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Old 05-04-2011, 04:37 PM   #1
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Extended Warranty

No one here can predict the future, but if YOU can, please let me know my lucky lottery number and wheather I will need to get extanded warranty on my '01 S.

After reading so many post on forums, I'm itching for an extended warranty. Not only for the basic items that would come with owning ANY car, and as far but not limited to engine replacement CHA-CHING $$$.
Do you guys recommend it, if so whom? Or just risk it and bite the bullet when it shows it's ugly face.
I recently got a quote for my '01 S to protect it for another 85k miles/5 years for ONLY $4K.
It covers parts and labor for everything i.e. engine, tranny, body, doors (motors,windows), brakes (excludes bake pads).
NOT COVERED Struts, clutch, tires, hoses.
Sounds like a bargin?

Last edited by 442nd986s; 05-04-2011 at 05:26 PM.
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Old 05-04-2011, 04:45 PM   #2
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short answer : if it sounds too good...

they will always find a way to get out of paying - oops, you changed the oil 10 miles late, oops you hit the rev limiter once, oops we didn't mean we cover "that" part... or they want you to pour their super slick engine oil additive and fuel cleaner in, and wait 6k mioes before coverage begins.

save the 4k in an account, add a little each month and before you know it you'll be fine.
"Speed has never killed anyone, suddenly becoming stationary... that's what gets you."
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Old 05-04-2011, 04:59 PM   #3
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If you require the insurance to enjoy the car...

But stop and think why the company is in business. To make money. Which means they pay out some money but they make profit, pay admin and selling expenses, have investment income, etc. So they pay out on average less than you pay them (I've seen figures like 30%). I don't like those odds and can afford to self insure. And over many such decisions, I've come out way ahead. Your experience and risk tolerance may vary.

I own an '01S.
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Old 05-04-2011, 08:53 PM   #4
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Sounds like a company that never intends to pay a dime...
1999 996 C2 - sold - bought back - sold for more
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Old 05-04-2011, 11:29 PM   #5
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So you can afford to lay out $4k now for a policy that more than likely won't pay for itself, but you can't afford to maintain your car the way most of the rest of the world does, but paying for repairs when they occur? Makes no sense. If you've got the money, bank it for when those inevitable repair/maintenance issues arise and you'll almost always be covered.

If you think those extended warranties aren't the biggest high profit scam going, search this site and read all the horror stories. As a Porsche owner there's no free lunch, no "bargains" besides the one you thought you were getting when you bought your Boxster for cheap. If you want to play, you've gotta pay.

However, you can keep the cost of your ownership experience manageable by learning how to work on your car as much as possible and by buying your own parts. This site is an exceptional resource. You'll be amazed at how much you'll be able to do with only basic wrenching skills and tools if you're willing to read, learn, and pick the brains of people here.

Does the prospect of IMS bearing failure freak you out? Get the upgraded bearing. I did and sleep better as a result. Everything else I can deal with.
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Old 05-05-2011, 07:10 AM   #6
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For $4K, you can get new clutch, LN IMS bearing, AOS, RMS, water pump and coolant expansion tank replaced and still have $1K to spare for other repairs that might come up in the future.
IMO, it is not worth it. I rather spend the money on LN IMS that I know will not fail than buy extended warranty and still worry when the IMS let go whether the extended warranty will pay or thay will run.

I had bad experience with extended warranty (warranty direct). They always try to run away form paying. I had RMS leak on my jeep and the warranty company told me that is not significant enough to justify repair until I have a puddle of with 10" diameter or larger. They told me to put some boron engine treatment that hopefully can stop my RMS leak Lived with RMS leak until I got rid of the vehicle.
Also, when my trans decided to let go after 1 year, they made me pay for diagnostic fee (to tear apart the whole transmission) and sent an adjustor that tried to say that my transmission has been slipping for awhile so it will not be covered. I told them that they inspected the car before I bought the coverage so it is NOT pre-existing condition or if it was, it is their fault for not catching it. After 3 weeks of fighting, they paid all the repair and sent me a letter says that I only have $1K more for repair before they terminate my coverage. They terminated my coverage after my rear axle carrier bearing failed ($1800, they paid $1000 and I had to pay the other $800).
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