Non Lexus Extended Warranties-recommendations??
04-22-10, 07:23 PM
#1
Lead Lap
Thread Starter
Non Lexus Extended Warranties-recommendations??
I did a quick search on extended warranties..and I just found information on Lexus Dealer warranties. Is there any experience out there on excellent bumper to bumper type warranties NOT sold at a dealership? Or perhaps through another type of dealer.?
What made me think on this is all the folks that buy SC's from individuals..so.. from what company or dealership would one find an excellent warranty for that peace of mind? Any experience with Warranty Direct?
Katy
What made me think on this is all the folks that buy SC's from individuals..so.. from what company or dealership would one find an excellent warranty for that peace of mind? Any experience with Warranty Direct?
Katy
04-22-10, 10:25 PM
#2
If you belong to a credit union, you might be able to get a fair deal on a warranty through them. I bought one from my credit union for my 2004 Corvette (haven't had to use it yet), and we'll probably get one for my fiance's 2005 SC we just bought. Here's the link through my credit union: http://www.schoolsfirstfcu.org/otherinsurance/mrc.asp
It's offered through Cuna Mutual- according to their info, you can take your car wherever you want, and the bill is sent directly to the insurance company. One caveat is that the your mechanic might charge more for labor than the maximum that Cuna Mutual covers, in which case you might be responsible for the difference. One other caveat is that there is some funky wording regarding coverage of convertible tops- depending on how it is interpreted, the folding hard top might not be covered.
Again, I haven't used this warranty, but on the surface it seems less deceptive/shady (and cheaper) than a lot of the other aftermarket warranties I've seen.
It's offered through Cuna Mutual- according to their info, you can take your car wherever you want, and the bill is sent directly to the insurance company. One caveat is that the your mechanic might charge more for labor than the maximum that Cuna Mutual covers, in which case you might be responsible for the difference. One other caveat is that there is some funky wording regarding coverage of convertible tops- depending on how it is interpreted, the folding hard top might not be covered.
Again, I haven't used this warranty, but on the surface it seems less deceptive/shady (and cheaper) than a lot of the other aftermarket warranties I've seen.
04-23-10, 06:13 AM
#4
Moderator
Based on my research and analysis of the costs and risks, my advise is to skip "extended warranties." More often than not you will save money. After all, the warranty companies take in more in premiums than they pay out in repairs. If your SC were prone to break downs, you might (but still should not) want to gamble on this, but the SC history suggests that repairs few and far between. Don't be scared by the "possible" high cost of a "potentially expensive" repair situation.
04-23-10, 06:22 AM
#5
Great warranty for cheap!
I do have the CUNA WARRANTY from Schools First. It is a credit union for teachers. Hopefully other credit unions will carry the same warranty for a similar price.
I bought my 02 SC 430 with 24K miles in June 08. Afew days later I took out the CUNA warranty with ZERO deductable for 7 years (2015) or 75K miles (99K miles) for $1230. It now has 29K miles so the warranty will last until 2015. So far they have replaced the ML stereo system, 1 front speaker, trans pan seal, rear seal, and one other part that slips my mind at the moment. They have paid over $2000 in less than 2 years. My local dealer has never had a problem with the coverage or getting paid.
I have the platinum coverage that covers nearly everything. They have a short list of what they don't cover (maintenance items) and everything not on the list IS covered. That is stated in the warranty. That includes all electrical components of the roof. This particular policy covers ALL electronics, including the NAV, door motors, etc.
I am VERY impressed with this warranty. It also covers car rental if the car has to be in over night. Never had to use that because my dealer always gives me a new lexus to use. GL, hope you have the same type of experience that I have had.
I bought my 02 SC 430 with 24K miles in June 08. Afew days later I took out the CUNA warranty with ZERO deductable for 7 years (2015) or 75K miles (99K miles) for $1230. It now has 29K miles so the warranty will last until 2015. So far they have replaced the ML stereo system, 1 front speaker, trans pan seal, rear seal, and one other part that slips my mind at the moment. They have paid over $2000 in less than 2 years. My local dealer has never had a problem with the coverage or getting paid.
I have the platinum coverage that covers nearly everything. They have a short list of what they don't cover (maintenance items) and everything not on the list IS covered. That is stated in the warranty. That includes all electrical components of the roof. This particular policy covers ALL electronics, including the NAV, door motors, etc.
