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Old 03-27-2009, 06:03 AM   #1
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Warranty - should I do it?

Yeah this is a newbie first post. Hello to all.


I just bought a 2001 Boxster, black with jade green leather and about 56,000 miles (love it!). No issues (knock on wood) besides the horn not working which I am investigating.

But honestly all the posts on this board and the Renntech forum have me a little freaked with stories about sudden unexpected (as if they are every really "expected", right) engine problems.

I have always loved the look, performance and off the charts "fun" factor of the Boxster, but honestly part of the reason I decided to buy one is that it came with a decent level of reputation, and even consumer reports ratings, as being reliable.

So I started thinking maybe I should bite the bullet and buy an extended warranty to protect myself in the event a major mechanical failure occurs (like an engine blowing) that would cost nearly as much as the car is worth.

The first warranty company I contacted policy is through "Warranty America" sent me a sample contract that covers mechanical failure and wear and tear of most major parts (the covertible top isn't included and either are "normal" replacement items like brake pads, rotors, exhaust etc).

The total cost is $3,000 for the policy. There is a $50 deductible and the policy period runs until 2013 or 116,000 miles (there is no way on earth I would hit that mileage number before 2013).

Is it worth it? or am I just getting anxious for little reason.

Would anyone share their warranty experiences? Who did you buy it from? Good experience? Regrets? Hassles?

Is there a better way to accomplish this?


thanks in advance for anyone willing to share their knowledge and experience

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Old 03-27-2009, 06:21 AM   #2
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Eastside:

Welcome aboard! Your color combination sounds nice.

The problem with warranty companies is that they will fight you tooth and nail if you make a major claim. And that is only the reputable ones.

The others won't be around for the duration of your warranty.

Do a search here and you'll find a couple of horror stories. "Warranty Direct" comes to mind, although they did pay in the end after some not so gentle persuasion.

If you are going to plunk down $3,000 you should research the particular company in great detail. You should also have someone who is familiar with aftermarket warranties look over the "fine print" as you would be surprised what effect that fine print might have on items that you think are covered, especially when you are stuck.

Finally, if you are going to get the warranty make absolutely sure that you scrupulously follow the maintenance schedule, and, more importantly, that you document the maintenance. That is the first place they will look to disclaim coverage.

If you continue to worry about the engine blowing, it's going to take a serious chunk out of your enjoyment.

Regards, Maurice.

Last edited by schoir; 03-27-2009 at 06:24 AM.
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Old 03-27-2009, 06:39 AM   #3
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IMHO, Just take the money and have the restraint to put it aside yourself. Make a small contribution each month as your repair slush fund. Hopefully, you will find yourself holding your own money in a few years and not arguing with some jacka$$ who has the job of preventing you from using the insurance you purchased.
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Old 03-27-2009, 06:40 AM   #4
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Pros and Cons

are link to a writeup
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Old 03-27-2009, 07:24 AM   #5
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Quote:
Originally Posted by Eastside_J
Yeah this is a newbie first post. Hello to all.


I just bought a 2001 Boxster, black with jade green leather and about 56,000 miles (love it!). No issues (knock on wood) besides the horn not working which I am investigating.

But honestly all the posts on this board and the Renntech forum have me a little freaked with stories about sudden unexpected (as if they are every really "expected", right) engine problems.

I have always loved the look, performance and off the charts "fun" factor of the Boxster, but honestly part of the reason I decided to buy one is that it came with a decent level of reputation, and even consumer reports ratings, as being reliable.

So I started thinking maybe I should bite the bullet and buy an extended warranty to protect myself in the event a major mechanical failure occurs (like an engine blowing) that would cost nearly as much as the car is worth.

The first warranty company I contacted policy is through "Warranty America" sent me a sample contract that covers mechanical failure and wear and tear of most major parts (the covertible top isn't included and either are "normal" replacement items like brake pads, rotors, exhaust etc).

The total cost is $3,000 for the policy. There is a $50 deductible and the policy period runs until 2013 or 116,000 miles (there is no way on earth I would hit that mileage number before 2013).

Is it worth it? or am I just getting anxious for little reason.

Would anyone share their warranty experiences? Who did you buy it from? Good experience? Regrets? Hassles?

Is there a better way to accomplish this?


thanks in advance for anyone willing to share their knowledge and experience


Eastside_J


First of all, drop the top and post a pic of this car! I have never seen such a combo.

