Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not this particular one, but with extended warranties in general. 90% of people who get them are better off without them. Have you read all the fine print carefully? You may be surprised what is not covered,the conditions and requriements for reimbursement, and in some cases the portion that you have to pay.
Not this particular one, but with extended warranties in general. 90% of people who get them are better off without them. Have you read all the fine print carefully? You may be surprised what is not covered,the conditions and requriements for reimbursement, and in some cases the portion that you have to pay.
I have 30 days to cancel for a full refund. I'm reading the fine print now and seems like it doesn't cover MOST of the car!
Ah Ha. They are exposed. Many of them are nothing but drive train warranties that cover the engine, transmission and maybe the rear axel/differential. However even those have all kinds of exclusions, limitations, copays, etc. Then many have limitations on where you cna take your car for repairs, and/or on how much they will pay for the repairs. Many pay only some sort of "reasonable market value" for service work, which usually works out to abotu half of the actual cost of the work.
If you read consumer guide type magazines, they donto reccomend these warranties. Thy also say taht extended warranties on electronics is one of the worst buys out there.
There is a reason that salesperson push these extended warranties so hard. There is a lot of profit in them and some of it gets shared with the vendor.
Generally the only warranty worth its salt are the ones from the manufacturer. Outside of that some dealerships offer warranties on their cars that are managed through that dealership. These are generally limited as well, but can be bought up to more extensive coverage. Then you get into true third party warranties and those are an avoid at all costs kind of thing.
Overall, the only one I would actually pay money for are the manufacturer ones. Outside of that if the dealer wants to give me a warranty, then I would take it, but I would never pay for a dealer based or third party warranty.
Generally the only warranty worth its salt are the ones from the manufacturer. Outside of that some dealerships offer warranties on their cars that are managed through that dealership. These are generally limited as well, but can be bought up to more extensive coverage. Then you get into true third party warranties and those are an avoid at all costs kind of thing.
Overall, the only one I would actually pay money for are the manufacturer ones. Outside of that if the dealer wants to give me a warranty, then I would take it, but I would never pay for a dealer based or third party warranty.
Seems like you hit the nail on the head. I'm going to cancel the Olympiacare and probably get HondaCare which is better coverage at about a 3rd of the cost!
i was at a dealership the other day working with the manager, and was explained that the manufacturer warranties cover defects, and nothing else. They explained everything to me, and even said that they specifically do NOT sell extended warranties because they only extend the defect only coverage. Vehicle service contracts, the ones you SHOULD buy, actually cover the vehicle!!! It covers wear and tear, which is what actually makes things break and causes need for repairs. This explaination helped me a lot. I definitely asked for a discount on the warranty, but i did get one. I think i just trusted the person I was working with, they seemed honest and straighforward and i never really got that before when i bought cars. Anyway make sure you know the difference between extended warranties and service contracts. Even Dave Ramsey says to get service contracts!! I'm a believer! Haha!
Look, just read about the extended contract before buying versus blindly taking bad advice from people making blanket and uneducated claims. I got an Olympicare contract on my last new car and what sold me is that it's not vague like others, i.e. it lists exactly what is NOT covered...mostly regular maintenance stuff we pay for regardless like tires, brake pads, belts and hoses, etc...so basically if you don't see that specific part on that short list of (+/-30) items, then the part and labor is covered. BTW, there are like 5,000 parts in a car so it's covering 99.4% of the car. It also covers "wear and tear" up to manufacturer's spec...so if you're steering wheel has too much play and the part has not failed but is not up to manufacturer's spec, then they replace it...I know from experience with this one. Other contracts only cover parts that have completely failed, and who the hell wants to drive a car to the point that it won't steer?!? Just read the contract and get advice from people that actually have experience with these groups...a contract that is clear and pays is definitely worth $20 per month versus the $1,500 surprise hicky I almost had to eat.
I operate at at repair facility that accepts olympicare warranties. i love it when a customer has this warranty. they pay the repair no matter what they pay fair labor and list prices and not only that they pay for factory parts. a lot of these companies make you use aftermarket parts which in a lot of cases is temporary junk. imo olympicare is the best aftermarket type warranty on the market today. and yes hondacare is a superior warranty. but i don't see it costing any less let alone 1/3 of an olympicare. ( i work at a honda dlr)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Extended Warranties vs. Vehicle Service Contracts
