Auto Warranty has been in the business for a long time and they handle insurance for several major companies.

    Finally, DO NOT buy a "reinsurance" policy from any company. These kind of policies may be cheaper up front, but in the long run are not worth it...they are usually sold by small, unreliable companies. It is important to ask questions about this, as I did. Again, Auto Warranty was very helpful, informative and easy to work with. I would highly recommend them to anyone who is considering an extended warranty.
  • luvmybenzluvmybenz Member Posts: 6
    How long have you worked for Auto Warranty, Stella? Is business slow? :blush: :mad: You just joined today, and have a lot of knowledge about this company.
  • stella11stella11 Member Posts: 2
    Actually, I am a teacher on summer vacation and have no connection to Auto Warranty at all, other than as a very satisfied customer. I guess that I have been burned by so many other types of businesses (exp. health insurance companies), so I wanted to really toot the horn (pardon the pun) of a good company for once. I was browsing this site because I am in the market for another car, and I decided to check out this chat since it was a product that I owned. Satisfied? Sounds as if you are having a bad day though...maybe too much time on your hands...is business slow? By the way, I have had my warranty for four years.
  • mitzijmitzij Member Posts: 613
    and talks like an advertiser...

    Stella,
    When you say 'reinsurance' policy, do you mean one backed by an RRG? One of the biggest SCCs in the internet is backed by a Risk Retention Group, so it's not always small companies that are backed this way.

    Joel, you really carry service contracts on your personal vehicles?! I thought I knew you better than that! Well, as long as you wrangled a good price out of that sneaky F&I guy. ;)
  • 8sparkplugs8sparkplugs Member Posts: 111
    My sweet mother-in-law bought a 2005 Honda CRV in May,2005. She doesn't drive very many miles a year so she decided to buy the extended warranty, 6yrs/75k. She hasn't even reached the period that the extended warranty would start. She got a letter saying API, the company that she got the EW with, went bankrupt. What if anything should she do? I was surprised that they didn't sell her the Honda Care Warranty. Does the dealership have any responsibility here?
  • mitzijmitzij Member Posts: 613
    Read the contract carefully. A few will say the dealer has a hand in it (is responsible), most will say your deal is directly with the service contract company and it's insurers. The letter they sent may also shed some light.
    In other cases where a SCC went under, some dealers have paid claims out of thier own pockets, some have done partial payments, others say 'tough luck'.

    Next time, tell her to skip the service contract. In the 10 years it'll take her to drive 20,000 miles, she is unlikely to use it. Her biggest problem will probably be a crapped-out battery due to lack of driving. Batteries aren't covered by service contracts. ;)

    Dealerships sell third-party contracts more often than mfg-backed ones for one reason: money. They make more profit off third-party ones than mfg-backed ones. My former F&I guy would 'advise' against GMPP, even though he knows it's a superior product.
  • joel0622joel0622 Member Posts: 3,299
    Buying an aftermarket warranty is like buying a $50K car then going to Auto Zone and buying a $32 set of spinner hub caps to put on it.

    Spend a couple hundred extra and get the factory service contract.

    Though now days with the longer factory warranties the after markets are usually more expensive. When Ford went to 5yr/60K standard Powertrain warranty my service contract prices dropped an average of around $400.

    Also if an Am warranty is extremely inexpensive there is probably a reason why.
  • mitzijmitzij Member Posts: 613
    I've seen some aftermarket contracts that cost MORE than GMPP. I'm constantly amazed at what people get themselves into.
    (I make a habit of reading customers' contracts when they give 'em to me)
  • jipsterjipster Member Posts: 6,244
    My Mazda dealership closed their doors about a year ago. They did not offer their Mazda warranty when I bought in 04', but an aftermarket warranty. Glad now I didn't buy.
    2020 Honda Accord EX-L, 2011 Hyundai Veracruz, 2010 Mercury Milan Premiere, 2007 Kia Optima
  • joel0622joel0622 Member Posts: 3,299
    We had a Hyundai dealer get shut down here years ago because he was selling warranties but not reporting them, i.e not paying the manufacture for the contract. He was pocketing the whole selling price. It took about two years and he got shut down to.
  • jipsterjipster Member Posts: 6,244
    The funny thing about the Craig & Landreth Mazda store closing, was that they printed full page ads in the newspaper. The ads directed their Mazda customers to the two other Mazda dealerships for warranty service. Then they reopened their doors under Craig & Landreth Preowned.

    I have yet to get anything from them in the mail about getting my van serviced or buying any of their preowned cars. Maybe, it is because they screwed me out of my "free tires for life" and they knew what the answer would be. Who knows.
    2020 Honda Accord EX-L, 2011 Hyundai Veracruz, 2010 Mercury Milan Premiere, 2007 Kia Optima
  • volvomaxvolvomax Member Posts: 5,238
    Don't know of any aftermarket co that will touch an AMG car.
  • luvmybenzluvmybenz Member Posts: 6
    Great Lakes Warranty 1-888-740-7111 I bought this one through TCB auto warranty.
  • mitzijmitzij Member Posts: 613
    Have you read their contract? Did you see the problems with it?

