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Question DetailsAsked on 1/13/2018

Has anyone found a good car service warranty contract

Im purchasing a used car with 95k on it and all the service contracts I've looked into have horrible reviews.

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3 Answers

0
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Yeah - horrible reviews and terrible complaint histories seem to be the norm for after-market warranty companies regrdless of what they are covering.


Not that I have heard of or checked into - basically it seems, like home warranties, that they make their money by denying legitimate claims or making it so hard to get the money for a repair that the policy holders jusat give up in disgust.


The only exception I have found - original equimnet manufacturer (the makerof YOUR car only) extended warranties, which generally have to be bought before or very soon after the OEM warranty expires, and commonly extend either the usual warranty (like 7/70 warranty for instance) or extend only the major drive train warranty part up to maybe around 100,000-120,000 miles or 5 years, whichever is less. Sometimes also available for $1500-3000 when you buy a new car as a lifetime extension of the original warranty, usually transferrable to one follow-on owner - those can be a REAL bargain.


Our family has bought extended OEM warranties - our recently expired on (5 years additional bumper-to-bumper warranty with towing and rental car during repairs coverage, for $3000 paid over the first 3 years with zero percent interest) paid for itself in the first 3 months, and over the 5 years paid for itself roughly 3 times over. But be sure you are getting one issued by the OEM, not just sold through them but actually issued by some third-party warranty company.

Answered 10 months ago by LCD

0
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Unfortunately I didn't buy it from a Lexus dealer so I don't have that choice.

Answered 10 months ago by DyanBailey

0
Votes

Yeah - horrible reviews and terrible complaint histories seem to be the norm for after-market warranty companies regrdless of what they are covering.


None good that I have heard of or checked into - basically it seems, like home warranties, that they make their money by denying legitimate claims or making it so hard to get the money for a repair that the policy holders just give up in disgust. Plus, except for OEM issued ones, they do not guarantee or generally cover OEM parts, so your repairs may be with the cheapest parts.


The only exception I have found - original equiment manufacturer (issued by the maker of YOUR car only, not ones from other car manufacturers) extended warranties, which generally have to be bought before or very soon after the OEM warranty expires, and commonly extend either the usual warranty (like a 7/70 warranty for instance) or extend only the major drive train warranty portion up to maybe around 100,000-125,000 miles max or 5 years, whichever is less. Sometimes also available for $1500-3000 when you buy a new car as a lifetime extension of the original warranty, usually transferable to one follow-on owner - those can be a REAL bargain, but only available at time of new-car purchase and only offered when they are having trouble moving new cars off the lot.


Our family has bought extended OEM warranties - my recently expired one (5 years additional bumper-to-bumper warranty with towing and rental car coverage during repairs, for $3000 paid over monthly the first 3 years at zero percent interest) paid for itself in the first 3 months, and over the 5 years paid for itself roughly 3 times over. But be sure you are getting one issued by your car's OEM, not just sold through them but actually issued by some third-party warranty company.


My recommendation - unless you can get an OEM warranty with good coverage (which your car is probably beyond the eligible sign-up milege for), just put money away in an interest-bearing money market or low-erly-withdrawel penalty CD to go towards repairs - and when you pay off your car (if bought with a loan) go on paying the loan payment into that account to build towards a new car when needed.


Here are a couple of links to similar previous questions with answers FYI:


http://answers.angieslist.com/Best-ex...


http://answers.angieslist.com/Top-rat...




Even if you did not buy if from a Lexus dealer, check with one - they may still sell an extended warranty (actually usually called a "service agreement", not a warranty) on theiir cars, if not past the age or mileage cutoff for such policies.

Answered 10 months ago by LCD




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