Extended Warranty, anyone?
#1
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Extended Warranty, anyone?
has anyone bought an extended warranty from a third party (i.e. NOT lexus)? i'm thinking of getting one from warrantydirect.com, which is a few hundreds cheaper than the lexus'. do you guys think this is worth it?
Last edited by monz00n; 08-21-06 at 06:41 AM.
#4
Cycle Savant
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Check out the Lexus website for Extended Warranty Information:
Platinum and Gold Programs
The website has information regarding coverage and pricing.
I hope this helps!
Platinum and Gold Programs
The website has information regarding coverage and pricing.
I hope this helps!
#5
Lexus Champion
don't forget to check your insurance company. for just $36 a year, i get mechanical breakdown coverage from geico that is just as good as an extended warranty. 100,000 miles and $250 deductible.
http://www.geico.com/auto/claims/mbiclaims.htm
http://www.geico.com/auto/safety/mbi.htm
http://www.geico.com/auto/claims/mbiclaims.htm
http://www.geico.com/auto/safety/mbi.htm
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#9
Lexus Test Driver
Personally, I'd go with the dealer. I had a warranty on my `04 SC430 that I purchased from the dealer when I bought the car. I traded-in that car last month for an `05 CPO BMW 645ci and then contacted Lexus about cancelling the warranty and getting a refund. The refund check arrived about 2 weeks thereafter.
#10
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Could I still purchase the extended dealer warranty? My finance person told me that I cannot. I had read somewhere on the lexus website that you can get it, as long as its 2months before the standard warranty expires. Is this true, anyone ever do it?
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#11
Racer
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As far as I know too, the companies want you to purchase the warranty with the least amount of miles possible, otherwise the rates raise accordingly. I personally got a 6yr/100,000 mile warranty new (7 miles), as its a bit cheaper and I expect to drive the car often. I expect 100,000 miles to occur sometime at or before the 6 year period has been met.
#13
Lexus Test Driver
#14
Be careful with the aftermarket warranties.
They are generally cheaper, but the companies are not always that well capitalized, and are not regulated in the same way as insurance companies. I have had three cars with aftermarket warranties and two of the companies are now bankrupt. Fortunately, one paid for a several thousand transmission claim before it went bankrupt. The best after-market warranty I had was with GE financial. A very strong company, but even here it's not the same as a factory warranty. There are many exclusions that you won't find on the factory warranty. There are typically deductibles of $50-100 per claim. Some after market warranties are cleverly worded to exclude coverage on any factory defect or claim related to a Technical Service Bulletin.
Bottom line, if cost is a consideration, do your research--an aftermarket warranty from a reputable, well capitalized company can provide valuable protection from a major repair bill. But it's not the same as a factory warranty, and IMO, not worth the hassle.
They are generally cheaper, but the companies are not always that well capitalized, and are not regulated in the same way as insurance companies. I have had three cars with aftermarket warranties and two of the companies are now bankrupt. Fortunately, one paid for a several thousand transmission claim before it went bankrupt. The best after-market warranty I had was with GE financial. A very strong company, but even here it's not the same as a factory warranty. There are many exclusions that you won't find on the factory warranty. There are typically deductibles of $50-100 per claim. Some after market warranties are cleverly worded to exclude coverage on any factory defect or claim related to a Technical Service Bulletin.
Bottom line, if cost is a consideration, do your research--an aftermarket warranty from a reputable, well capitalized company can provide valuable protection from a major repair bill. But it's not the same as a factory warranty, and IMO, not worth the hassle.
#15
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Personally, I'd go with the dealer. I had a warranty on my `04 SC430 that I purchased from the dealer when I bought the car. I traded-in that car last month for an `05 CPO BMW 645ci and then contacted Lexus about cancelling the warranty and getting a refund. The refund check arrived about 2 weeks thereafter.