opinions on extended warranties?

I have a 2002 Cab and was wondering if you guys think purchasing an extended warranty for another 4 yrs is worth the $4,000 cost. My factory warranty lasts til next June. If so, any recommendations on which company to go with?

skipp....do a search on this. You will find plenty of reading.

Pass. My story: On my '99, I was nearing the end of the factory warranty, and was keeping the car at least another year or more. I did the research, asked the questions, and the winner was WarrantyGold. Bought another 4 years and enough miles to cover me bumper to bumper. 6 months into it I had a claim on the MAF. Went unpaid, I paid servicing dealer and filed claim. Went unpaid for 4 weeks, while I dealt with it as much as I could but was getting the runaround. Two weeks later the plastic window separated from the canvas. It was 'covered' under the plan, so I had it done (new window AND new canvas - zipper broke), and filed again. In the end, I had about $5000 in claims with them. What happened to this A.M. Best A+ rated company with more customers than there are stars in the sky? Warranty Gold takes my money from the sale of my policy, and buys reinsurance with Company A. Company A is supposed to bank the money for claims and invests it with the Claims Adminstration Company (Company B). Company B is domiciled in the Cayman Islands. CEO of Company B, along with several of his close allies, bail and take millions from the company. Company A goes after Company B, yet there is no legal authority for a US Company to take action in the Cayman Islands, and then Warranty Gold goes after Company A for the claims money. Long story short: thousands of policyholders got the shaft. My claims are still on file with the bankruptcy court in Texas, and if I see 10 cents on the dollar for my claims I'll be surprised. In the meantime, my personal banker got the funds back that I paid for the policy, prorated. So I wasn't totally screwed, but screwed nonetheless. Bank the money you'd pay for a policy, and just hope you don't need it. Read it and weep: www.warrantygold.com

Skipp - First, check with the Porsche dealer and see if you can get the Porsche extended warranty. The offer this with CPO cars. I tried and my dealer said it wasn't available and then sold me a aftermarket warrantly. More profit in it for them. However, I have been told that some owners have been able to get this coverage. It may involve an inspection, but if this is the case you should be able to get any "warranty" items fixed before your factory warrantly runs out. I di buy a EasyCare warranty from the dealer. I chose the "Total Care" policy, which was the most extensive they offered, and got a $200.00 deductible. On my 00 C4 cab it cost me about $2,600 to go four extras years and 75,000 mi. I got the (The porsche warranty goes to 100,000 mi.) In almost 2 years I haven't had a claim, but others on this board have said that EasyCare paid their claims. I know alot of people say that you should back the money, but my thought was even a fairly minor repair can cost big bucks on a Porsche (under the factory warranty two rear wheel bearing were $2,000+). It is like most insurance, if you don't need it, it seems like a lot of money, but if you have a major claim, and they pay it, it saves big bucks. Very few of the guys who say bank the money would drive without insurance.

How about an opinion from a guy who spent to much of his life in the car business? Extended warranties are a sucker bet! And your the sucker!

Hmm, as another guy who spent significant time in the car business I'd say warranties are anything but a sucker bet. Just do your due diligence on price, avoid warranties backed by a specific dealer (as opposed to a factory-backed warranty) and you could save thousands. I know the engine replacement for my S2000 would have made me very angry without the extended warranty coverage...

here is my .02! bought a 99 C2 with 39k miles. bought 3year 30kmile warranty for 1990 bucks. good deal for sure. til i needed it. Sure it covers the MAF, but with a 200 dollar deductible, and the part available on line for 270, why bother with the bull**** of the company. thats a small problem though. my latest dilemma; turns out that my entire tranny and engine have to come out because I have a shot differential, how i dont know, but i called the company and to make a real long story as short as possible. the bottom line is they said i have to authorize for my mechanic to go take it all apart and then they will come and inspect and.....sorry that part is not covered, you have to foot the bill for the dismantling. What to do, what to do? I contacted the bull**** company today and requested to have my remaining funds prorated and paid back to me. not bad, roughly 75% of 2000 dollars back. should come in about 4 weeks or so. Then I take that money and pay my mechanic to actually do the work and while the whole thing is apart, i will do the clutch, rms, spark plugs and whatever else i see to be done. Live and learn with an expensive play thing i guess!!! Peter

Insurance is there for a reason � if it were not then the industry would simply not survive. It is basically a numbers game � not unlike your local bookie � they have done the math and figured out the numbers that will, on average, work in their favor and give them a nice profit while providing a service people want. FWIW, my opinion on insurance is that it is only necessary under one of three conditions: 1. To cover you for losses that you could not afford to handle - e.g. loss of your house or major breadwinner in the family 2. When you believe that the chances of the insurance being needed are high � e.g. you own a car that is normally reliable but you know yours is a lemon. 3. If you would lose sleep thinking about the possibilities of what could go wrong. My rule is that if it does not fit into one of the above categories then I do not take it, instead I keep the money and take my chances. On an individual car basis I might lose out but, in theory, I will make out better in the long run. Hope that helps. Barry

What about warranties on wheels? I sure have bent more than my fair share of wheels in the past. Are these worth buying the $400 insurance for 5 years comfort of mind?

See my comments above. If it keeps you awake at night then buy it. Alternatively you could learn to avoid the potholes and stop driving over sidwalks