I am VERY impressed with this warranty. It also covers car rental if the car has to be in over night. Never had to use that because my dealer always gives me a new lexus to use. GL, hope you have the same type of experience that I have had.
04-23-10, 07:03 AM
#6
I do have the CUNA WARRANTY from Schools First. It is a credit union for teachers. Hopefully other credit unions will carry the same warranty for a similar price.
I bought my 02 SC 430 with 24K miles in June 08. Afew days later I took out the CUNA warranty with ZERO deductable for 7 years (2015) or 75K miles (99K miles) for $1230. It now has 29K miles so the warranty will last until 2015. So far they have replaced the ML stereo system, 1 front speaker, trans pan seal, rear seal, and one other part that slips my mind at the moment. They have paid over $2000 in less than 2 years. My local dealer has never had a problem with the coverage or getting paid.
I have the platinum coverage that covers nearly everything. They have a short list of what they don't cover (maintenance items) and everything not on the list IS covered. That is stated in the warranty. That includes all electrical components of the roof. This particular policy covers ALL electronics, including the NAV, door motors, etc.
I am VERY impressed with this warranty. It also covers car rental if the car has to be in over night. Never had to use that because my dealer always gives me a new lexus to use. GL, hope you have the same type of experience that I have had.
I bought my 02 SC 430 with 24K miles in June 08. Afew days later I took out the CUNA warranty with ZERO deductable for 7 years (2015) or 75K miles (99K miles) for $1230. It now has 29K miles so the warranty will last until 2015. So far they have replaced the ML stereo system, 1 front speaker, trans pan seal, rear seal, and one other part that slips my mind at the moment. They have paid over $2000 in less than 2 years. My local dealer has never had a problem with the coverage or getting paid.
I have the platinum coverage that covers nearly everything. They have a short list of what they don't cover (maintenance items) and everything not on the list IS covered. That is stated in the warranty. That includes all electrical components of the roof. This particular policy covers ALL electronics, including the NAV, door motors, etc.
I am VERY impressed with this warranty. It also covers car rental if the car has to be in over night. Never had to use that because my dealer always gives me a new lexus to use. GL, hope you have the same type of experience that I have had.
I also bought the platinum one, and that is reassuring to know that they will work with the dealer. One thing I am a bit wary about is using the warranty too much... There is a clause in the warranty that states something like you or Cuna can cancel it at any time. But it sounds like you've used it a fair amount and not had it cancelled, so that is reassuring.
Regarding what tfischer said, s/he might be right. But if you can get a warranty for $1500 or so, that is a small enough amount of money to where it probably wont hurt your wallet too much, and it will give you peace of mind while you have the car. Even though it's a Lexus, stuff does break, and it's nice to know you're covered if it does. It seems to have been a good investment for Solman.
04-23-10, 08:03 AM
#7
Moderator
I certainly don't want to start up a discussion that is already well documented, because you can find several discussions of these warranties on many parts of this forum, but in making this decision, you should consider this. Some people like to pay for the "peace of mind" that comes from pre-paying for repair work; others do not. My only suggestion here is that you don't consider this a warranty, because it's really not, but a service contract. You are paying in advance for service work, whether you need it or not.
In this case, you will need to incur $1,500.00 in repairs before you just break even. Not paying $1,500.00 during this period is even easier on the wallet than prepaying anything for unneeded repairs. Neither my experience nor yours offers sufficient data upon which to generalize, but the companies absolutely know that they are charging you more than the average cost of repairs for that car for that period of coverage. Thus, buying an extended warranty is betting against the house; you might do well, and there are many reports of such (well publicized by the companies), but the great majority of purchasers do not have claims that exceed the premium. If you feel the risk of a giant repair bill and its consequences to your budget exceeds the value of the premium (which equals what many buyers call peace of mind), then this is the product for you.
For more information and a full discussion with excellent opinions on both sides of this question, just "search this forum."
In this case, you will need to incur $1,500.00 in repairs before you just break even. Not paying $1,500.00 during this period is even easier on the wallet than prepaying anything for unneeded repairs. Neither my experience nor yours offers sufficient data upon which to generalize, but the companies absolutely know that they are charging you more than the average cost of repairs for that car for that period of coverage. Thus, buying an extended warranty is betting against the house; you might do well, and there are many reports of such (well publicized by the companies), but the great majority of purchasers do not have claims that exceed the premium. If you feel the risk of a giant repair bill and its consequences to your budget exceeds the value of the premium (which equals what many buyers call peace of mind), then this is the product for you.
