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Old 10-15-2008, 11:24 AM   #1
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Warranty Cost Reality Check

Guys,

I just got off of the phone with Warranty Direct. I have a '02 Boxster S with 9K miles and they are one of the few that will provide an extended warranty at this point. Here is my conundrum... The only options they will provide are below:

MAJOR CARE OPTION:
25 Months / 25,000 Miles $3,642
Expires on 11/15/2010 or 34,000 Miles

XTRACARE OPTION:
25 Months / 25,000 Miles $3,657
Expires on 11/15/2010 or 34,000 Miles

My question is... That is a significant amount of money for only getting a warranty until 34K miles. What is everyones general consensus, in that time frame do you think it is worth the cash outlay? Primarily worried about major failures.

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Old 10-15-2008, 01:55 PM   #2
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I bought my 01 Boxster S with 48K miles and I contacted warranty direct about an extended warranty, they quoted me $3,000 for 1 yr or 15k miles

Continental Warranty quoted me $3,800 for 60k miles of driving or when the car hits 100k miles, so basically I got coverage for 52k miles of driving.

To me this was a no brainer, but if you choose Continental you have to pull the trigger on the initial phone call, it is a one time offer, I don't like it but that is just how they do it so be prepared.

I have had the Continental Warranty for 3 months and I just made my first claim, CV boots and the dreaded RMS, Continental sent out an inspector who verified the claim, all costs covered except for 8 bolts which cost $10. Did I mention that RUF is doing the work. Overall I was very impressed with Continental and they were easy to deal with.

$3,800 sounds like a lot but in 3 months time I have already saved over half that amount. One or two more claims and it will have been a positive investment and paid for itself. I am feeling pretty confident that I will have at least one or two more claims over the next 4 years of ownership.

IMO you have a Porsche, get an extended warranty, "something" is going to happen but get one that goes well past 34k miles.
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Old 10-15-2008, 02:04 PM   #3
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Ouch, that's high.

My warranty was $3200 on top of the price of my car. It covers for 60k miles/4 years and its bumper-to-bumper. The only thing it doesn't cover is the canvas top, which I had replaced and is warrantied by the installer.

I'll check tonight to see who my warranty is through.
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Old 10-15-2008, 02:43 PM   #4
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Wingnut2U,

I looked at Continental's site and they don't have Porsche listed. It looks like they may not warranty them anymore.

Chills,

Thanks, looking forward to seeing who it is through.
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Old 10-15-2008, 03:38 PM   #5
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Quote:
Originally Posted by cayenne
I have a '02 Boxster S with 9K miles
Did they jump all over you for not driving your car?
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Old 10-15-2008, 04:24 PM   #6
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Originally Posted by Rick V
Did they jump all over you for not driving your car?
I'm actually the second owner. When I purchased it, it only had 8K miles on it. I have already put 1,000 on her. With only 8K miles in 5.5 years, it concerns me that the engine didn't have enough run time while under warranty...
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Old 10-15-2008, 08:27 PM   #7
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Continental Warranty still writes coverage for a Boxster but it is new and it is not advertised on their website
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Old 10-16-2008, 08:18 AM   #8
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I suspect WD has increased their rates on Boxsters, possibly due to claims. I purchased SecureCare+ covereage for my '03 with Tip last year. I'm pretty sure the mileage was at around 35K. My coverage goes through the end of '11 and the expiration mileage is 60K. I paid just under $2K.
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Old 10-16-2008, 09:11 AM   #9
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Once WD has your email address

they tend to send you special deals from time to time. I've never really pursued the offer to see if it was really a savings from my first quote but the "Save $500" did come often enough that it may reappear.
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Old 10-16-2008, 01:04 PM   #10
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cayenne,

That does sound high. I guess it just depends on how close they run to the original Porsche warranty. I have a B2B from Warranty America that lasts 60 mos, 80,000 miles for $2275. I bought it in 2006 so they may be higher by now. I have had several claims and the coverage is fair to ok. They won't pay a dealer's rate (cap is $100/hr) and they often will cap the # of hours by the Chiltons guide. Porsche dealers seem to come in at 20% more hours than Chiltons for the same repair. If you get a warranty online (not from the place that sold the car) you will probably need to locate a good specialist. That way, your share of the repair will be minimized - maybe even limited to just the deductible. I find that specialists are more inclined to be flexible on their parts & labor with a warranty than a dealer tech.

