Extended Third Party Warranty Needed?
02-27-19, 04:46 AM
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Extended Third Party Warranty Needed?
Hi guys... first post here! Well, I’m coming from a 2007 Acura TL- S to a GSF owner in a couple of days and was wondering if any of you have needed to use a warranty on your cars. They are offering me a third party extended warranty for 5 years 60,000 miles for about 2300. Just wondering if any of you had any major claims or think that this warranty is needed or worth it. The car has about 40k miles on it now and I plan on keeping it for a long time. I’ll probably put about 5k on miles per year since I work really close from home. Just wanted to hear from any of you that have had your car for a while or have had higher mileage cars.
Thanks.
Thanks.
02-27-19, 05:52 AM
#2
Hi guys... first post here! Well, I’m coming from a 2007 Acura TL- S to a GSF owner in a couple of days and was wondering if any of you have needed to use a warranty on your cars. They are offering me a third party extended warranty for 5 years 60,000 miles for about 2300. Just wondering if any of you had any major claims or think that this warranty is needed or worth it. The car has about 40k miles on it now and I plan on keeping it for a long time. I’ll probably put about 5k on miles per year since I work really close from home. Just wanted to hear from any of you that have had your car for a while or have had higher mileage cars.
Thanks.
Thanks.
02-27-19, 07:41 AM
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The Extended warranty is through Portfolio Elite Protection with their supreme coverage at 60 months 50,000 miles additional to what is on the odometer. 100 deductible and they are asking 2300. They didn’t offer me an actual Lexus warranty. Thoughts?
02-27-19, 07:47 AM
#4
I did some light research and not many people have them, I would ask your Lexus dealership if they have heard of them first and see if they have run into any problems. In my honest opinion I would purchase the Lexus Service warranty see what the best price you can get for it otherwise you really don't need it unless you will plan to beat on your GS-F. It has a reliable engine and its a Lexus product. Most of the cost will be wear and tear items, your better off getting a tire and wheel coverage.
02-27-19, 07:53 AM
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This is actually what the Lexus Dealer offered me! They didn’t offer me the actual Lexus manufacturer extended warranty. They told me that the car would have been sold CPO but the reason it’s being sold as used is because it does not have GSF wheels but that it actually has RCF wheels. I was ok with that.
02-27-19, 07:59 AM
#6
This is actually what the Lexus Dealer offered me! They didn’t offer me the actual Lexus manufacturer extended warranty. They told me that the car would have been sold CPO but the reason it’s being sold as used is because it does not have GSF wheels but that it actually has RCF wheels. I was ok with that.
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02-28-19, 04:52 PM
#9
It really comes down to your personal risk thresholds. The contract companies are fairly smart about their businesses, they've analyzed the rate/cost of repairs, and then they decide what premium to charge, which is designed to make them money. Sometimes they get it wrong; i.e. Doug Demuro, Car Max, and his Range Rover but his is an extreme example that occurs...periodically.
For the GSF, I've chosen to self insure vs paying a company to insure the repairs for me. Through the years, I've had 9 factory or 3rd party extended warranties. Only one contract paid off in spades..on a 1998 Land Rover Discovery. If you go the third party route; just make sure you understand if it's exclusionary or listed coverage, whether the deductible (if any) is per repair or per visit, the BBB rating for the administrator, and if there's a re-insurer listed to pick up the pieces if the administrator bankrupts.
Lot's to be said, for knowing your repairs are pre-paid and that your down-side risk is covered (to a point). Then again, you're buying a Lexus - not a Jag or forbid, a Rover!
Good Luck,
Eric
For the GSF, I've chosen to self insure vs paying a company to insure the repairs for me. Through the years, I've had 9 factory or 3rd party extended warranties. Only one contract paid off in spades..on a 1998 Land Rover Discovery. If you go the third party route; just make sure you understand if it's exclusionary or listed coverage, whether the deductible (if any) is per repair or per visit, the BBB rating for the administrator, and if there's a re-insurer listed to pick up the pieces if the administrator bankrupts.
Lot's to be said, for knowing your repairs are pre-paid and that your down-side risk is covered (to a point). Then again, you're buying a Lexus - not a Jag or forbid, a Rover!
Good Luck,
Eric
Last edited by embassured; 03-01-19 at 09:08 PM.
02-28-19, 07:05 PM
#10
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I bought a 2016 with low mileage about a year ago from a Porsche dealer. I didn’t originally see the value in an extended warranty because it’s still under manufacturer warranty and it’s a Toyota. But after extensive discussion I bought the 3rd party warranty mainly for the tire protection. It’s kinda hidden in the terms but the replace or repair damaged tires with no deductible. In 11 months I’ve already had one damaged tire replaced at no cost at the Lexus dealer. With the crappy roads we have in Texas I’m pretty sure the warranty will pay for itself in tires.
Also, this warranty is transferable and can be cancelled at anytime for a time-prorated refund.
Also, this warranty is transferable and can be cancelled at anytime for a time-prorated refund.
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JayLexin (12-07-19)
03-22-19, 11:21 AM
#12
I agree with this. Toyota and Lexus have very strict build quality standards. The odds are in the warranty companies favor.
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JayLexin (12-07-19)
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