For more information and a full discussion with excellent opinions on both sides of this question, just "search this forum."
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04-23-10, 09:19 AM
#8
Knowing when to assume the risk
In my case, my risk averages $171/Year. I would have been a fool not to take it. In the first two out of seven years, I am ahead by over $800. Now, if the cost of the policy was $4000 like some warranties were that I checked into, I would have assumed the risk. A small part of my decision was based on being a very happy customer of my Credit Union and listening when they said that they have had NO complaints about this warranty. I'm pretty sure that if the warranty generated enough complaints that they would drop their warranty rather than to lose customers, since most of their money is made on the financial part end.
I know that these warranty companies rely on receiving more in premiums than they pay out in repairs. That said, I know I have been on the losing end on enough warranties. My Accord EX on which I never had to use the extended warranty, as just one example. Either way, I am already ahead on my SC-I am glad I assumed the risk on this one. I'll get back to you in 2015!
I know that these warranty companies rely on receiving more in premiums than they pay out in repairs. That said, I know I have been on the losing end on enough warranties. My Accord EX on which I never had to use the extended warranty, as just one example. Either way, I am already ahead on my SC-I am glad I assumed the risk on this one. I'll get back to you in 2015!
04-24-10, 06:01 AM
#11
Lead Lap
Thread Starter
Can anyone get the CUNA warranty? Or just teachers?
My credit union does not have a warranty program..so I may have to look at Warranty Direct or a company like that.
Katy
My credit union does not have a warranty program..so I may have to look at Warranty Direct or a company like that.
Katy
04-24-10, 06:13 AM
#12
This would be the start of a google search.
http://www.google.com/search?hl=en&q...=&oq=&gs_rfai=
It also depends what your background is. Schools first is for teachers ONLY, but I would think there would be other credit unions that also carry CUNA. GL
http://www.google.com/search?hl=en&q...=&oq=&gs_rfai=
It also depends what your background is. Schools first is for teachers ONLY, but I would think there would be other credit unions that also carry CUNA. GL
04-24-10, 08:24 AM
#13
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my credit union community first credit union florida has it as well. so there is various ones around the country. I like the brochure which says it DOES cover high end electrical stuff that our cars have. the funny thing is my cousins 2007 bmw x3 with 35k miles is $6300 for 60/60 platinum coverage. thats $5000 more! than a ls460 warranty
04-24-10, 08:37 AM
#14
Katy-i'm confused...isn't JADE a CPO? Are you just looking long term, or for Bob's?
Tfischer-good points about pre-paying for service work, and I understand. I have always passed on all extended warranties for TV's, refers, etc until really I bought my first home and had a VERY costly mistake not buying a $500/year warranty that would have covered a $8,000 air conditioner unit.
Second lesson learned: Buying one of my five Mazda RX-7's with only 45k miles on it and later having to replace the rotary engine of $5k.
Since then I have enjoyed several branded extended warranties (1995 SC400 cost me like $1500 and it more than paid for itself...cd changer, power window regulator, a/c dryer and power antenna all went out...$3k in repairs easily) and on both of my SC's.
I just think with all the moving parts, options and features on our SC's that an extended warranty is good insurance for a rainy day. You may never use it, but it's a gamble. I think if we were talking about an ES, base RX, LS, GS or IS I would pass on it. A SC, LX or GX I would get one. IS-F for sure! Just my two cents.
For the record though, I think MOSTLY extended warranties are a waste of money except for on certain things. My CPO cost I paid on my 2005 with 36k miles has already MORE than paid for itself. I was contemplating buying it non-cpo and taking the savings but man I am glad I didn't! $4500 in repairs already. Heading back to the dealer for more...stay tuned.
Tfischer-good points about pre-paying for service work, and I understand. I have always passed on all extended warranties for TV's, refers, etc until really I bought my first home and had a VERY costly mistake not buying a $500/year warranty that would have covered a $8,000 air conditioner unit.
Second lesson learned: Buying one of my five Mazda RX-7's with only 45k miles on it and later having to replace the rotary engine of $5k.
Since then I have enjoyed several branded extended warranties (1995 SC400 cost me like $1500 and it more than paid for itself...cd changer, power window regulator, a/c dryer and power antenna all went out...$3k in repairs easily) and on both of my SC's.
