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Extended Warranty Coverage Yay or Nay
Don’t do it. It’s pure profit for them.
They will fight you tooth and nail before they cover any repairs and many repair shops don’t want to bother with waiting on hold to speak to them.
And you’re probably in for a hassle to get your money back.
$2K buys a lot of repairs after Kia’s excellent warranty is finally over…
They will fight you tooth and nail before they cover any repairs and many repair shops don’t want to bother with waiting on hold to speak to them.
And you’re probably in for a hassle to get your money back.
$2K buys a lot of repairs after Kia’s excellent warranty is finally over…
Replies
I bought the extended warranty on my 2024 LX HEV. Between the turbo and the electric motor, there is so much that can go wrong that I felt the gap-filling coverage would pay for itself if things went wrong, and give me peace of mind if they didn't.
What Steveo said.
At age 75, I have never bought an extended warranty and have never regretted it. Not once have I had a problem with something that I have been offered an extended warranty to cover. Kia warrants the drive train for 10 years or 100,000 miles. Who, besides me, keeps a car for more than 10 years?
My last car was a 2002 Honda and I never had problem one with it. I sold it last year and bought the Kia mainly because I wanted something that sat a little higher and was therefore easier to get in and out of for an old man.
Insurance (which is what you are buying with an "extended warranty") is a rip-off. Always. I never buy insurance for anything unless I cannot afford the loss (such as my house) or as required by law (the car.)
Wayne
At age 75, I have never bought an extended warranty and have never regretted it. Not once have I had a problem with something that I have been offered an extended warranty to cover. Kia warrants the drive train for 10 years or 100,000 miles. Who, besides me, keeps a car for more than 10 years?
My last car was a 2002 Honda and I never had problem one with it. I sold it last year and bought the Kia mainly because I wanted something that sat a little higher and was therefore easier to get in and out of for an old man.
Insurance (which is what you are buying with an "extended warranty") is a rip-off. Always. I never buy insurance for anything unless I cannot afford the loss (such as my house) or as required by law (the car.)
Wayne
I'm only 67 so I'm still wet behind the ears. I wonder at what age you stopped listening, because when I heard about all the exclusions to that 10 year 100,000 warranty and how the extended warranty paid to fill the gaps, it seemed a no brainier. Perhaps you haven't known anybody whose car was repair totaled. Perhaps you've never had an accident in which your insurance company paid your claim and made you whole again after a total loss. Perhaps you wouldn't be so quick to conclude that insurance is always a rip-off if you weren't so cock-sure that your 75 years of experience means that you can stop learning as the world around you moves on.
I have far greater trust in the reliability of the Kia and the integrity of that company than I do in the integrity of any company behind an auto dealer selling “extended warranties.”
But if paying a couple of thousand dollars extra for what are likely empty promises gives you peace of mind, that’s your choice.
But if paying a couple of thousand dollars extra for what are likely empty promises gives you peace of mind, that’s your choice.
It’s your money. Waste it however you would like to, especially if it gives you peace of mind. But extended warranties are a negative crap shoot. Why not take that money to your local casino and try to win enough to actually replace your Sportage!? Probably much better odds…I'm only 67 so I'm still wet behind the ears. I wonder at what age you stopped listening, because when I heard about all the exclusions to that 10 year 100,000 warranty and how the extended warranty paid to fill the gaps, it seemed a no brainier. Perhaps you haven't known anybody whose car was repair totaled. Perhaps you've never had an accident in which your insurance company paid your claim and made you whole again after a total loss. Perhaps you wouldn't be so quick to conclude that insurance is always a rip-off if you weren't so cock-sure that your 75 years of experience means that you can stop learning as the world around you moves on.
Oh, you're right! The odds of having an expensive repair of the second most expensive thing I ever purchased are exactly the same as the odds of winning 35K at a casino. How stupid of me not to see that!
1) Add up all the money you have paid over the years in fees for extended warranties. Add up all the payouts from those extended warranties for repairs/replacements not covered by manufacturers’ warranties.
2) List each of the individual extended warranties where the payout was as more than the fee you paid for the extended warranty.
Report back to us.
Yes, you will find that your chances are much better at a casino. Even the mob pays out 60% on the numbers racket. Real insurance is at least regulated by the states. Extended warranties are a little regulated "service contract." It is a predatory racket.