    Great Lakes' contracts have more loopholes than a giant rollercoaster. There is a ton of room for them to wriggle out of payment.

    Their claims process is a joke. For one claim I had to deal with, they insisted on supplying an alternator 'from our warehouse' instead of giving the customer a choice between OEM and aftermarket. They got a rebuilt piece of junk instead of a reliable part. (that had to be replaced a few months later) Getting approval is akin to having teeth pulled. On every claim I've handled through them, I had to wait more than a week for payment. (a decent company pays same- or next-day) Several times when I would call (when I didn't get voicemail, which never got answered), the associate would literally say 'let me see if I can find the credit card'. That mickeymouse behavior is not the kind I would recommend anyone subject themselves to.

    If I haven't convinced readers against it, and you must have a great lakes 'warranty', they have their own website and you can cut out the middleman at TCB. There's no sense in spending more money than you feel you must. Personally, I'd take that $1500 you'd blow on a service contract and save it. (or go to Vegas-at least I'd have fun while pouring my money down the drain)
  • luvmybenzluvmybenz Member Posts: 6
    I don't believe you know what you're talking about.



    I have called great lakes asking about prices for their policy and they told me straight out that they don't sell to the public, and that I had to go through a dealer or agent.

    I did read my contract and they don't even use a credit card to pay claims.

    Not to mention that on an earlier posting you said you bought a warranty through someone else and now your saying that you have a great lakes policy.. which is it?



    I have spoke with my dealership as well, and they have worked with great lakes on claims many times and don't have any problems with them at all.
  • mitzijmitzij Member Posts: 613
    I never said I bought a vehicle service contract from anyone.
    The last time I blew my money on a service contract was when I was 18 and bought a CD player. It was a waste of $50.

    I have dealt with Great Lakes in my capacity as a service advisor at a car dealership. They are a royal pain in the you-know-what. I have read their contract because customers have given me copies of their contracts so that I can contact Great Lakes and handle their claims for them. It's the least consumer-beneficial one I've read to date.
    Now that I think about it, the last few have been 'we need to send you a check' irritations. So, you're right, they no longer do credit cards. Which is worse, because then, we have to wait a couple of weeks to get paid, as opposed to most service contracts paying within a day or two via credit card.

    It's amazing the difference between what a salesman will tell you about service contracts and what a service department will. If they're in bed with Great Lakes, don't expect an honest answer from either.

    Their website sure looks like they're willing to sell to the public. I won't post a link because I don't want to accidentally advertise for them.
  • ralphcastralphcast Member Posts: 4
    Im looking 2 get warranties 4 2 vehicles... My wife's Acura and My Lincoln, Ive done some research and am finding that most of these warranties arent what they claim 2 be... Ive always had my cars covered by the manufacturer or Dealer. I wasnt 2 happy when the Dealer told me he np longer sells the Warranties 4 Ultimate Warranty Co.? I found out that they R Bankrupt or Something...SERIOUS, Well, I had a good experience with them no matter what kind of trouble they are in now and need 2 replace them with something equally as good. Ive been quoted with NationWide/US, Great Lakes and Royal Administrations. Does anyone have any experience with them? Thanks :confuse:
  • warranty101warranty101 Member Posts: 6
    Stay away from those companies, they are Mechanical Breakdown only. That means that the part has to break completely to be covered, and trust me I was a manager for a claims department of a company that was the same and it makes a HUGE difference. Try warranty direct, not only do they cover wear and tear, they are the warranty company so you get real answers from the people that have to back it up. Add to that their reputation in the industry and the fact they sell directly thru dealers, you can't go wrong. be sure NOT to buy on price, you know the saying "you get what you pay for." well if you base a purchase on price, that can be very true!
  • ralphcastralphcast Member Posts: 4
    I am well aware of the coverage because I have been informed by the brokers who offered all 3 companies. I have seen the contracts and am VERY interested in obtaining the "Exclusionary Coverage" by Royal OEM. It lists out what is NOT covered, So if its not listed ITS COVERED....
  • joel0622joel0622 Member Posts: 3,299
    What kind of quotes have you been getting for the Factory plan on the Lincoln?
  • ralphcastralphcast Member Posts: 4
    Well, 4 the Lincoln I have been offered Great Lakes Titanium Advantage and Royal Administrations "PVP" Premier... Why do you ask? Do you have any experience with the warranty game?
  • joel0622joel0622 Member Posts: 3,299
    I am not familiar with either of those companies but if you would like to shoot an email to the address in my profile with the particulars on the Lincoln (VIN, Miles, and your time/mileage requirements) I could give you some ideas on a Factory Plan. May not be less expensive then what you are looking at but you never know.
  • ralphcastralphcast Member Posts: 4
    Well I wouldnt want 2 give my VIN but Its a 2005 Lincoln Navigator with about 50k on the odometer. I would like 2 get the most coverage and longest term available. I was going 2 trade it in but my son really likes it and I think I'm going 2 let him have it. Thanks for your interest
  • joel0622joel0622 Member Posts: 3,299
    If you are getting warranty quotes with out supplying the VIN # be very careful. Leaves allot of room for mistakes.

