Experience with Carchex warranties?
04-26-15, 08:14 PM
#31
Pit Crew
Thread Starter
Bringing this back. I plan to buy a 07/08 ls 460 soon and after reading all the common issues with the car, it seems like a $2400 (100/ month) from Carchex is the way to go. Especially since the control arms are prone to cracking. Anyone else have any personal experience with Carchex claims?
For me the Carchex warranty has been more than worth it. It has saved my bacon. That said, this doesn't mean your car will need the same repairs as mine so proceed at your own risk. What I can tell you from my experience is that the claim process is pretty easy. Carchex had to send out an inspector before approving the power steering rack repair claim but that's because it was about a $4000 claim. They eventually approved it. This whole process was made much much easier because I brought it to a Lexus dealership who gave me a loaner vehicle so there was little impact to my daily routine.
A lot of people here at CL hold the perspective that 3rd party warranties are a total waste of money. My personal experience leads me to a very different perspective, obviously. One thing I will point out which pushed me over the edge to purchase a Carchex warranty is that they allow you to cancel your policy at any time for a pro-rated refund minus any approved claim amounts. This is key. My plan was to get the warranty and upon my first claim if they played any games with me I would just cancel it right away. Turns out my first claim of $1400 was approved in about 5 minutes which gave me confidence that they weren't shady.
At the end of the day warranties are a simple gamble on predicted repair costs outweighing the warranty costs. In addition you're making a gamble on the legitimacy of the warranty company honoring a valid claim with integrity. I can't speak to the first gamble, but I can tell you from my experience that Carchex has honored my claims (which have been substantial) with integrity so far.
Hope this helps.
04-26-15, 09:34 PM
#32
Lexus Test Driver
Since I started this thread I went on to purchase a Carchex warranty. Thus far I have successfully been approved for several claims totaling over $8000 for repair work done at a Lexus dealership. Those repairs included front wheel hub bearing replacement, both rear air strut replacement, and power steering rack replacement. I'm in the process of filing a claim for a new front passenger side caliper which should run a few hundred dollars.
For me the Carchex warranty has been more than worth it. It has saved my bacon. That said, this doesn't mean your car will need the same repairs as mine so proceed at your own risk. What I can tell you from my experience is that the claim process is pretty easy. Carchex had to send out an inspector before approving the power steering rack repair claim but that's because it was about a $4000 claim. They eventually approved it. This whole process was made much much easier because I brought it to a Lexus dealership who gave me a loaner vehicle so there was little impact to my daily routine.
A lot of people here at CL hold the perspective that 3rd party warranties are a total waste of money. My personal experience leads me to a very different perspective, obviously. One thing I will point out which pushed me over the edge to purchase a Carchex warranty is that they allow you to cancel your policy at any time for a pro-rated refund minus any approved claim amounts. This is key. My plan was to get the warranty and upon my first claim if they played any games with me I would just cancel it right away. Turns out my first claim of $1400 was approved in about 5 minutes which gave me confidence that they weren't shady.
At the end of the day warranties are a simple gamble on predicted repair costs outweighing the warranty costs. In addition you're making a gamble on the legitimacy of the warranty company honoring a valid claim with integrity. I can't speak to the first gamble, but I can tell you from my experience that Carchex has honored my claims (which have been substantial) with integrity so far.
Hope this helps.
For me the Carchex warranty has been more than worth it. It has saved my bacon. That said, this doesn't mean your car will need the same repairs as mine so proceed at your own risk. What I can tell you from my experience is that the claim process is pretty easy. Carchex had to send out an inspector before approving the power steering rack repair claim but that's because it was about a $4000 claim. They eventually approved it. This whole process was made much much easier because I brought it to a Lexus dealership who gave me a loaner vehicle so there was little impact to my daily routine.
A lot of people here at CL hold the perspective that 3rd party warranties are a total waste of money. My personal experience leads me to a very different perspective, obviously. One thing I will point out which pushed me over the edge to purchase a Carchex warranty is that they allow you to cancel your policy at any time for a pro-rated refund minus any approved claim amounts. This is key. My plan was to get the warranty and upon my first claim if they played any games with me I would just cancel it right away. Turns out my first claim of $1400 was approved in about 5 minutes which gave me confidence that they weren't shady.
At the end of the day warranties are a simple gamble on predicted repair costs outweighing the warranty costs. In addition you're making a gamble on the legitimacy of the warranty company honoring a valid claim with integrity. I can't speak to the first gamble, but I can tell you from my experience that Carchex has honored my claims (which have been substantial) with integrity so far.
