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Discussion Starter #1 (Edited)
Division of Rehabilitation and Liquidation
Company Information - The Exotic Warranty Company ("Exotic")
Name of Company: The Exotic Warranty Company
Date of Liquidation: April 12, 2006
Policy Cancellation Date: April 12, 2006
Claims Filing Deadline: April 12, 2007
Guaranty Association: None
Type of Coverage: Unauthorized Insurer
State of Domicile: Florida
Status of Receivership: Liquidation


On April 12, 2006, The Exotic Warranty Company ("Exotic") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services is the court appointed Receiver of Exotic.

Exotic, a Florida corporation since January 2003, was headquartered in Bradenton, Florida. Investigation by the Office of Insurance Regulation and the Florida Department of Financial Services discovered that Exotic was selling motor vehicle service agreement contracts ("warranties"), an insurance product. Exotic was not licensed to conduct insurance business in Florida and was therefore considered an unauthorized insurer.

At the time of liquidation, Exotic provided car, boat and RV warranties to over 1,000 warranty owners in at least 43 states and four foreign countries. By court order, the warranties are cancelled effective April 12, 2006. The Receiver is in the process of sending notices of the liquidation proceeding and warranty contract cancellation to all known warranty owners and the dealerships that handled the sales of these contracts. Currently, the Receiver is aware of ten claims submitted to Exotic for warranty coverage. Additionally, as a result of the April 12, 2006 cancellation, certain warranty owners may be entitled to a return of some of the contract price they paid for coverage. There is no guaranty association coverage for claims arising under either unauthorized insurers or motor vehicle service agreements.

It is the claimant's responsibility to notify the Receiver, in writing, if there is a change in their name or mailing address. When corresponding with the Receiver, be sure to reference "Exotic Warranty Company" and the "Receiver's Identification Number", which will allow the Receiver to associate your request with the correct claim and receivership.

http://www.fldfs.com/Receiver/ExoticWarranty/company_info.htm
 

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Kevin

I don't beleive anyone doubted or questioned you. Warranties are a funny topic....they are like insurance in a way, most people bitch about insurance yet they buy it anyways. I was one of the persons interested and even came up with the possibility of a group buy, however it was from another company that I was reffered to by Exotic, as Exotic was not licenced to sell in CAL.

Did I think that if I bought an aftermarket warranty, claims were going to be paid paid paid without heistation? No way, in fact, I am asking the current provider to send me an actual contract. (auto Advantage). Seems like if the contract is unambiguous, and I get my claim denied, I have the courts in my favor in regards to a Bad Faith Suit.

As I have said before, if Maserati USA came up with their own program, i'd be one of the first to sign up, however the fact is, there is nothing going on with them and I will have no choice. In this situtation, having something to me is better than nothing. Get a claim paid once and the costs become a push. Get a second or third paid and I am ahead of the game. Partner this with the known "quirkiness" of the Rati, I think the odds are stacked in my favor, but yeah, the liklihood that an after market company goes under vs Maserati is high....but again, at this time, there is no alternative.
 

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Discussion Starter #3
demoe said:
Kevin

I don't beleive anyone doubted or questioned you. Warranties are a funny topic....they are like insurance in a way, most people bitch about insurance yet they buy it anyways. I was one of the persons interested and even came up with the possibility of a group buy, however it was from another company that I was reffered to by Exotic, as Exotic was not licenced to sell in CAL.

Did I think that if I bought an aftermarket warranty, claims were going to be paid paid paid without heistation? No way, in fact, I am asking the current provider to send me an actual contract. (auto Advantage). Seems like if the contract is unambiguous, and I get my claim denied, I have the courts in my favor in regards to a Bad Faith Suit.

As I have said before, if Maserati USA came up with their own program, i'd be one of the first to sign up, however the fact is, there is nothing going on with them and I will have no choice. In this situtation, having something to me is better than nothing. Get a claim paid once and the costs become a push. Get a second or third paid and I am ahead of the game. Partner this with the known "quirkiness" of the Rati, I think the odds are stacked in my favor, but yeah, the liklihood that an after market company goes under vs Maserati is high....but again, at this time, there is no alternative.

I completely agree with you, I would love to see Maserati offering a warranty for their pre-owned cars. Alot of people are scared of buying a new Maserati myself included because I don't want to deal with the huge loss in resale value. If Maserati offered a warranty program all these 02's that are being sold by owners who want to get out before warranty is over, these 02 owners wouldn't be in such a hurry to sell and I think overall that would drive the prices of the cars up. This is all speculation at this point but just my thought.
 

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M! said:
http://www.maseratilife.com/forums/showthread.php?t=451

hope the people listen to you about "READ THE FINE PRINT" and not "seem like a good company".
That was posted back in September when I had heard that they had some very strict contracts. Around late January I started hearing alot of negative feedback on them, while having no personal experience with a company I hate giving negative feedback but I had heard enough to warn people to give it a second thought. Either way this post was meant to be more of an informative one letting people who were interested in getting a warranty or who had a warranty what direction the company was going in. I think the thread title made it seem like I just wanted to rub it in everyones faces, I'll try to edit it. :). Just tried, won't let me edit the thread title, point being, take it as an informative post please.

Regards,
Kevin
 

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Source of their reputation...

