Posted by Buzzman72 on March 08, 2012 at 14:47:04 from (74.129.196.127):
In Reply to: posted by 641Dave on March 08, 2012 at 08:11:59:
I worked at auto dealerships for years, and here's the scoop: Extended warranties are NOT a warranty; they are actually a single-premium insurance policy. So if you bought one, treat it like an insurance policy.
Read the policy.
Read what IS covered...and under what conditions.
Read any exclusions...and they ARE in there.
Read the part about what is required on YOUR part to keep the "warranty"/policy in force.
One warranty company we ran into wouldn't pay for gaskets; another wouldn't pay for fluids. And some won't pay for a teardown, if it's considered "diagnostic" rather than part of a repair. So it pays to know what your warranty DOESN'T cover, as well as what it DOES cover. And remember, SOME extended warranty companies DO go broke; when that happens, it's hell getting paid for anything...which is why some--if not most--shops require the CUSTOMER to pay for any work done under an extended warranty, and then the customer has to file for reimbursement.
And even extended warranties sold by the auto manufacturers--I'm a little familiar with Ford's extended warranty--often have a deductible for each repair. [On the Ford extended warranty, any approved repairs that were "sublet" were paid at 100%, minus the deductible. Since we were a multi-line dealership family, often repairs of non-Ford vehicles under an extended warranty were "sublet" to our import store down the street, because the company ultimately made more money than doing them in our own shop.]
So even if you have a repair that's "covered" under the extended warranty, if you have a $100 deductible for a $90 repair, you're gonna pay the whole price...just like you would with a medical deductible. Difference is, medical insurance usually has an annual deductible, while automobile extended warranties generally have a "per-occurrence" deductible. Bottom line: READ THE POLICY.
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