Extended warranty - best options?

When I bought my truck new I got the MFR's extended warranty and was grateful I did. We bought a car few years later that had a little MFR warranty left and I again purchased an extended warranty. Darn glad I did. When we finally do get around to getting a new vehicle... I will definitely get an extended warranty through the MFR if one is available. I'm not fond of 3rd party "insurance" policies though.

mtofell1 wrote:

ScottG wrote:
Car Shield reviews.

So, pretty good then, right?? :) :)

OP, go factory or nothing. People bash warranties of all kinds and the points are all correct - the companies make money from selling them so, as a whole, consumers lose. But, keep in mind we also all lose on our homeowner's insurance, auto insurance, health insurance and every other type of insurance we buy.

I have a factory backed plan from Ram on my truck and it's allowed me to keep my truck much longer than I otherwise would have. I've also received roughly 3X the amount in repairs than I paid so I'm happy. The key is you must not overpay for the plan and don't sell the vehicle and lose out on coverage that you paid for.

I agree that as a rule you lose money on warrantees. You are better off in the long run if you limit your possessions to things that you can afford to fix or replace and skip the warrantees. On rare occasions you get special skills or knowledge with insurance/warrantees that add extra value. Examples of that are contract pricing on medical care or Good Sam seems to be able to find help even in the most remote locations and awkward times.

I don't count aftermarket car warrantees as being in those groups. Always remember that the Golden Rule of business is that the person with the gold makes the rules. Once you turn your gold over to someone else they make the rules for the rest of the game. Be very careful who you turn your gold over to.

Agree, private warranties are notorious for denying claims and being difficult. If you are going to get any warranty, get it directly from the manufacturer and only get the full "bumper to bumper" option, not some "discount" extended warranty or one with a deductible.

Read the fine print and make sure it literally extends the factory 3/36 (or whatever it is now) to a longer term. Those are the warranties that are worth anything. Then, go to a forum and research prices.

When I bought my wife's Camry in 2008 I did research and found a dealer selling the extended 8 year warranty for about 1/3 the advertised price. Essentially they charged the cost from Toyota plus about $50 in profit for the dealer. Most dealers make several thousand dollars profit per warranty, but sell very few. This dealer decided to take $50 profit and sell thousands of warranties nationwide every month.

I ended up getting my money's worth because she had some electric issues after the 3 year warranty was up and we got some expensive components replaced, as well as a leaky valve body replaced under warranty.

I lost money on my Tundra, because not a darn thing broke on that. In the end, I came out about even between both those Toyota's but I had peace of mind the entire time I owned those vehicles, it was nice.

Why not go with factory warranty and three years if you want more warranty either buy warranty at that time or a new truck?

ScottG wrote:
Car Shield reviews.

So, pretty good then, right?? :) :)

OP, go factory or nothing. People bash warranties of all kinds and the points are all correct - the companies make money from selling them so, as a whole, consumers lose. But, keep in mind we also all lose on our homeowner's insurance, auto insurance, health insurance and every other type of insurance we buy.

I have a factory backed plan from Ram on my truck and it's allowed me to keep my truck much longer than I otherwise would have. I've also received roughly 3X the amount in repairs than I paid so I'm happy. The key is you must not overpay for the plan and don't sell the vehicle and lose out on coverage that you paid for.

Personal choice thing...

No different from your home/renters/car/life/etc insurance, etc.

A 'just in case' thing...

For a used vehicle, I'd seriously consider it. Depends on the year, miles, condition, etc.

Bought a Mazda B2500 (a Ford Ranger) used from the credit union, and they offered a bumper to bumper insurance policy for $500.00 bucks.

Two years later, the AC went out and the bill was $1,200.00 bucks, and they paid it 100%

If nothing happens and don't use it, then they made money, and am not bummed by it, as they took a risk on my vehicle...

I have lost money on any warranty for years. Bought a 2001 Alpenlite and a warranty for half price and still lost $400.00. chevman

Go with the Ford ESP plan. When my wifes Ford Edge Sport required a repair it was a simple process at the dealership including a rental.

There are always exceptions - but most who have this type of insurance would recommend you avoid. And the provider doesn't seem to be a significant factor. Google is your best friend.

My MaxCare has been as it was sold to me. NO "Barbra Streisand" at all.