I just think with all the moving parts, options and features on our SC's that an extended warranty is good insurance for a rainy day. You may never use it, but it's a gamble. I think if we were talking about an ES, base RX, LS, GS or IS I would pass on it. A SC, LX or GX I would get one. IS-F for sure! Just my two cents.
For the record though, I think MOSTLY extended warranties are a waste of money except for on certain things. My CPO cost I paid on my 2005 with 36k miles has already MORE than paid for itself. I was contemplating buying it non-cpo and taking the savings but man I am glad I didn't! $4500 in repairs already. Heading back to the dealer for more...stay tuned.
04-24-10, 09:15 AM
#15
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normally i say no to warranty too, but in these high tech cars. one problem can ruin you.
in my sc430 i know it has a chk engine light, ml sub blew, tpms problems, and now the top is inop but its a 2002 with 152k. so the ck engine and tpms i disregard, the sub i replaced aftermarket, but the top is scary so its a coupe for now.
here are the exact brochure words that make this warranty tempting.... navi, laser cruise, keyless entry, heated seats, dashboard, stereo speakers, tpms, and blend door motors. all are likely to have problems in 100k miles... even in a ls460.
Platinum-Plan-Only Coverage (factory installed):
High Technology:• GPS/navigation system and antenna assembly, cruise control actuator and module, electronic instrument panel control module, electronic stability control system, electronic traction control system, automatic leveling system, rollover protection system, heated seat element and cooling seat components, all gauges, sensors, and relays.
Entertainment: • Radio and speakers, compact disc player/changer, telephone pre-wire/Bluetooth connectivity, graphic equalizer, antenna assembly, DVD player and monitor, satellite radio.
Safety and Security:• Remote keyless entry transmitter and receiver module, theft alarm system, night vision system, heads up display, tire pressure monitoring system, tailgate and hatchback actuators, OnStar system.
Convenience:• Trip/mileage computer, mechanical or electrical trunk and gas cover releases, wiper motor transmission, headlight wiper motor transmission, buzzer/chime (headlamps on, key in ignition), auxiliary power point, illuminated vanity mirrors, glove box lamp (excluding bulb), illuminated entry lamp (excluding bulb), trunk lamp (excluding bulb), volt/amp gauge, compass, clock, cigarette lighter, memory seat system.
Other Parts:• Rear suspension and steering components, blend door motors, blower motor resistor (regulates fan speed), door hinges, weather strips, outside mirror remote adjustors, mechanical seat adjustment, rear hatch or hood struts.
And More: ALL items are covered except those listed in the Agreement/Policy under “What this Agreement/Policy Does Not Cover.”
in my sc430 i know it has a chk engine light, ml sub blew, tpms problems, and now the top is inop but its a 2002 with 152k. so the ck engine and tpms i disregard, the sub i replaced aftermarket, but the top is scary so its a coupe for now.
here are the exact brochure words that make this warranty tempting.... navi, laser cruise, keyless entry, heated seats, dashboard, stereo speakers, tpms, and blend door motors. all are likely to have problems in 100k miles... even in a ls460.
Platinum-Plan-Only Coverage (factory installed):
High Technology:• GPS/navigation system and antenna assembly, cruise control actuator and module, electronic instrument panel control module, electronic stability control system, electronic traction control system, automatic leveling system, rollover protection system, heated seat element and cooling seat components, all gauges, sensors, and relays.
Entertainment: • Radio and speakers, compact disc player/changer, telephone pre-wire/Bluetooth connectivity, graphic equalizer, antenna assembly, DVD player and monitor, satellite radio.
Safety and Security:• Remote keyless entry transmitter and receiver module, theft alarm system, night vision system, heads up display, tire pressure monitoring system, tailgate and hatchback actuators, OnStar system.
Convenience:• Trip/mileage computer, mechanical or electrical trunk and gas cover releases, wiper motor transmission, headlight wiper motor transmission, buzzer/chime (headlamps on, key in ignition), auxiliary power point, illuminated vanity mirrors, glove box lamp (excluding bulb), illuminated entry lamp (excluding bulb), trunk lamp (excluding bulb), volt/amp gauge, compass, clock, cigarette lighter, memory seat system.
Other Parts:• Rear suspension and steering components, blend door motors, blower motor resistor (regulates fan speed), door hinges, weather strips, outside mirror remote adjustors, mechanical seat adjustment, rear hatch or hood struts.
And More: ALL items are covered except those listed in the Agreement/Policy under “What this Agreement/Policy Does Not Cover.”