Tire and Wheel Protection Plan advice
05-30-22, 08:47 PM
#121
Instructor
Thread Starter
I forgot to tell you that the Platinum Wrap Package covers everything that the Gold Package covers PLUS it covers many more items too that the Gold Package doesn't cover. I'm wondering why you didn'y purchase the Platinum Wrap Package when you purchased your ES350? Did the finance manager at the dealership even make you aware of the Platinum Wrap Package and that it existed when he was going through the extended warranty options together with you when your vehicle arrived?
05-30-22, 08:52 PM
#122
Instructor
Thread Starter
Let's backtrack a second.
You bought the R.O.A.D InTire "Gold" Coverage (it says so in the picture you posted). This is one company.
You also bought the "Platinum Wrap Package" from "Millennium" aka IAS.
If I have this wrong, please correct the info.
To be clear, I did not buy any Gold package. I posted a link to the BBB showing all the complaints against IAS. I was quoting one of the complainants.
P.S. - am going to bed, will pick back up tomorrow. Night!
You bought the R.O.A.D InTire "Gold" Coverage (it says so in the picture you posted). This is one company.
You also bought the "Platinum Wrap Package" from "Millennium" aka IAS.
If I have this wrong, please correct the info.
To be clear, I did not buy any Gold package. I posted a link to the BBB showing all the complaints against IAS. I was quoting one of the complainants.
P.S. - am going to bed, will pick back up tomorrow. Night!
05-30-22, 08:58 PM
#123
I forgot to tell you that the Platinum Wrap Package covers everything that the Gold Package covers PLUS it covers many more items too that the Gold Package doesn't cover. I'm wondering why you didn'y purchase the Platinum Wrap Package when you purchased your ES350? Did the finance manager at the dealership even make you aware of the Platinum Wrap Package and that it existed when he was going through the extended warranty options together with you when your vehicle arrived?
So, since you won't/can't upload your documents, may we ask is there anything about "non-listed parts" in your contract? The interwebs say, "yes".
The picture you uploaded clearly indicates you purchased the "Gold" package from IAS. We can address "Millennium" at another time. We are already bouncing around all over the place.
05-30-22, 10:33 PM
#125
I’ve been trying to find out more about the Wheel/Tire warranty for the Lexus and I came across this thread while searching in the forums, so I thought that I would post and ask people in here about this particular warranty.
I will be getting delivery of a brand new 2022 ES350 Ultra Luxury next week. I happened to drop by the Lexus dealership last night and I asked about their warranties. The Lexus dealership quoted me $2,336 for 60 months, $2,376 for 72 months and $2,402 for 84 months for the Tire/Wheel coverage. The dealer said that this warranty can replace or repair any damaged rims and also replace any of the tires if they get damaged. I think that these prices are very expensive for a warranty like this.
We plan on keeping the car for at least 5 years, maybe longer up to 10 years and because of this we are thinking of purchasing the extended warranty for either 100,000 miles or for 150,000 mile/10 years to cover all the computers, electronics and the engine/powertrain on the car if anything goes wrong or breaks on it.
However, the Tire/Wheel coverage seems like it’s too much money for $2,300 - $2,400. What should be the “reasonable” cost be for the Tire/Wheel coverage for 60 months, 72 months and 84 months if one wanted to purchase this particular warranty for these long lengths of time? I think that the price that the Lexus dealer is asking for this particular warranty is too much money. I just paid $650 last week for the wheel/tire warranty for my brand new 2022 Avalon that I just purchased which is a fraction of the cost of what Lexus is asking for the same type of warranty.
I’ve repaired and refinished the rims on my E300 4 times so far in the last year and a half at a private wheel/rim repair place and it cost me $120 the first 3 times and just recently $140 the 4th time because the repair shop had a price increase. Will it realistically cost me $2,300 - $2,400 to repair/replace the rims and tires on my ES350 Ultra Luxury over a 5 to 7 year period if I keep the car a minimum of 5 to 7 years? I’m trying to figure out if the $2,300 - $2,400 price that Lexus quoted me last night is a realistic figure when compared to how many times and how much that I will use this particular Wheel/Tire warranty in real life.