Right now my car is having gearbox work done. For years these cars have just had the boxes replaced when there was a problem, but over time, parts have been made available & the warranty co's are forcing technicians to rebuild the gearbox or have the car towed to AMCO. I just got approval from the adjuster for the repair, so that's good news - I will prob do the clutch while they're at it & post the cost & experience on the forum when I get my car back.

I would get a warranty if I were you. Just shop around and make sure you READ it first. Mine is relatively good, but I don't think anyone is offering a true mirror of the OEM warranty.
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Old 10-18-2008, 08:12 PM   #11
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Quote:
Originally Posted by pbanders
I suspect WD has increased their rates on Boxsters, possibly due to claims. I purchased SecureCare+ covereage for my '03 with Tip last year. I'm pretty sure the mileage was at around 35K. My coverage goes through the end of '11 and the expiration mileage is 60K. I paid just under $2K.

I've got WD e-mailing with the same quote, under $2K so the rates are holding. My mileage is 30K and you'll need to quote your present mileage because you coverage won't begin until you put on 1,000 miles first (hint, hint), so make sure you tell them the truth.
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Old 10-19-2008, 10:04 AM   #12
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a warranty for my 00 w/ 73k miles was goin to be almost 5000!! so i said screw it and just crossed my fingers i don't wind up doign motor work...

if/'when it happens i'll do a swap and make lemonade out of lemons. it'll just break the piggybank wide open....
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Old 10-19-2008, 10:26 AM   #13
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I haven't posted this link to thoughts on warranties in a while

Link to a thought paper
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Old 10-19-2008, 01:19 PM   #14
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Originally Posted by mikefocke
Good stuff in there, everyone should read it. However, it wouldn't dissuade me from an extended warranty on my Boxster. I've owned various German sports cars for over 35 years, new and used. I've also owned many Japanese sedans and vans, and a few US vechicles. Based on my experience with Porsches and BMW's, and from my record of repairs, the extended warranty I purchased will very likely be a breakeven proposition, and more often than I'd like, may save me about 4 to 5X the cost of the warranty if I'm unlucky and I have an engine or transmission failure due to design or manufacturing flaws. Fact is that Porsche and BMW parts are very expensive, labor rates are outrageous, and both have chronic problems (e.g. MAF, window regulators, switchgear, etc.) and major acute problems due to design flaws they won't fix (IMS, RMS, cylinder liners, block porosity; BMW's - similar stuff, E46 M3 spun bearings, E36 M3 rear suspension mount failures, cooling system failures, etc.).

I've never purchased an extended warranty on any Toyota or Honda I've owned, and my records show it wasn't needed. They simply don't have the kind of chronic and acute problems that German cars have, and when problems do crop up, they find them before I do and issue warranty extensions and repairs without charge (3 so far on our Sienna). The 7/70K extended warranty I bought on our Dodge Caravan was well worth it, and the only way I'd buy another US vehicle was if the original or extended warranty covered the full duration of the time I was planning on owning the vehicle.

BTW, I've had my extended warranty for a year, and it's already paid $450 in claims (window regulator, crankshaft plug leak). I just squeezed a RMS in before the factory warranty expired (I have Tip, so it was just under $2K at the dealer). Even if I end up with money on the table, the other thing that warranties buy you is peace of mind, which is worth at least a few hundred bucks to me.
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Old 10-19-2008, 08:58 PM   #15
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"Link to a thought paper"


Very well explained. Exactly why I decided against an extended warranty. I had not thought of the analogy with gambling, but that's right on. Instead of peace of mind (as a manufacturer's warranty would be) I have a fear that with every repair I would have to worry if it was going to be covered, as some previous threads have reported.
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Old 10-20-2008, 06:29 AM   #16
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Not having an extended warranty on a Porsche is a huge gamble and I will gladly task the risk of losing a couple $100 dollars over the potential loss of $5,000-$10,000 if I did not have a warranty. As I mentioned previously, in the first 6 months of ownership I have already replaced the CV boots and I had the dreaded RMS failure. Both were covered in full and my only cost $10. That is almost $2,500 in repairs in the first 6 months. I only have $1,300 left in repairs to break even and 4 1/2 years to accomplish it. It's a Porsche, it WILL have issues, things break. Unless you have just a ton of extra cash, not having an extended warranty is not a smart gamble in my opinion. You just have to make sure your policy is with a good warranty company and to me, Warranty Direct is not a good warranty company.

