Warranty Gold Bankrupt?

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Mar 1, 2004 | 11:21 PM

HI98GS

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Lexus Test Driver

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From: 808state

Warranty Gold Bankrupt?

I just got a notification that warranty gold will be going to court for bankruptcy. I purchased the "diamond" coverage last year, and now it looks like I won't have any coverage soon. Can any of you law type people tell me what I can expect.

thanks

Mar 1, 2004 | 11:40 PM

Lettuce

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From: Washington

Not only is Warranty Gold going under, I also heard that Wings West is going under as well!!

Mar 2, 2004 | 03:27 AM

Tranman

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From: Ohio

Quote:

Originally posted by Lettuce
Not only is Warranty Gold going under, I also heard that Wings West is going under as well!!

Hmmm, that's interesting....if that's true, I bet some company like APC is gonna buy Wings West then....

Mar 2, 2004 | 07:54 AM

Shogun

Driver

Joined: May 2001

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From: Missouri

Reinsurer

First thing I would do is contact Warranty Gold and find out how the reinsurer will be responsible in this situation.

Warranty Gold's policy's were backed by an additional insurance company that would pay out claims should Warranty Gold go outta business. Believe it or not - you were smart. You only do business with 3rd party warranty companies that are backed by a reinsurer (a reputable one at that).

In this case, one of three things, I believe, will occur:
1) The reinsurer will honor your policy
2) The reinsurer will disburse your policy amount less claim activity to date
3) Warranty Gold could continue to operate under bankruptcy protection

Please let us know what type of response you get.

Good Luck,
Eric Bernstein

Mar 2, 2004 | 08:24 AM

koreanpers

Lexus Test Driver

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From: Minnesota

believe it or not, i posted this back in august of 2003 when i first heard about it...

https://www.clublexus.com/forums/sho...=warranty+gold

Mar 2, 2004 | 11:17 AM

adit13

Driver School Candidate

Joined: May 2003

Posts: 4

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From: Michigan

Warranty Gold!!!!!!

I also bought an extended warranty thru' Warranty Gold in May '03. I recd. a notification from the reorganization department in January to file a claim. The following link (if you already don't have this) will give you the details.

http://www.warrantynews.com/

Personally, I don't think we are going to get anything back..