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School me on 3rd party automotive extended warranties

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School me on 3rd party automotive extended warranties

Old 08-11-2017, 05:02 AM
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Default School me on 3rd party automotive extended warranties

We just paid off my wife's 2014 Jeep Grand Cherokee. She enjoys the vehicle so hopefully we will have this for several more years. It's got 35K miles so the factory warrantee is just about up. I've heard good and bad things about the GC long term so I was giving some thought to buying an extended warranty to cover any major $ repairs/failures that might pop up. Anyone have some insight into this?
Old 08-11-2017, 05:11 AM
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Third party warranties are 100% garbage.

If you're worried: sell the Jeep, buy a 4Runner, and drive well beyond 200k miles without giving it a second thought.




It was bound to be said, so I might as well get it started.

Seriously though...extended warranties are complete junk, especially the 3rd party ones.
Old 08-11-2017, 05:14 AM
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Originally Posted by NCSUboater View Post
Third party warranties are 100% garbage.

If you're worried: sell the Jeep, buy a 4Runner, and drive well beyond 200k miles without giving it a second thought.




It was bound to be said, so I might as well get it started.

Seriously though...extended warranties are complete junk, especially the 3rd party ones.
I don't trust them either.
Old 08-11-2017, 05:18 AM
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RUN!!! Find a good mechanic and give him your loyalty.
Old 08-11-2017, 05:29 AM
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I've actually got third party warranties on 2 cars and was totally worth it. For instance I bought one on my silverado ... 1800 bucks... no deductible and literally covered everything except body and paint and alignments... I think throughout the warranty I got 2 cv shafts, fuel pump replaced, and a electric motor on a mirror. I know there were a couple other things as well probably. And my mechanics were still supported they were just payed by the warranty company instead of me. I wish I could remember the name of the company. I know they were based out of Texas. Maybe ARE or something like that. Pretty sure it was a theee letter acronym.
Old 08-11-2017, 05:30 AM
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I don't honor them...Check with your service peeps to see if they do.

They are a joke. I've tried with a few different ones...got burned. I still let the customer's take their vehicle.

We learned together at our expense...they paid for nothing which cost me...that was about five years ago..still great customers that recommended several more.

Anyhoo...good luck
Old 08-11-2017, 05:42 AM
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Self insure. Put the $1800-$3600 in a savings account and you will be happy instead of ripped off. Prolly never use all your savings on repairs.
Old 08-11-2017, 05:44 AM
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If the companies selling these policies are making money then you are paying too much.
Old 08-11-2017, 06:08 AM
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Lots to consider but the main point is buy from someone reputable. I would suggest buying from/suggested by whoever is going to maintain your vehicle. We don't accept some service contracts because we know they will not pay, or not pay for the correct fix. Jeep/Chrysler probably has a good "factory" sponsored product. We sell Ally Protection Plan and it pays well. You may also want to consider your needs, are you just worried about major powertrain coverage or complete coverage.

However seeing you don't have a payment I would let it ride. Warranties are best suited for people cash strapped or who don't feel comfortable coming out of pocket for a major out of warranty repair. If it s something your serious about you may want to make a move before the warranty runs out. It may be cheaper before then because there not worried your trying to sneak a problem by.
Old 08-11-2017, 06:14 AM
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Originally Posted by ecjcrown View Post
If the companies selling these policies are making money then you are paying too much.
Yup. Just like the crap they push at Best Buy and similar.

ALL extended/additional warranties are pure 100% junk. Every single one of them...they're not trying to help you, they're trying to make commission.

Sure, it may work out if you purchase the warranty and have an issue soon after. In the long run, however, the math simply does not work.
Old 08-11-2017, 06:19 AM
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Waste of $.
Old 08-11-2017, 06:45 AM
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Google is your friend. Nearly every story, study, report I have ever read has said that the majority of the time, these warranties and any extended warranties are not a good deal. Yes, you will find the occasional story of someone that had a good experience but, mostly not.
Old 08-11-2017, 06:53 AM
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Originally Posted by Lprizman View Post
I don't honor them...Check with your service peeps to see if they do.

They are a joke. I've tried with a few different ones...got burned. I still let the customer's take their vehicle.

We learned together at our expense...they paid for nothing which cost me...that was about five years ago..still great customers that recommended several more.

Anyhoo...good luck
This. Most private shops around here don't want to tie up their rack waiting for an "adjuster" to come by, beat 'em up on price, and take forever to pay them.
Old 08-11-2017, 07:12 AM
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I had one and had good luck with it with 2 local shops. . Even after 2 repairs I did not break even with the up front cost of the warranty and deductibles.
Old 08-11-2017, 07:20 AM
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Well sounds like there is a concensus. I've never bought one before but figured I'd get some opinions. Once again thanks to THT!
Old 08-11-2017, 10:00 AM
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We bought a 3rd party extended warranty at the dealer, included and paid for when we bought an older car with very low mileage. Our cost was about $500 and it has saved us over $6K, primarily due to a transmission replacement. Seems there is a known problem with a TSB on the transmission. We really didn't notice it, but in repairing a fuel pump, the computer showed the transmission code and the dealer recommended fixing as the solution. The fix was a rebuilt tranny. Between the fuel pump (a real PITB to replace) and the transmission repair, over $6K in savings. We are very happy. We bought the 3rd party warranty while at the dealer as an add-on, and our car was always serviced at that dealer. I think that was key.
Old 08-11-2017, 10:06 AM
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Many many moons ago I bought a used Audi A4 1.4T. It was a 2002 that I bought in 2005. Car had 50k on the clock at the time. As a graduation gift, my mother and father bought me a dealer warranty on the car. I believe at the time it was $2200. It had a $300 deductible.

Well the first thing to go on the car was the steering rack. It started leaking.
$300 later I had the steering rack replaced which was $1800 total with parts and labor.

The next thing to go a year or two down the road was the turbo.
$300 later I had the turbo and intercooler replaced which was $2800.

So $2800 was spent to achieve $4600 in repairs. So in my case it was a win.

It really depends on the vehicle. Anything German I'd be buying an extended warranty. The 2014 JGC (i had one) had issues with banks of cylinders going bad. That should be covered under warranty by Chrysler though.
Old 08-11-2017, 10:09 AM
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I SELL third party extended warranties. I wouldn't buy one...
Old 08-11-2017, 10:31 AM
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I deal with them at my shop all the time. Mostly they are garbage. Couple good ones but you pay $$$$ for them. They only cover what they have in small print. If it is something they cover most people think they are great. Usually most do not cover seals or gaskets. So if you have an oil leak or bad valve seals most will not cover. Also they want you to pay for tear down at the shop to determine if something is covered. Then not cover it. Also most shops hate to deal with these companies.
Old 08-11-2017, 06:55 PM
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If it is still under warranty why would you not buy the chrysler extended warranty? You can shop around and buy online. I'd be shocked if it ended up being more than a couple hundred bucks more than the aftermarket ones. (and I have bought 2 or 3 mopar extended warranties online)

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