Extended Warranty
03-26-02, 07:51 AM
#1
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Extended Warranty
I need to purchase an extended warranty for my Lexus. I am fast approaching the 50k miles limit. Longo Lexus quoted me $1,500. Is that a competitive price for the S. California area. Any ideas of where I can get a lower costing plan. Any feedback would be greatly appreciated.
03-26-02, 10:44 AM
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I found most dealers are quoting $1500 for a 3 year 30,000 mile warranty. From what I hear you can negotiate that down as there is a lot of margin in there. Threaten to buy from warrantygold.com or another site (heard good things about them BTW).
03-26-02, 05:34 PM
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Check out these...
There are three companies (all on the web) you will want to research.
Warranty Gold
Warranty Direct
Viking Warranty
I've had or have policies with all three. My GS4 is with Warranty Gold.
Extended Warranties have a lot of ins and outs - so read a sample contract before purchasing. All three above offer exclusionary vs. inclusionary policies and the difference between the two policies is huge.
The basics:
Exclusionary: Covers anything NOT listed as an EXCLUSION. This mirrors factory bumper to bumper as close as it gets. Policies are usually monikered as "Diamond" plans and autos must be within factory warranty prior to contract purchase.
Inclusionary: Covers anything LISTED. If it's NOT LISTED - it's not covered - PERIOD. Powertrain only policies are an example.
The Warranty Gold Plan I have is as follows:
Diamond coverage (exclusionary) for 5 years (from date of contract purchase) or 100,000 miles (on the odometer), whichever comes first and ZERO deductable.
You can take the car wherever you want (including Lexus) and claims are paid directly via Corporate Credit Card (very important - means you don't have to get reimbursed). Provides $30/day for a loaner (if car stays overnight) and roadside, blah, blah, blah.
All three companies above offer what I've written. All three have a solid re-insurer (A+ A.M. Best rated - in case the company goes out of business) and all are listed with the BBB.
I paid $1,250 for my policy. Remember, you can negotiate and all three hustle at the end of the month (not a dis-similiar experience to buying a car).
FWIW, if I did it all over again, I would probably have bought my GS4 policy through Viking. I found out about them when researching a policy for my Disco. I think they were about $200 less expensive.
The only company I have claims experience with is Warranty Direct (same type of Diamond policy). They never denied a claim on my STS and they paid out over $3,000 in 12 months on a policy for which I paid $1,300.
Remember, read a sample policy and make sure your comparision is apples to apples. One policy (none of the companies above)stated 7 years/100,000 miles BUT the 7 years started from the IN-SERVICE date of the car - effectively giving me only 3 years of coverage.
I hope you find this helpful and Good Luck,
Eric Bernstein
Warranty Gold
Warranty Direct
Viking Warranty
I've had or have policies with all three. My GS4 is with Warranty Gold.
Extended Warranties have a lot of ins and outs - so read a sample contract before purchasing. All three above offer exclusionary vs. inclusionary policies and the difference between the two policies is huge.
The basics:
Exclusionary: Covers anything NOT listed as an EXCLUSION. This mirrors factory bumper to bumper as close as it gets. Policies are usually monikered as "Diamond" plans and autos must be within factory warranty prior to contract purchase.
Inclusionary: Covers anything LISTED. If it's NOT LISTED - it's not covered - PERIOD. Powertrain only policies are an example.
The Warranty Gold Plan I have is as follows:
Diamond coverage (exclusionary) for 5 years (from date of contract purchase) or 100,000 miles (on the odometer), whichever comes first and ZERO deductable.
You can take the car wherever you want (including Lexus) and claims are paid directly via Corporate Credit Card (very important - means you don't have to get reimbursed). Provides $30/day for a loaner (if car stays overnight) and roadside, blah, blah, blah.
All three companies above offer what I've written. All three have a solid re-insurer (A+ A.M. Best rated - in case the company goes out of business) and all are listed with the BBB.
I paid $1,250 for my policy. Remember, you can negotiate and all three hustle at the end of the month (not a dis-similiar experience to buying a car).
FWIW, if I did it all over again, I would probably have bought my GS4 policy through Viking. I found out about them when researching a policy for my Disco. I think they were about $200 less expensive.
The only company I have claims experience with is Warranty Direct (same type of Diamond policy). They never denied a claim on my STS and they paid out over $3,000 in 12 months on a policy for which I paid $1,300.
Remember, read a sample policy and make sure your comparision is apples to apples. One policy (none of the companies above)stated 7 years/100,000 miles BUT the 7 years started from the IN-SERVICE date of the car - effectively giving me only 3 years of coverage.
I hope you find this helpful and Good Luck,
Eric Bernstein
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