    Good luck in your search :D
  • jg161616jg161616 Member Posts: 2
    I'm starting an extended auto warranty company here in Southern California. I'm looking for a liasion to guide me through the process of setting up this business venture. Is there anyone out there to lend support? I'd like to have this business up and running by March 1st, 2008. I look forward to hearing from you...

    Thanks,

    JG
  • mitzijmitzij Member Posts: 613
    You might start with a lawyer. California has some pretty strict laws regarding service contracts.
  • jg161616jg161616 Member Posts: 2
    Thank you for the reply...I'm actually partnered with an attoney in this venture, so we're more than aware of the California consumer protection laws. Our focus will be nationwide, not specifically CA. What insurers would you recommend...American Guardian, GE Capital, JM&A?
  • joel0622joel0622 Member Posts: 3,299
    You are a brave man to venture into that field. This board is littered with stories of people who have lost money to AM warranty companies going broke.
  • mitzijmitzij Member Posts: 613
    Ah! But those stories are from customers! The owners of these bankrupt companies are vacationing in Monte Carlo, having arrived there on private jets.
    Kinda like Check Cashing places-financially a bad idea for the repeat customer, but a very good idea for the owner. Warranty Gold's former CEOs aren't spritzing windshields in New York City, I'm sure.
  • wlbrown9wlbrown9 Member Posts: 867
    Why would you start up a company without even know squat about the business or how to get into it? How does your business model work? It is viable? I would think 2 months would be a lot less time than you would need to set this up from scratch?
  • drtbgteddrtbgted Member Posts: 8
    It is 02/08. All my claims paid, and no problems. If you need a service contract go to http://www.warranties4wheels.com and see if they can help you out! They did a great job for me!
  • elshadowelshadow Member Posts: 6
    My apologies but as I live in an area where the internet support it dial-up on barbed wire it takes a very long time to search the huge database.

    I am building my financial decision model for importing a 2008 Honda CRV LX all wheel drive into Canada. As everyone knows Honda will not honour the USA warranty.

    Does anyone have experience with a third party company in Canada that I could buy to replace this Honda warranty. It would be good to know the company coordinates and costs if anyone is willing to share.

    Txs
  • jennmichaelsjennmichaels Member Posts: 1
    look...heres the deal. whether you buy the warranty from a dealership or an online broker its going to be marked up. these people are in business to make money. However, there are several companies that come and go and not pay claims. some online dealer i found to be a rip off is DirectVsc . Or www.directvsc.com. companies like this make it bad for everyone. they keep changing their web addresses so they look like dirrerent companies, but they are all the same. The sites are there to lure customers in, take their money and run. So, if you see an website over and over that doesnt change- thats your best bet for buying a warranty online. A company that you cant find on the better bussiness bureau, well- they are fly by night. dont buy from them. and by the way not all dealerships even sell manfacturer's warranties. you need to specifically ask that question. Many BIG dealers use 3rd party companies that sell in dealerships. They work with these companies because the costs are lower, meaning more margin in profits for them. And, the dealerships guess is as good as yours on the reliability factor of these 3rd party warranty companies. Check out the companies on BBB. For sure.
  • louisj1980louisj1980 Member Posts: 5
    Check the BBB before buying. Many of the companies that you see on TV have F ratings and are under investigation or being sued by their respective state attorney generals.

    * Mogi (Get Mogi) – Rated “F” – Business has failed to resolve underlying cause(s) of a pattern of complaints; not a BBB Accredited Business.

    * US Fidelis – Rated “F” – 1230 complaints filed against business; not a BBB Accredited Business.

    * Stop Repair Bills (National Dealers Warranty) – Rated “F” – 304 complaints filed against business & Advertising issue(s) found by BBB; not a BBB Accredited Business.

    * Get Certus (Dealer Warranty Services) – Rated “F” – 161 complaints filed against business, 8 complaints filed against business that were not resolved, government action(s) against business.

    However...

    * Warranty Direct (Interstate National Dealer Services) is rated A+ by the Better Business Bureau and is a a BBB Accredited Business

    http://www.bbb.org/new-york-city/business-reviews/auto-warranty-processing-servi- - ce/interstate-national-dealer-services-inc-in-uniondale-ny-47633/

    http://www.warrantydirect.com
  • ann_smithann_smith Member Posts: 1
    Hi all!

    My name is Anna and I just joined the forum, I’m a new comer to utomobile warranty processing. I’m still trying to understand it all and our little company (just me and my son) is still navigating through all the different ways to approach the industry. It’s a tough economy! I was wondering – for those of you involved in the industry (especially veterans) business owner or not, what are some of services, tools, strategies, or latest resources you find helpful or profitable in doing your work or - business? Online or offline, I’m sure there is quite a lot in both right?!

    Thanks and God bless!
  • tdement661tdement661 Member Posts: 1
    I would recomend you call the guys at car warranty protection. They ae really helpful and they have always ansered my questions. They offer extended warranties but also are helpful when it comes to used car warranty questions. www.carwarrantyprotection.com
    They are online company and do well. they are very reputable though. Better Business bereau rates a
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