2) List each of the individual extended warranties where the payout was as more than the fee you paid for the extended warranty.
Report back to us.
Yes, you will find that your chances are much better at a casino. Even the mob pays out 60% on the numbers racket. Real insurance is at least regulated by the states. Extended warranties are a little regulated "service contract." It is a predatory racket.
Rather than speculate on events that you may not live to see tabulated, why don't you provide some evidence to support your conclusions?
I asked you first. You talk as though you routinely buy extended warranties and that doing so gives you "peace of mind." What evidence can you give to support that belief? Anything beyond blind faith in what a car salesman told you?
In all your years of buying extended warranties, cite all the instances where the payout was more than the fee you paid.
I have passed up dozens of offers of extended warranties on a variety of products over a long life. Not once have I had an instance where I could have made a claim had I purchased one. I have saved myself many thousands of dollars.
The closest I came was a new 1980 Subaru. Each and every one had a “rust-proofing” applied when it got off the ship in the port of Baltimore. I had no option. I took the car for all the required inspections, etc. and when it started rusting (very prematurely) coverage was denied. They claimed (falsely) that the rust started from the outside. I don’t remember how much the rustproofing cost, but it was not only a waste, it actually hastened the rust. It was unusable from rust in about 9 years, the shortest period of time I have ever kept a car.
I invite any other readers of this forum to please pipe in with examples of when extended warranties saved them more money than they paid up front for the coverage.
In all your years of buying extended warranties, cite all the instances where the payout was more than the fee you paid.
I have passed up dozens of offers of extended warranties on a variety of products over a long life. Not once have I had an instance where I could have made a claim had I purchased one. I have saved myself many thousands of dollars.
The closest I came was a new 1980 Subaru. Each and every one had a “rust-proofing” applied when it got off the ship in the port of Baltimore. I had no option. I took the car for all the required inspections, etc. and when it started rusting (very prematurely) coverage was denied. They claimed (falsely) that the rust started from the outside. I don’t remember how much the rustproofing cost, but it was not only a waste, it actually hastened the rust. It was unusable from rust in about 9 years, the shortest period of time I have ever kept a car.
I invite any other readers of this forum to please pipe in with examples of when extended warranties saved them more money than they paid up front for the coverage.
"I asked you first' is playground rhetoric. I have stated nothing more than my opinion that an extended warranty on this car is a good idea. You, on the other hand, have offered supposed facts about odds and mob casinos and predatory rackets. Without substantiation, this leaves you in the position of a blowhard and a troll.
If you have such a poor opinion of the Kia and their warranty, perhaps you should have bought something you think more reliable.
My evidence is that I have for all my life declined extended warranties on new cars, appliances, etc., and not once have I had a problem that would have been covered by one. I have never heard of anyone coming out ahead because of buying an extended warranty.
On the other hand, you are either unable or unwilling to cite any examples of when an extended warranty saved you money.
But if handing over an extra couple of thousands of dollars gives you peace of mind, that is your choice. Get back to us in 10 years and let us know how it went.
My evidence is that I have for all my life declined extended warranties on new cars, appliances, etc., and not once have I had a problem that would have been covered by one. I have never heard of anyone coming out ahead because of buying an extended warranty.
On the other hand, you are either unable or unwilling to cite any examples of when an extended warranty saved you money.
But if handing over an extra couple of thousands of dollars gives you peace of mind, that is your choice. Get back to us in 10 years and let us know how it went.
Article from yesterday's Washington Post about Federal Trade Commission reaching an 8-figure settlement with an auto service contract company due to deceptive advertising and false promises to pay for repairs. “Instead of delivering the ‘peace of mind’ promised by its advertisements, CarShield left many consumers with a financial headache,” Samuel Levine, director of the FTC’s Bureau of Consumer Protection, said. Cut from he same cloth as the "extended warranties" car dealers use to boost their profits. The article cites many of the same problems noted in posts to this thread.
Wayne
Wayne
well ummm, kinda back on subject??? I bought an extended warranty once, on a new '06 Tacoma, when I took it in one time for a rattle in the window dealer finally took the door panel off and found the loose fragment AFTER I had a hissy with everyone I could find inside that dealership (now the execs are hidden away in a bunker I think) so if you're willing to go that far then may be worth it for your car, I did love that Tacoma but did not like the rattle.
Details, please.