What should I do? Should I pass on the Tire/Wheel coverage or should I get it and try to get it for a much lower cost. I was thinking of offering them no more than $1,000 for the Tire/Wheel coverage if I decide to buy it. I doubt that they will accept my offer of $1,000 though. I don’t know what to do. I would like to get advice on what I should do. Thank You
I will be getting delivery of a brand new 2022 ES350 Ultra Luxury next week. I happened to drop by the Lexus dealership last night and I asked about their warranties. The Lexus dealership quoted me $2,336 for 60 months, $2,376 for 72 months and $2,402 for 84 months for the Tire/Wheel coverage. The dealer said that this warranty can replace or repair any damaged rims and also replace any of the tires if they get damaged. I think that these prices are very expensive for a warranty like this.
We plan on keeping the car for at least 5 years, maybe longer up to 10 years and because of this we are thinking of purchasing the extended warranty for either 100,000 miles or for 150,000 mile/10 years to cover all the computers, electronics and the engine/powertrain on the car if anything goes wrong or breaks on it.
However, the Tire/Wheel coverage seems like it’s too much money for $2,300 - $2,400. What should be the “reasonable” cost be for the Tire/Wheel coverage for 60 months, 72 months and 84 months if one wanted to purchase this particular warranty for these long lengths of time? I think that the price that the Lexus dealer is asking for this particular warranty is too much money. I just paid $650 last week for the wheel/tire warranty for my brand new 2022 Avalon that I just purchased which is a fraction of the cost of what Lexus is asking for the same type of warranty.
I’ve repaired and refinished the rims on my E300 4 times so far in the last year and a half at a private wheel/rim repair place and it cost me $120 the first 3 times and just recently $140 the 4th time because the repair shop had a price increase. Will it realistically cost me $2,300 - $2,400 to repair/replace the rims and tires on my ES350 Ultra Luxury over a 5 to 7 year period if I keep the car a minimum of 5 to 7 years? I’m trying to figure out if the $2,300 - $2,400 price that Lexus quoted me last night is a realistic figure when compared to how many times and how much that I will use this particular Wheel/Tire warranty in real life.
What should I do? Should I pass on the Tire/Wheel coverage or should I get it and try to get it for a much lower cost. I was thinking of offering them no more than $1,000 for the Tire/Wheel coverage if I decide to buy it. I doubt that they will accept my offer of $1,000 though. I don’t know what to do. I would like to get advice on what I should do. Thank You
For the ES:
1) My dealer informed me there can only be 3 claims in a year against the policy due to the type of rims on the ultra lux.
2) there are two types of warranty that the refer to “wheel and tire”. One of the warranties actually includes a free key fob replacement should you ever lose it. Not sure why the bundle this in, probably a way to just get extra money. Not sure if all dealers do this but worth checking to knock the price down.
For the RX:
1) I got the wheel and tire only without the key fob replacement and was able to get it for $690 or so.
2) I’ve used it about 2 times due to damage related to parking and each time I was able to take it to the dealer and they dealt with it. From what my dealer told me, the warranty is offered by a 3rd party but they usually deal with the paperwork on the back end.
Personally, I considered the value of the warranty worth it because of convenience (not having to waste time going to a outside shop). But, your dealer definitely quoted you a pretty high price for it. Also might not be worth it in your case of damage is occurring often since you’ll hit the claim allowed amount.
Last edited by LexusRP; 05-30-22 at 10:37 PM.
05-30-22, 10:40 PM
#126
Instructor
Thread Starter
I purchased this warranty for my 2021 ES300h Ultra Lux. I was able to get it for around $1,200. I also have the warranty on my 2021 RX 450h. I’ve not used the warranty on my ES but I have on the RX.
For the ES:
1) My dealer informed me there can only be 3 claims in a year against the policy due to the type of rims on the ultra lux.
2) there are two types of warranty that the refer to “wheel and tire”. One of the warranties actually includes a free key fob replacement should you ever lose it. Not sure why the bundle this in, probably a way to just get extra money. Not sure if all dealers do this but worth checking to knock the price down.
For the RX:
1) I got the wheel and tire only without the key fob replacement and was able to get it for $690 or so.
2) I’ve used it about 2 times due to damage related to parking and each time I was able to take it to the dealer and they dealt with it. From what my dealer told me, the warranty is offered by a 3rd party but they usually deal with the paperwork on the back end.
