Extended Warranty

[feb]

My truck is out of warranty and I was thinking about an extended warranty. Being it is out of warranty ( only by 1 month) it will have to be treated like a used vechile. a 3yr/36,000 warrenty with no deductible will cost $1,699. My bad for not getting it sooner but that is the way it goes. I had some repairs on my steering just before it went out of warranty and the cost on that would have been $1,400.00. I do not abuse my truck and I think I will keep it another 3yrs. I have to look to see what it covers but what do you guys think?

feb

[Whoaru99]

Do not EVER forget that extended warranties are sold to make money for the people selling them. So, odds are that you will pay more for the warranty than you will collect.

Only you can make the decision of whether or not it's worth it. For every person that comes on here and says it was a good thing for them, there is at least one other (and probably several) people who did not benefit.

I can ASSURE you someone has very carefully weighed the odds and the costs and the results are not in the purchasers favor.

All the more I can say is get the full copy of the coverage and read every detail and have someone explain anything you don't understand or that seems like a gray area. If the explaination you get differs considerably from your gut feeling or understanding, get it in writing or ask for clarification.

[wrparks]

One additional thing. Don't ever buy the extended warranty sold by a 3rd party such as the dealership itself or the one you probably got an offer for in the mail right before the manufacturers warranty expired. If you buy one, always buy from the manufacturer. There have been quite a few people to buy them from 3rd parites, then when they need them find out the company was bankrupt and would not pay a dime. At least with the manufacturer, you stand a good chance of the company being there. Though the situation with domestic makers is kinda harsh right now, I don't think they will go completely under.

Personally, I don't like them, but it is a choice you have to make.

[kenwood guy]

If its not factory its not right only get it if it mirrors the factory warrenty!!!!!

[feb]

I got a copy of what it covers. engine, turbochargers, transmission, transfer case, drive axle, steering, brakes(not pads),a/c, electrical, fuel delivery, front & rear suspension, cooling and enhanced electrical. no wear & tear exclusion.

feb

[Whoaru99]

Originally Posted by feb

I got a copy of what it covers. engine, turbochargers, transmission, transfer case, drive axle, steering, brakes(not pads),a/c, electrical, fuel delivery, front & rear suspension, cooling and enhanced electrical. no wear & tear exclusion.

feb

Be wary of the no wear and tear exclusion although it's a pretty normal clause. The problem is THEY determine what is wear and tear, not you....

That probably means no seals (eg. leaks) covered and repairs that might be attributed to "normal wear" will not be covered (eg. ball joints, tierod ends, u-joints, etc.).

Often, if you read closely, there are more details to the exclusions. For instance, on the engine, perhaps the coverage is only oil-wetted parts. That means crank, block, rods, pistons, etc. - the stuff that usually does not break. Starters, alternators, fuel injection stuff, etc. is typically not covered as those are usually wear and tear items. So what if the turbo is covered - your vehicle does not have one, does it?

As I said before, if the company who issues the warranty was at big risk to loose money (in other words cover lots of high risk stuff) they would not be selling the warranty, or the price is set to cover the risk and still make money on average.

Maybe a simple way to sum it up is to say the company would not be offering the warranty if they thought they would be paying out more than they are collecting. You make your own assumptions from there...

[kenwood guy]

Also look into what replacement parts are used factory or aftermarket and where the repairs are done at, if the warrenty company only wants to use aftermarket stuff and you truck is at the dealer which only has there own factory parts, expect proplems. The dealer will charge markup price on Pep boy stuff because they have to go out of the way to get them and do you think the warrenty company is willing to pay extra for you????......Hell NO!!!

[feb]

After my wife and I talked about it last night, I desided not to get the extended warranty. There were too many grey areas. I have never had an extended warranty before - - I take that back. I had one with toyota and when I had something under that warranty to be fixed, the service writer wrote it up wrong (so said) and the warranty repair was declined. It ended costing me $250.00. You guys are right. Check the warranty carefully before buying. Thanks alot guys.


feb

[dr_of_lovephd]

Originally Posted by Whoaru99

Do not EVER forget that extended warranties are sold to make money for the people selling them. So, odds are that you will pay more for the warranty than you will collect.


I can ASSURE you someone has very carefully weighed the odds and the costs and the results are not in the purchasers favor.

I agree that they plan on making money on the warrenty. But keep in mind, it cost GM a lot less to fix the truck than it will cost you. I mean if you end up needing a new head gasket, it will cost a lot, but it will only cost them $5 bucks to make it.

Also, if it really has only been a month, I would go and talk to the dealer and see what they can do. I have heard of them puting people on the extended warrenty, even after the original warrenty expired.

[feb]

It might cost them $5 to make but they also have to pay the mechanic to do the job. I don't know about other places but at the dealership here, the mechanics are paid for the work they do, not by the hour. In other words, if they have no work in their bay, they are not being paid. If the book says it takes 1 hour to do a job and it takes them 2 hours, they work 1 hour for free. The price I was quoted on the warranty was from gm. Being as I was out of factory warranty, they were treating it like is was a used truck.

feb

[silverado122775]

Buying Extended Warrenties is like playing the lotto. You may have a truck that never breaks down. well, then you spent a lot of money on something you did not need. But, then again you may have a truck that breaks down all the time, in that case the "Right" Extended warrenty will save you thousands.
It just depends on your vehicle and how often it is in the shop.
My Truck has 150K miles on it and I have been lucky enough to have a truck that did not need to visit the dealership alot. I think it has been in the shop for repairs..........once? and that was because Walmart can not balance tires correctly.

[feb]

Aside from the steering, my truck has been in the shop to change the cover on the brake fluid reservoir and reflash the computer. That's it. I guess I am a little paranoid since they had to change the steering gears and steering column just before my warranty ran out. The service writer can make a good case why you need the extended warranty as well as the guy in the front office selling it. Like I said before, I haven't taken out extended warranties except for once and got burned on that so I think I will save my $1,700 and take my chances. If it starts giving me any trouble, I will trade it in. I just got to thinking, I also had a problem where when I was at a dead stop and gave it gas to take off, once or twice, the engine would rev up but I wouldn't go anywhere. All they did was reflash the computer.

feb

[silverado122775]

I think that is where the tranny is stuck in netural then shifts down. My truck has done that a couple of times too.. I never really worried about it.

[kenwood guy]

Dont forget that we drive chevy trucks!!!! there built to last, I sure wish I could take back my warrenty I did enough research to know that the odds of me getting a generally well made long lasting truck and not a lemon were in my favor I guess I was cought up in the moment..... damm you finance guy!!!!!! there the ones that issue that crappy stuff right????? I know mines did, at the very least Im glad I learned from the experence too bad I had to learn through my pocket!!!!!!

[wrparks]

Originally Posted by silverado122775

I think that is where the tranny is stuck in netural then shifts down. My truck has done that a couple of times too.. I never really worried about it.

Yea, I think so. There has been another thread on that one earlier. I got mine flashed about 2 to 3 months ago and I hasn't done it since, but it only did it 3 to 4 times a year anyway, so who knows if it's fixed. I only got it flashed b/c it was still under warranty and was free.