Hope this helps.
Ditto
04-27-15, 12:31 PM
#34
Also if you're a member of your local credit union, you might want to check with them and see what they have available for you. My local one for example has a 36/40k Gold warranty (covers pretty much everything) with a $100 deductible for 1100 bucks for a '08 460 L with 78k miles. Your Credit Union might even be cheaper.. some cars have plans that are under 900 bucks for the Gold plan.
04-27-15, 12:45 PM
#35
Lexus Test Driver
Also if you're a member of your local credit union, you might want to check with them and see what they have available for you. My local one for example has a 36/40k Gold warranty (covers pretty much everything) with a $100 deductible for 1100 bucks for a '08 460 L with 78k miles. Your Credit Union might even be cheaper.. some cars have plans that are under 900 bucks for the Gold plan.
If not, would you happen to know the name of the warranty?
I had posted this before, but for a bit more money, Lexus offered me (2007 460L w/ 66,500):
2/24: $2499
3/36: $2530
4/50: $2899
As I stated, a bit more than $1100, but if one is considering a warranty, this wouldn't be a bad route to take, as it is a Lexus backed warranty.
04-27-15, 01:25 PM
#36
Would it happen to be a Route 66 warranty?
If not, would you happen to know the name of the warranty?
I had posted this before, but for a bit more money, Lexus offered me (2007 460L w/ 66,500):
2/24: $2499
3/36: $2530
4/50: $2899
As I stated, a bit more than $1100, but if one is considering a warranty, this wouldn't be a bad route to take, as it is a Lexus backed warranty.
If not, would you happen to know the name of the warranty?
I had posted this before, but for a bit more money, Lexus offered me (2007 460L w/ 66,500):
2/24: $2499
3/36: $2530
4/50: $2899
As I stated, a bit more than $1100, but if one is considering a warranty, this wouldn't be a bad route to take, as it is a Lexus backed warranty.
Here's a brochure that explains everything and the different types of coverages. It's a PDF file.
04-27-15, 01:32 PM
#37
Lexus Test Driver
Don't think it's Route 66. CUNA Mutual I believe...
Here's a brochure that explains everything and the different types of coverages. It's a PDF file.
Here's a brochure that explains everything and the different types of coverages. It's a PDF file.
I've been thinking about whether or not to purchase a warranty for this car, and was told I should make a decision before it hits 70k or else the price increases (via Lexus warranty sales rep).
That's a great price!
04-28-15, 07:17 PM
#39
Thanks for the tip. My credit union only wants $1000 for a 3yr/36k. Covers control arms!
Also if you're a member of your local credit union, you might want to check with them and see what they have available for you. My local one for example has a 36/40k Gold warranty (covers pretty much everything) with a $100 deductible for 1100 bucks for a '08 460 L with 78k miles. Your Credit Union might even be cheaper.. some cars have plans that are under 900 bucks for the Gold plan.
04-28-15, 08:45 PM
#40
Pit Crew
Thread Starter
For those shopping for a warranty, make sure you undwrstand the difference between an inclusionary warranty and an exclusionary warranty. Inclusionary warranties list all of the components "included" in the warranty coverage. If its not on the list of inclusions then its not covered. An exclusionary warranty is the opposite where the warranty covers everything minus components listed as "exclusions". Exclusionary policies are preferrable because you don't have to worry about whether a needed repair is on the list of inclusions and is worded properly. I have the Titanium Plan from Carchex which is exclusionary. Their other plans are inclusionary.
04-29-15, 06:17 PM
#41
04-29-15, 06:34 PM
#42
I have tried Route 66 and they are great company, only issue is that they don't cover air suspension and you have to buy extended electronics package to get the NAV and sound system and other gadgets covered
08-10-15, 12:09 PM
#43
Driver School Candidate
Has anyone else had experience with Toyota dealers accepting Carchex? I called two of my local Toyota dealers and they both seemed to be dazed/confused and ultimately said they didnt take it. I even mentioned two of Carchex's underwriters (Royal Adminstrators, Assurant) but still no recognition.
08-10-15, 01:30 PM
#44
Has anyone else had experience with Toyota dealers accepting Carchex? I called two of my local Toyota dealers and they both seemed to be dazed/confused and ultimately said they didnt take it. I even mentioned two of Carchex's underwriters (Royal Adminstrators, Assurant) but still no recognition.
