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Posted by Stephen Goldberger (more from Stephen Goldberger) on Tue, 23 Dec 2003 11:39:19 Share Post by Email
In Reply to: Re: Ext. Warr, '00 Aero, 50k-100k--to buy or not to buy, aero_k, Tue, 23 Dec 2003 11:06:20
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there is a great difference in Vehicle Warranties between those underwritten by a licensed insurance company and the other kind (which name escapes me for the moment). In the former case, the underwriter's balance sheet needs to satisfy the state insurance commission in the state where the product is sold, and in the event of a bankruptcy, the remaining companies are required to step in and fulfil the obligations. In the toher kind of company, if they go belly up, you are just one more creditor, entitled to pennies on the dollar. This happened recently with one of the larger aftermarket warranty companies, leaving literally millions of customers with worthless scraps of paper.

Next step is to consider the type of policy. Best is the "exclsionary" type of policy - you get a list of what's *not* covered = if it's not on the list, it's covered. This is the way your new-car warranty is written.

Finally, go surfing. During my research, I spoke with an executive at "Warranty Direct" (http://www.warrantydirect.com) they seemed to be a pretty up-front operation. I'd use them as a benchmark - but note, I have not "shopped around". They just happened to solicit me just when Chuck Andrew's "aftermarket warranty" story was in the hopper.

These programs seem to offer good value to low mileage drivers - one of their products is 7 years 100,000 miles - that's 14,000 miles per year. You could buy a 49,000 mile, 2 year old Saab, with its price suitable reduced on account of the warranty status, and if you are a "stay at home", have 5 years of coverage!.

You are right on by shopping *before* the OE Warranty expires - prices take a big hit, and coverage is stingier, on vehicles that are out of warranty.

posted by 24.166.8...
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