has anyone purchased extended warranty?
12-06-05, 07:08 PM
#16
Lexus Champion
Originally Posted by Toyota_F1
Pretty close on this but I'll fix where I can... I was an agent with GEICO for about 7 years....
Mechanical Breakdown is a 7 year 100,000 mile insurance policy on the vehicle... it's a stated exclusion policy, so where a dealer warranty will show you what it covers and if it's not on the list it's not covered, the MBI policy is the opposite... from the last info I have on it from when i left GEICO it excludes
Standard Wear/Tear Items
Rust
Intentional Abuse
For all you manual transmission IS250 people this means that your clutch is covered (yes I know that for a fact) and you will be hard pressed to find that in many other warranty contracts.
The deductible is $250, and as a heads up many insurance companies go to Auto-X events, car shows, drift competitions, street races, troll message boards, etc. and look for their policyholder's cars. If they can find any evidence that you've used your car to race either legally or illegally they will likely deny the claim. I've seen Subaru WRX and Mitsu Evo warranties being voided in a similar manner...
Mechanical Breakdown is a 7 year 100,000 mile insurance policy on the vehicle... it's a stated exclusion policy, so where a dealer warranty will show you what it covers and if it's not on the list it's not covered, the MBI policy is the opposite... from the last info I have on it from when i left GEICO it excludes
Standard Wear/Tear Items
Rust
Intentional Abuse
For all you manual transmission IS250 people this means that your clutch is covered (yes I know that for a fact) and you will be hard pressed to find that in many other warranty contracts.
The deductible is $250, and as a heads up many insurance companies go to Auto-X events, car shows, drift competitions, street races, troll message boards, etc. and look for their policyholder's cars. If they can find any evidence that you've used your car to race either legally or illegally they will likely deny the claim. I've seen Subaru WRX and Mitsu Evo warranties being voided in a similar manner...
been with geico since mid 1980s, i know mbi hasn't been around that long but i got it as soon as i knew about it in mid 1990s and i swear by it (i.e. will never purchase another new car warranty again as long as geico mbi is available).
never race, never go to those event, etc. so i'm pretty safe.
12-06-05, 07:30 PM
#17
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Funny thing is I got to talk to the guy who implimented MBI in the early 90's... according to him he had just gotten a regional VP position and bought his first BMW... he realized he could afford to buy the car but not repair it so he thought up a way to cover his "investment"... and voila, MBI was born.... all thanks to shoddy german craftsmanship... :P
01-22-06, 08:53 AM
#19
Warranty with 100% refund if not used
I deceided to purchase the 5/100 extended platinum warranty for $1740.....I drive A LOT! the car is 3 months old and I have over 7k already. I anticipate getting to 100k way before 5 years. The good part about this warranty I bought directly from lexus is that it is 100% refundable so long as i dont use it and I keep the car for 5 years (which I think I ill do) yes 100% refundable I will get $1740 back from them in five years....so If the car has minor probs I will pay out of pocket, major stuff will go to the warranty if needed....it covers everyting the factorty bumper to bumper does
01-22-06, 09:24 AM
#20
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I have purchased extended warr on two prior cars, and never came close to the factory warranty expiration before I sold them.
Things change. I will wait for the six month time before I but it.
Things change. I will wait for the six month time before I but it.
01-22-06, 11:31 AM
#21
Lead Lap
Id only get an extended warranty if i purchased a German or American car..
With a Lexus, your chances of having a very expensive breakdown
a couple years after the warranty expires is not likely, providing you take care of the car (somewhat)..
With a Lexus, your chances of having a very expensive breakdown
a couple years after the warranty expires is not likely, providing you take care of the car (somewhat)..
01-22-06, 11:34 AM
#22
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I'll never touch an extended warranty. I put so many miles on my cars in such a short period, that if something doesn't break while it's still under factory warranty, chances are there won't be problems afterwards. And if there are, I'd typically prefer to pay to fix a problem I do have rather than pay up front for one I might not have.
Plus, I do all my own maintenance, so I have confidence that my cars have been taken care of properly (dealerships are evil). I also tend not to keep my cars more than 3 or 4 years, so there's just no point.
If I only put 10,000 miles a year on my cars and planned to keep them 10 years, then and only then would I perhaps consider an extended warranty. But even then I'd probably opt to not bother.
Plus, I do all my own maintenance, so I have confidence that my cars have been taken care of properly (dealerships are evil). I also tend not to keep my cars more than 3 or 4 years, so there's just no point.
If I only put 10,000 miles a year on my cars and planned to keep them 10 years, then and only then would I perhaps consider an extended warranty. But even then I'd probably opt to not bother.
01-22-06, 06:13 PM
#23
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I completely agree w/FACTORY ONLY ext. warranties. In a sense for most people it's like driving w/out insurance. W/Toyota Extra Care or Lexus they are 0 deduct. and they cover everything that's covered on a new car. $1500 for a 45k Car is nothing IMO. Our shop rate is 90.00 per hour plus parts, tax & fluids. So your power seat motor goes out after your bumper to bumper is up...They aren't cheap. Bottom line..IT'S PEACE OF MIND. And we all like to not have anything such as a car breaking at the worst time of the year!
Just my .02
Just my .02
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