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Discussion in 'General Discussion' started by Colin626, Feb 25, 2019.
Looking for an extended warranty any suggestions of a good one
Watching with interest. Ours is coming towards the end of its factory warranty and we need to decide what we do next.
I got a quote from Motoreasy (£600/yr), but a number of comments I've read online don't give much by way of confidence in their response when the brown smelly stuff hits the round whirly thing.
Pay your premiums into a savings account with overdraft facility, if nothing goes wrong you have the money.
My 2012 E500 has an Tier 1 Mercedes extended warranty. After the end of the original warranty period they 'cut' the cost to about £650 / yr. I think the full MB quote was about £950.
I've just been quoted £449 by Mercedes to extend the warranty on my three year old C200. It covers all non-consumables...apparently. M-B has changed its warranties and has rolled them into one, according to the chaps I've spoken to. However, I'm still trying to get something in writing that describes what's covered.
Thanks guys, seems a lot of people don’t think there is value for money in extended warranties
I’ll put savings account to one side just for the car.
It is really insurance - you might have a major repair and be happy you took the policy or have nothing go wrong and regret the policy.
Risk averse (transfer it to the insurer at a price) or risk taker (keep your money in the bank)?
Correct.... it's all about financial risk and how to mitigate it.
When buying insurance of any type, the product you pay for is 'peace of mind'....
Many people ask about extended warranties "is it worth it?"
And by this they mean to ask if the premium cost will be less than the pay-out on repairs.
If this is the criteria, then the answer is overwhelmingly not - no, it's not worth it, not in this sense anyway, because if it was, the insurer would have gone out of business a long time ago.
A more extreme example is my life insurance - which stops me from worrying about how my family will manage in the event of my death. So for me it's good value, although I hope that the insurer will never have to pay-out on this policy....
Personally, I have only ever took out extended warranty on new/expensive cars, but at the time new cars came with only one year manufacturer warranty, not three.
My logic is that the maximum amount I can 'lose' on a fault in a car, is its book value - i.e. if the reapir cost is more than the car is worth, I'll scrap the car.
Based on this reasoning, on a new/expensive car this cost can be signifacnt, meaning my exposure is high, and I have something to worry about, so I would gladly pay to get that particular worry off my mind.
But once the car depreciates, the maximum amount I could 'lose' on it gets smaller and smaller, so my exposure is low, and I am not really worried, which makes buying insurance less worthwhile in terms of the relief it provides me.
And ultimately I would be happy if I paid for extended warranty and my car proved reliable and did not need any repairs during the period.
New car repairs scare me, it is easy to get a bill into the £1000,s if you get something major go like a gearbox or even a clutch. I would pay £449 for the peace of mind. Of course you could always buy a Kia and get seven years warranty for nowt.
That is where I am....my car is now 2 years old and in a year, I will more than likely buy "peace of mind".....but, I am doing a lot less miles than I expected to, so may reconsider when the time comes.
My other car is a Kia...
I always hated having to buy life insurance - the only way to benefit from it was by dying. It was a happy day (when my family was grown and I was self sufficient enough that my wife will be taken care of when I kick the bucket) to cancel life insurance.
Just had the same quote for my c200. The price seems reasonable, but here is a list of exclusions:
Items specifically excluded are as follows:
• Air cleaners;
• Any seal, gasket or sealant;
• Auxiliary belts;
• Batteries - non HV and auxiliary batteries;
• Bonnet, boot and fuel flap release cables;
• Brake friction material and discs/drums;
• Brake pipes and brake hoses;
• Clutch assemblies/clutch fork/release
bearings/pressure plate/carrier plate;
• Clutch master cylinder/clutch slave cylinder;
• Core plugs;
• Distributor caps;
• Drive shaft and steering rack gaiters;
• Electrical connection blocks, terminals and
• Exhaust system, muffler, heat shields and
• Fuel filters;
• Gearbox, axle and drive line mountings;
• Handbrake/parking brake cables;
• Hinges (all);
• Hoses/pipes (non-metal), hose clips and
connectors (excluding coolant hoses);
• HT leads;
• Light bulbs and LED bulbs (except Xenon Bulbs);
• Navigation CDs, DVDs and SD cards;
• Oil filters and gaskets;
• PAS high pressure hose/pipes;
• Pollen/odour filters;
• Reprogramming or software updates (unless
required as part of a replacement part repair or
remedies the complaint/fault. Maximum 1 hour);
• Shock absorbers and suspension struts;
• Spark plugs;
• Sunroof cables, convertible cables, convertible
roof material and straps;
• Wiper blades;
• Wiring and wiring looms.
The one I have highlighted worries me, what if you blow a head gasket,
Plus this other exclusion at the end:
Any failure attributable to the effects of overheating
is not regarded as a mechanical failure under the
terms of this insurance.
So if you blow a head gasket and cook the engine you're not covered. Or am I being over sceptical.
My experience of the Tier one warranty I had when I bought my car, from the dealer, is that it’s poor. First problem I had was sinking rear suspension (S212) it was found to be a split pipe. It was not covered as non-metallic pipes were excluded. Second was a seized cabin fan motor, which in turn blew the speed regulator. This wasn’t covered as it was due to water ingress! Both times I took the car to the local indie and got them both fixed for less than the price of one years extended warranty. Might be ok if something went wrong that was actually covered but as you can see the exclusion are numerous.
That doesn’t seem to be much of a warranty, I thought being a merc warranty it would be the best (the best or nothing) seems nothing would be better. How does this compare with a reputable 3rd party warranty for similar money.
Using a main dealer encourages one to buy a manufacturer warranty because of the inflated hourly rates and parts prices - not to mention they repair nothing and replace everything.
If you find a recommended inde and go it alone, you should find your repair and parts bills drop dramatically because they repair what they can, charge less hourly and often get a discount on genuine parts (although check because indes aren't always cheaper).
So then if you save the money on a warranty instead, it goes a lot further this way... unless you are very unlucky.