Personally, I considered the value of the warranty worth it because of convenience (not having to waste time going to a outside shop). But, your dealer definitely quoted you a pretty high price for it.
For the ES:
1) My dealer informed me there can only be 3 claims in a year against the policy due to the type of rims on the ultra lux.
2) there are two types of warranty that the refer to “wheel and tire”. One of the warranties actually includes a free key fob replacement should you ever lose it. Not sure why the bundle this in, probably a way to just get extra money. Not sure if all dealers do this but worth checking to knock the price down.
For the RX:
1) I got the wheel and tire only without the key fob replacement and was able to get it for $690 or so.
2) I’ve used it about 2 times due to damage related to parking and each time I was able to take it to the dealer and they dealt with it. From what my dealer told me, the warranty is offered by a 3rd party but they usually deal with the paperwork on the back end.
Personally, I considered the value of the warranty worth it because of convenience (not having to waste time going to a outside shop). But, your dealer definitely quoted you a pretty high price for it.
05-31-22, 01:37 AM
#127
Well said. All these warranty programs I see advertise on TV (Car Shield, Home Warranty, etc…) are for profit. The fine print is calculated so that they make the money. You wouldn’t believe the hassle these people go through trying to get repairs covered/ reimbursed. No thanks! My Lexus dealership was 5 minutes of paperwork and done, they knew I didn’t want any add on sales. I spent the majority of my time with the technology specialist making sure I knew all the ins and outs and that my iPhone was connected properly.
05-31-22, 01:43 AM
#128
I wish I had read this entire post before commenting. I just realized how dead this horse was….lol….
Last edited by Moorekx; 05-31-22 at 01:43 AM. Reason: Spelling
05-31-22, 05:14 AM
#129
Instructor
Thread Starter
Well said. All these warranty programs I see advertise on TV (Car Shield, Home Warranty, etc…) are for profit. The fine print is calculated so that they make the money. You wouldn’t believe the hassle these people go through trying to get repairs covered/ reimbursed. No thanks! My Lexus dealership was 5 minutes of paperwork and done, they knew I didn’t want any add on sales. I spent the majority of my time with the technology specialist making sure I knew all the ins and outs and that my iPhone was connected properly.
I’m not doubting that the ES350 isn’t reliable. However, it’s better to be safe than sorry when the regular warranty expires. You never know what will break and how expensive the repairs will be.
Last edited by glamglam; 05-31-22 at 05:29 AM.
05-31-22, 05:18 AM
#130
Instructor
Thread Starter
Why is it a dead horse? We are still sharing information on here about this topic. The ones that feel like this thread is like beating a dead can leave and not participate.
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nitroracer (05-31-22)
05-31-22, 05:41 AM
#131
Lexus Test Driver
There's nothing more to debate. You think it's a great deal and most others know it's a bad deal. You have peace of mind and that's the best part of this entire discussion.
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dklanecky1 (06-01-22)
05-31-22, 06:09 AM
#132
Instructor
Thread Starter
05-31-22, 06:10 AM
#133
While I was trying to fall asleep last night after the long Memorial Day weekend, I admittedly read quite a few of the BBB complaints against IAS. Below is a verbatim non-comprehensive list of some of the rejection notices posted:
- Wheel/Tire damage not caused by "Road Hazard" - "Road hazard is defined as debris on the road surface such as nails, glass, potholes, rocks, tree limbs or any other object or condition not normally found in the roadway. However, road conditions (for example, uneven lanes due to repaving or metal plates used to temporarily cover a hole in the road) found in areas designated as construction zones or construction sites will not be considered a covered road hazard."
- Getting a tire/wheel repair/replacement in an emergency without prior authorization
- Wheel damage caused by Curb Rash (I doubt this exclusion applies to OP given what they paid, but I still had a good laugh)
- Dent Repair denied on hood because only "vertical surfaces" were covered (LOL)
- Key Fob replacement denied on spare keys after complainant lost one key - policy only covers the lost key, not the other keys that need to be recoded to match the new key
- Wheel/Tire damage because complainant didn't know what specifically on the road caused said damage (a reason must be given, and adjusters would not let complainant change their answer)
- Windshield damage denied because "pipes aren't covered"
- Damage to other parts of the vehicle resulting from failure of a covered part. For example, a covered tire explodes and the vehicle veers off into a wall and is totaled - only the tire is covered. OOF!
