Used car extended warranty

[Viper5]

Any one know if there is such a thing as an extended warranty with a company for a porsche. My car has about 110k miles and is a 2000 boxster s. I have a feeling I will have some problems in the future and want to be covered. Do such companies exist and if so, what are good ones?

[mikefocke]

and consider the policies are designed to pay out at a ~20% of premiums paid according to sources like Consumer Reports.

So why would you pay all the profits and overheads and sales expenses associated with an Extended Warranty..aren't the odds worse than Vegas? Put the same amount of money in a conservative investment and draw on that fund as needed.

And where would you find a reputable company that would insure a car that old with that many miles? I used to say the only one I knew was Warranty Direct but have heard recent stories that tell me that they are not living up to their agreements without lawyers having to get involved.

More here

[Viper5]

What if I want to have my tranny rebuilt? And just pay for an extended warranty rather than the rebuild. I figure that way I can get the rebuild plus everything else the warranty covers. Thats already 3k right there. Sounds like a good investment to me.

[JFP in PA]

Extended warranty = Waste of money................period.

[Viper5]

I appreciate the feedback, but I just don't understand something. If I were to say, for sure, rebuild my tranny down the road (few months). How is it not beneficial to get a warranty now to pay for the 3k work if the warranty itself is around that price?

[mikefocke]

that you can get the warranty for that much
and
you assume that they will agree that it needs to be done.

The warranty companies don't make money by doing what you want them to do.

[JFP in PA]

Originally Posted by Viper5

I appreciate the feedback, but I just don't understand something. If I were to say, for sure, rebuild my tranny down the road (few months). How is it not beneficial to get a warranty now to pay for the 3k work if the warranty itself is around that price?

Due to the number of horror stories I am directly aware of where car owners spent thousands for this nonsense, and then when they had a legitimate claim, the warranty company weaseled out under "abuse, abnormal usage, pre-existing condition" and similar terms in the contract. These contracts vary between total fraud to being designed only to make money for the issuing company; you’d be better off putting the cash in a conservative investment as a hedge to pay for future maintenance.

And as for “being smart enough to buy a policy to fix your grinding gear box”, I’m not even going to comment…………………