Extended warranty - best options?

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.