JALLEN4 wrote:
I cannot give you personal experience with the specific company you are asking about. But, I can relate experience of forty plus years of selling extended warranties and doing thousands of repairs involving those same warranties.
The agent selling the policy is paid a high percentage of the cost of the policy for their involvement. The adjusters making the payment for repairs are paid on the basis of what they don't pay and finding reasons not to pay. After commissions, overhead, and repairs they either make a profit or go out of business and you will not have any coverage going forward. Many take the going out of business route every year and open up next week as a newly named company. Wholesale Warranties is simply a seller of warranties and not the ultimate issuer of the policy. And, no, there is very little state regulation of these companies.
Thanks for that general information, as you are speaking from personal experience overall,with the industry.
Lets' say I have the self-control to actually put in a savings account, the monthly amount proposed. Do you think, I would be better off building my own "repair fund?"
The way you have responded seems to indicate so.