- And my favorite one: Owner of a Maserati MC Stradale stuck with an extra $400 bill on a wheel because IAS claimed to have found a cheaper version elsewhere, despite the wheel being *exclusive* to Maserati and only sold by Maserati. Or in other words, insurer gets final say on what is "fair value" for replacement/repair costs, and it is 100% of the time arbitrary. I've had similar experiences where I needed a new wheel but insurer decided it was 'repairable' and they threw me a few pennies for a "ding king" guy in a mobile truck to "fix" my wheel. I can tell you those repairs hardly ever hold up on high-end wheels. This was the point of time in the life-cycle of the policy where the actuaries were losing money and things very quickly went from replace, to repair, and very cheaply at that.
That's it for now.
Last edited by nitroracer; 05-31-22 at 06:36 AM.
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arentz07 (06-01-22)
05-31-22, 06:49 AM
#134
The logic is that most folks intuitively understand the expected cost of these long-term repairs will be less than, or equal to, the extended warranty. So by pocketing the cash, they retain the free option of potentially having to never spend it in the first place.
And that is before one considers all the aforementioned reasons why many policyholders get screwed.
When the original iPhones came out, they had awesome (free) warranties. A short time after that, I believe they started charging $100 for the policy. Most knew that was a really great deal for full-replacement of an iPhone. And most knew that Apple was very good about replacing all phones as a means of resolution. Apple was not in the business then of refurbishing or repairing your phone.
Fast forward to today, the new iPhone insurance polices are quite expensive, don't even cover water damage, and most iPhones have considerable waterproofing built in anyway. Combined with the fact that most owners now use durable cases, there's really no reason to pay for the insurance. I guess in the unlikely scenario you run the iPhone over with your car, you've got peace of mind, should you elect otherwise.
Lastly, new iPhones are so well-built that issues typically manifest within the standard purchase warranty of one year. Anything else is considered wear and tear.
Likewise, extended auto warranty policies are not going to cover every single necessary repair. That's just a fact. It's in the fine print. I think we've established that by now. So the idea that the policy makes sense because owners should expect maintenance/repair costs over the life of the vehicle is simply unfounded.
You can see where I'm going with this.
And that is before one considers all the aforementioned reasons why many policyholders get screwed.
When the original iPhones came out, they had awesome (free) warranties. A short time after that, I believe they started charging $100 for the policy. Most knew that was a really great deal for full-replacement of an iPhone. And most knew that Apple was very good about replacing all phones as a means of resolution. Apple was not in the business then of refurbishing or repairing your phone.
Fast forward to today, the new iPhone insurance polices are quite expensive, don't even cover water damage, and most iPhones have considerable waterproofing built in anyway. Combined with the fact that most owners now use durable cases, there's really no reason to pay for the insurance. I guess in the unlikely scenario you run the iPhone over with your car, you've got peace of mind, should you elect otherwise.
Lastly, new iPhones are so well-built that issues typically manifest within the standard purchase warranty of one year. Anything else is considered wear and tear.
Likewise, extended auto warranty policies are not going to cover every single necessary repair. That's just a fact. It's in the fine print. I think we've established that by now. So the idea that the policy makes sense because owners should expect maintenance/repair costs over the life of the vehicle is simply unfounded.
You can see where I'm going with this.
Last edited by nitroracer; 05-31-22 at 07:11 AM.
05-31-22, 06:52 AM
#135
Instructor
There's a saying "there's a sucker born every minute". This is true...
Personally I have only bought an extended warranty on a few appliances in the last 30 years (a few hundred bucks max). Never on vehicles, ever. Waste of money. Put the money in the bank and save it in case something breaks. You will always win in the long run unless you do something like buy a Chevy or Dodge.... LOL
Personally I have only bought an extended warranty on a few appliances in the last 30 years (a few hundred bucks max). Never on vehicles, ever. Waste of money. Put the money in the bank and save it in case something breaks. You will always win in the long run unless you do something like buy a Chevy or Dodge.... LOL
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lobuxracer (05-31-22)