Piece of mind that I won't have to shell out big bucks for catastrophic failure is worth the cost of the extended warranty to me. Remember you don't buy insurance to make money but to protect yourself from significant financial loss..just my $.02
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Old 10-20-2008, 06:57 AM   #17
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As I said in the thought piece

everyone's risk tolerance is different. And perhaps the Porsche is the exception that would argue for a warranty. But if statistically that were true, wouldn't that be priced into the cost of the warranty as the warranty company has other costs they have to recover besides actual repair costs, have statistics on what it is costing them for Porsche repairs, and isn't in business to lose money. So I have to believe that they are pricing to make money on their Boxster warranties.

While I recognize that you may have made money on your warranty, I declined mine and am $2400 ahead at what would be the end of the warranty period. And neither your or my experience is really statistically significant (to me) in determining the wisdom of a warranty... way too small a sample.

The argument for a warranty that is compelling is the one that says "to me, it is the only way I'd be able to own a P-car and sleep at night" and that is an emotional response that is specific to the individual. And as valid a reason as any...because everyone has a different risk tolerance.
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Old 10-20-2008, 07:14 AM   #18
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Quote:
Originally Posted by mikefocke
everyone's risk tolerance is different. And perhaps the Porsche is the exception that would argue for a warranty. But if statistically that were true, wouldn't that be priced into the cost of the warranty as the warranty company has other costs they have to recover besides actual repair costs, have statistics on what it is costing them for Porsche repairs, and isn't in business to lose money. So I have to believe that they are pricing to make money on their Boxster warranties.

While I recognize that you may have made money on your warranty, I declined mine and am $2400 ahead at what would be the end of the warranty period. And neither your or my experience is really statistically significant (to me) in determining the wisdom of a warranty... way too small a sample.

The argument for a warranty that is compelling is the one that says "to me, it is the only way I'd be able to own a P-car and sleep at night" and that is an emotional response that is specific to the individual. And as valid a reason as any...because everyone has a different risk tolerance.
I don't dissagree with you, I should probably add that my opinion is based on ownership of an older model, as mine is a 2001. The older the car the higher the likelihood that something will break down, thus the higher premium that is charged for the older models. Yes the insurance companies have done their homework and studied the statistical analysis on a much broader sample base than just a couple of people. Since RMS and engine failure is more common in older Pcars like mine, I thought the added security of warranty was a good option.

I guess I have been fortunate, if you want to call it that, that I purchased the warranty. Again a warranty is insurance to protect yourself from substantial financial loss. I didn't buy a warranty to make money but to protect my money. Of my cars that I own, the Porsche and the Mercedes have extended warranties, this last month alone those warranties have saved me over $6,500 in repair bills. I do not have warranties on the Hummer, Suburban, 2 Honda Accords or the Jeep. Why, because they do not break down as much and the cost of repair is much lower. It's all about assessing risk
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Old 10-20-2008, 08:06 AM   #19
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cayenne asked so here's the info:


The warranty company is called Easy Care. It cost just over $2900 and it covers my BoxsterS for 4 years or 60k miles from the date and odometer reading at purchase. There is a $200 deductable but if I get the car worked on at Luxury Motors then they pay the deductable. I've had the RMS fixed and a front strut rattle also fixed. Total cost to me: $32 for a plastic piece that needed replacing.

Total cost of repairs to my car: $3900+, so the warranty is definitely worth it IMHO.

EDIT: repair cost is an estimate, I don't remember the numbers off the top of my head but I do remember they exceeded what I paid for the warranty.
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Old 10-20-2008, 08:52 AM   #20
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Lot of good stuff in this thread for anyone that is in the same boat as I am...

Still looking at the pro's and con's of the situation. I want to make sure I am getting sufficient mileage coverage for the cost.

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