For finding and fixing the rattle, did the dealer get reimbursement from Toyota on the factory warranty or from the extended warranty company? Was finding the rattle excluded from the factory warranty?
How much did the extended warranty cost?
How much did the repair to the rattle in door cost?
Did having the extended warranty save you more money on the repair than what you paid for the extended warranty?
Wayne
For finding and fixing the rattle, did the dealer get reimbursement from Toyota on the factory warranty or from the extended warranty company? Was finding the rattle excluded from the factory warranty?
How much did the extended warranty cost?
How much did the repair to the rattle in door cost?
Did having the extended warranty save you more money on the repair than what you paid for the extended warranty?
Wayne
questions questions 1-not sure didn't work there 2-not sure not a warranty expert or about to read all that 3-$1000 4-0 5-ha ha ha ha haDetails, please.
For finding and fixing the rattle, did the dealer get reimbursement from Toyota on the factory warranty or from the extended warranty company? Was finding the rattle excluded from the factory warranty?
How much did the extended warranty cost?
How much did the repair to the rattle in door cost?
Did having the extended warranty save you more money on the repair than what you paid for the extended warranty?
Wayne
Let me see if I have this straight:
1) You paid about $1,000 for an extended warranty on an ‘06 Tacoma,
2) You cannot say how much the dealer charged someone to fix a rattle in a door.
3) You do not know whether the manufacturer’s warranty or the extended warranty paid for fixing the rattle in a door, or for that matter whether the dealer fixed it at his own cost to get you off his back.
Are you claiming that this is evidence that an extended warranty saved you money?
Note: Removing and replacing a door panel is a simple job that would take less than an hour’s labor. In 2006, that was surely no more than $100 (and probably less) per hour.
Wayne
1) You paid about $1,000 for an extended warranty on an ‘06 Tacoma,
2) You cannot say how much the dealer charged someone to fix a rattle in a door.
3) You do not know whether the manufacturer’s warranty or the extended warranty paid for fixing the rattle in a door, or for that matter whether the dealer fixed it at his own cost to get you off his back.
Are you claiming that this is evidence that an extended warranty saved you money?
Note: Removing and replacing a door panel is a simple job that would take less than an hour’s labor. In 2006, that was surely no more than $100 (and probably less) per hour.
Wayne
didn't claim that... maybe re-read the post???Let me see if I have this straight:
1) You paid about $1,000 for an extended warranty on an ‘06 Tacoma,
2) You cannot say how much the dealer charged someone to fix a rattle in a door.
3) You do not know whether the manufacturer’s warranty or the extended warranty paid for fixing the rattle in a door, or for that matter whether the dealer fixed it at his own cost to get you off his back.
Are you claiming that this is evidence that an extended warranty saved you money?
Note: Removing and replacing a door panel is a simple job that would take less than an hour’s labor. In 2006, that was surely no more than $100 (and probably less) per hour.
Wayne
Maybe point out which parts I have wrong.
Are you claiming that having an extended warranty saved you more money on fixing the rattle than what you paid for the warranty? If so, provide details to back up your claim.
Are you claiming that having an extended warranty saved you more money on fixing the rattle than what you paid for the warranty? If so, provide details to back up your claim.
I think extended warranties are probably more important now than they used to be years ago. There was a time when you could keep the most expensive Mercedes-Benz for decades without having expensive repairs and maintenance. Nowadays, there are creature comforts that cost a ton of money to repair after a factory warranty expires. Think lane keeping assist, rear/side traffic alert, 360 degree cameras, navigation, bluetooth and all that goes with it, intelligent cruise control, etc, etc, etc. Even headlights are becoming very expensive to repair and/or replace.
It's not like it was during the 60s, 70s, 80s, 90s, etc. There's a computer for everything and technology is everywhere. If you're planning on keeping a vehicle for a long time - and it has high tech features - and those features are one of the reasons you purchased the vehicle - an extended warranty doesn't seem unreasonable to me.
It's not like it was during the 60s, 70s, 80s, 90s, etc. There's a computer for everything and technology is everywhere. If you're planning on keeping a vehicle for a long time - and it has high tech features - and those features are one of the reasons you purchased the vehicle - an extended warranty doesn't seem unreasonable to me.
I am still waiting for one of the thousands of readers of this forum to offer a testimonial that an extended warranty saved them more money in repairs than what they paid out up-front for the warranty. The silence speaks volumes.