I beleive you had based your opinions, in part, from feedback over at Ferrari Chat. I am not sure the specifics of the warranty contracts with a Ferrari, but I can see how they could be possibly more restrictive than other vehicles.

I went over their briefly at the time, and could not really gather whether the complaints were stemming from their misread of the contract of what was covered, or was it a situation where claims were being denied based on Exotic claiming a Non-covered item was the source of the breakdown.

I do understand, that at times, a warranty company may fix a partial portion of the repairs. My dad has an extended warranty for his SL600 was having some issues with his tranny, i beleive out of a $5000 repair, he had to pay $2000.

My read and perhaps I am naive, is that what was being offered was a HUGE brushstroke, "we will repair any condition which renders the vehicle inoperable" except this this this and this....in that case, I feel fairly comfortable, since that exclusion list was basically wear items. If someone has more mechanical knowledge then I, I can fish for the "excluded" list and post it here, to see if those excluded items, are the typical straws which break most of the mechanical backs in cars, therefore, favoring the Warranty company in a denial. My read of the exclusions, did not get that feeling.

Well, here is that list, I found it, these are the exclusions:

POLICY EXCLUSIONS “What is not covered”:
Rust damage, sheet metal, chassis frame, cross member, body rails, body panels, carpet, weather-strips, lenses, sealed beams, light bulbs, tires, trim, convertible or vinyl tops, moldings, bright metal, upholstery, paint, exhaust system, catalytic converter, hinges, brake drums, shock absorbers, batteries, carburetor, correction of air and water leaks, wind noise, odors, squeaks, rattles, contaminated fuel systems, bumpers, body parts, glass, time failed components, clutch, service and maintenance items.


So, can someone point out the loopholes where the Warrnty company can deny a claim in the event of a breakdown?
 

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Discussion Starter #7
demoe said:
I beleive you had based your opinions, in part, from feedback over at Ferrari Chat. I am not sure the specifics of the warranty contracts with a Ferrari, but I can see how they could be possibly more restrictive than other vehicles.

I went over their briefly at the time, and could not really gather whether the complaints were stemming from their misread of the contract of what was covered, or was it a situation where claims were being denied based on Exotic claiming a Non-covered item was the source of the breakdown.

I do understand, that at times, a warranty company may fix a partial portion of the repairs. My dad has an extended warranty for his SL600 was having some issues with his tranny, i beleive out of a $5000 repair, he had to pay $2000.

My read and perhaps I am naive, is that what was being offered was a HUGE brushstroke, "we will repair any condition which renders the vehicle inoperable" except this this this and this....in that case, I feel fairly comfortable, since that exclusion list was basically wear items. If someone has more mechanical knowledge then I, I can fish for the "excluded" list and post it here, to see if those excluded items, are the typical straws which break most of the mechanical backs in cars, therefore, favoring the Warranty company in a denial. My read of the exclusions, did not get that feeling.

Well, here is that list, I found it, these are the exclusions:

POLICY EXCLUSIONS “What is not covered”:
Rust damage, sheet metal, chassis frame, cross member, body rails, body panels, carpet, weather-strips, lenses, sealed beams, light bulbs, tires, trim, convertible or vinyl tops, moldings, bright metal, upholstery, paint, exhaust system, catalytic converter, hinges, brake drums, shock absorbers, batteries, carburetor, correction of air and water leaks, wind noise, odors, squeaks, rattles, contaminated fuel systems, bumpers, body parts, glass, time failed components, clutch, service and maintenance items.


So, can someone point out the loopholes where the Warrnty company can deny a claim in the event of a breakdown?
They also refused a claim for some exhaust manifolds claiming they only warrantied intake manifolds. The person was Noah who runs a very reputable exotic rental car company. Whenever he purchased the car he made sure that ECW was well aware that they were a rental car company. When some exhaust manifold problems appeared on a 360 I believe, ECW denied the claim saying they would only warranty the intake manifold. When the customer told them that this was never in their contract, they said they couldn't warranty the item because the car was used for rental purposes when they were well aware that it was.

After that from what I remember a thread popped up on ferrarichat and after a few pages of arguing, ECW refunded the exotic car company their money.

I really hate saying negative things about a company when I've never dealt with them but from personal customers and multiple readings on f-chat I've seen, I can't say that I would ever recommend them. I've heard ECW's side of the story a few times also when they tried to defend themselves also so I'm not completely biased.

I'm not sure when you searched on ferrarichat but there were about 3 threads where numerous people complained that were deleted.
 

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NAPerformance said:
I'm not sure when you searched on ferrarichat but there were about 3 threads where numerous people complained that were deleted.
What shocking here is not that some oddball warranty company has gone bust, but that threads have been deleted. Is there a sensorship going on or did the Ferrari chat manager get paid to remove these?

Negative feedback from a board is probably the most valuable information. Its nice to read likeminded people ranting on about how great our cars are, but its actually useful to read about problems (and solutions) and complaints.

- Toffe
 

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NAPerformance said:
They also refused a claim for some exhaust manifolds claiming they only warrantied intake manifolds.

POLICY EXCLUSIONS “What is not covered”:
exhaust system,

I am not an expert here, but isn't an "exhaust manifold" considered part of an "exhaust system"? If so, what is the problem in the denial to replace it?
 
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