Here is my experience with Warranty America. I think a warranty (especially on a 2001) is better than nothing, but I don't think you'll get the level of service or coverage from them that you want. They have hit me with several surprises regarding how much they'll cover, especially regarding # of hours.

Gearbox Repair - your thoughts?

There are SEVERAL warranty threads on this forum. Just search for them or search "Warranty America" (use the quotes) and you can see if it sounds like a good idea. Many owners would say, save the $3K. I prefer a warranty to nothing, but maybe you should shop around first.


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Old 03-28-2009, 06:59 AM   #6
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My answer would be an emphatic yes, get a warranty. You have an older model high performance car. It is almost all but guaranteed that something will happen during your time of ownership. I have had my 2001 Boxster S which now has 66k miles for a year and half and it has gone in for RMS and for leaking spark plug tubes. The warranty has already paid for itself and I still have 34k miles to go. To me you are gambling to save $100's when the additional costs could easily be in the $1,000's if you do not have an extended warranty.

FWIW I got my warranty through Continental Warranty and they have paid for 100% of the cost and I have all of my work done at RUF.

For me the warranty was the smartest thing I did. Plus you can pay in installments, which is just the same as putting away a little each month for future repairs but this way you know that you contribution will top out at $3k. It sure beats that sick to your stomach feeling if the car blows up and you do not have insurance. Insurance is not something you buy to make money but to protect yourself from catastrophic loss, like a blown engine, RMS, IMS etc., all things that are common on a Porsche

Just my $.02
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Old 03-28-2009, 08:11 AM   #7
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I bought an after market warranty through Warranty America, LLC (WA). The warranty brokerage house I found it through was AAAuto warranty. They no longer offer WA on their site for some reason, but WA is definitely still in business.

This is how my coverage has broken down on my 2001 Base so far:

Bought on 3/24/07 with 32k miles for $1,977. Coverage was for 60 months or another 80K miles. I haggled, a lot , to get that price. Plus they threw in wear and tear coverage for free. That was the one time payment price, $100 deductible.

-1/28/08 work from a stealership. I will never go there again as they wouldn't budge on the book hours.

Replaced lower rear control arms
air recirculator servo replaced
new spark plug tubes

covered by warranty: $1796
out of pocket: $750.11 (due to discrepancy in book hours)


-8/18/08 work from an indy mechanic:

new alternator
new coolant expansion tank
new coolant cap (somehow they sneaked this by the warranty co.)

covered by warranty: $1372
out of my pocket: $ 146 (my deductible and remaining balance from the tow company)

So, I have paid $2873 total with the warranty and my co-pays and WA has paid out $3168. I still have 3 years and 69k miles to go. I would say I'm up, considering if no warranty my out of pocket expense would have been $4064.
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Old 03-28-2009, 09:49 AM   #8
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I hate warranties, doing most of your own work will save a lot of money.
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Old 03-28-2009, 10:21 AM   #9
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I was in the same boat as you about 6 months ago. I bought my dad's 2000 base. he HAD a warranty on the car right up unti about the time I bought it.


I opted to NOT buy the warranty - but in a nutshell here was what I factored in. My car has more miles than yours which made the cost of the warranty higher - about $5000 for a 3 year warranty. this warranty was through a company called Fidelity - which is what the local Porsche dealer sells - same warranty my dad had while he owned the car and they were EXCELLENT. paid out on every claim - some of which was literally cosmetic stuff - so I figured if I get a warranty I want one with a history of no hassles, and this was it. BUT, it wasn't cheap either.

the next thing I considered was what I paid for the car. i only paid $13k for the car - so the $5k was just too much in relation tow hat I paid for the car.

If I suffer a catastrophic failure - I don't know if I'd even keep the car. not sure what I'll do at that point, but I didn't want to drop that much at one time.

just another perspective. do what you think is right.
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Old 03-28-2009, 10:36 AM   #10
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Worst case (possible) scenario for the 986 (or any car) would be a catastrophic engine failure...In this case, as mentioned on several threads, engine replacement for the 986 would run you around $10,000...Be sure you have a slush fund of at least $10k for an out of warranty 986. Ive had 3 Porsches, i don't bother with 3rd party policies-i just make sure i have some money laying around for emergencies.

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