I found a company that wants to sell me a 4 year, unlimited mileage, 0 deductible extended warranty for a 2002 Coupe GT for $6,800. Is it worth it, or is the price too high??
I found a company that wants to sell me a 4 year, unlimited mileage, 0 deductible extended warranty for a 2002 Coupe GT for $6,800. Is it worth it, or is the price too high??
YIKES! You didn't say how long the warranty was for... 4 years, maybe.... Knowing what goes wrong with these cars and knowing it's usually $4000 or so (+/- $1000) says you make money all day at $6,800. I'd put the $6,800 in the bank and know it's probably OK if anything goes wrong..... Has anyone had a HUGE out of warranty expense?
The contract has a Gotcha Clause. I would expect all claims to be denied because of it.
LIMIT OF LIABILITY: Total accumulative Claims shall not exceed the average value of the vehicle listed in N.A.D.A. Official Used Car Trade-In Guide at the time of the present claim. Any claim within 30 days or 1,000 miles of purchase mileage may be considered a pre-existing condition at the discretion of G.L.W.C. SALES TAX: Is not included in any repair cost. IMPORTANT: In order to receive the full coverage of this limited service contract you must, at your expense, maintain your vehicle according to the manufacturer’s minimum service requirements, except engine oil and filter, which must be changed every three months or 3,000 miles (whichever comes first). Evidence of proper service (repair invoices) must be submitted in the event of a claim.
The contract has a Gotcha Clause. I would expect all claims to be denied because of it.
LIMIT OF LIABILITY: Total accumulative Claims shall not exceed the average value of the vehicle listed in N.A.D.A. Official Used Car Trade-In Guide at the time of the present claim. Any claim within 30 days or 1,000 miles of purchase mileage may be considered a pre-existing condition at the discretion of G.L.W.C. SALES TAX: Is not included in any repair cost. IMPORTANT: In order to receive the full coverage of this limited service contract you must, at your expense, maintain your vehicle according to the manufacturer’s minimum service requirements, except engine oil and filter, which must be changed every three months or 3,000 miles (whichever comes first). Evidence of proper service (repair invoices) must be submitted in the event of a claim.
after 30 days or 1000 miles, where do you find the Coverage denial coming from? I have no issue with the denial if the repairs exceed the cost of the car, even cumulatively. I would assume, they would then owe you the the NADA value, or if this was your 2nd/3rd claim, the balence of the NADA value
after 30 days or 1000 miles, where do you find the Coverage denial coming from? I have no issue with the denial if the repairs exceed the cost of the car, even cumulatively. I would assume, they would then owe you the the NADA value, or if this was your 2nd/3rd claim, the balence of the NADA value
I just sold my 2006 BMW, and the oil change interval on that car was about 20,000 miles per the factory or 1 year, which ever came first. The car used a special long life sythethic oil.
Thanks for the contract law compliment, but my background was in racing motorcycles, and looking for loopholes in the rulebooks.
The extended warranty has an option of paying $150 extra up front, and then when you have a claim they'll pay up to $125/hour labor rate.
I've figured that the best thing to do is stick the $7,000 in an offshore citibank mutual fund that gives minimum 14% a year, and just pay for any repairs out of that!
just save your money. our cars aren't problematic as people make them out to be. i have an 2002 with 50,000 on the clock im on my second clutch, and f1 pump, but other than regular maintenance i haven't seen any major probs. not worth the $ in my oppinion.
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