Having been a claims adjuster in the business for twelve years, I'd like to comment that what are commonly referred to as extended warranties are actually service contracts.
A warranty replaces parts that are found to be defective. A service contract is a contract to replace certain parts as they fail from normal use within a specified length of time or during a stated number of miles. Then it gets complicated. Some vehicles are prone to failure of particular parts, etc., and that is all factored into the price of the contract. An excellent example was the middle to late '90's Dodge and Plymouth Neons. The only thing that ever went wrong with them was you could bet money that at approximately 45,000 miles, and after they were just out of factory warranty, the head gasket would begin to leak. Once the original head gasket was replaced, they'd run forever without anything else failing except for wear items.
The whole schtick is too complicated to expound on here, but the bottom line is, if you buy a vehicle with a trend to a particular failure, a service contract makes sense. It's a decision you have to make yourself. I, myself, had one on a Pontiac minivan, and by the time the contract expired I was $300 ahead on it, claims versus the cost of the contract. Basically, it's one big crapshoot.
And I could write a book on the scams dealers tried to pull on us adjusters. Some were actually funny. Some repair shop would try to pull a scam of some sort not realizing we adjusters had seen the same thing tried a dozen times before. I once caught a Chevy dealer in Mississippi putting a used salvage yard engine in a pickup after I'd authorized a new Goodwrench engine, etc. A Dodge dealer trying to claim an entire engine replacement on a B200 van when the only problem was a failed fuel injector. That was all everyday stuff. They didn't realize we adjuster could spot a phony claim instantly, 'cause we'd seen it all before. I'd best not get started on the whole bit.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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