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I had Old Republic with my C5 and it saved me thousands of dollars.
When I was shopping for an extended for my 11, they no longer serviced my Credit Union. I ended up with GMPP which was the best coverage I could find.
I have to chime in on this. When I bought my Vette new from one of the forum vendor dealerships, I also bought the extended warranty the same day and was assured it was a GMPP and forked over the money with them saying "it will be in the mail within the week" After a month, I still hadn't received it, so I called the dealership to ask why. Their response was "it should have been in your glovebox with your paperwork" but it wasn't. So they said they'd look into it. Another week went by with nothing. So another phone call, and 5 days later I get it in the mail only to find that it WAS NOT a GMPP, but another company. So I placed a call to a local dealership and ask them who this company was and if they would honor any work needing done. Their answer was "No. That warranty is ONLY for the dealership you bought the car from. It wouldn't be honored by any other dealership anywhere except that one." So a phone call back to the vendor dealership who told me that I needed to contact the warranty company to cancel it and they would refund my money. Called the warranty company, they needed it in writing, but it was too late. I only had 60 days to cancel and it was 60 days that day. Keep in mind it took me nearly 8 weeks to even get it in the mail. Not my fault. So I ended up in a heated arguement with the dealership, he even called my wife a bitch because she was arguing with him about refunding our money. All in all.........I did get my money back but it left a bitter taste in my mouth for this dealership. Bottom line is ONLY get a GMPP. Got mine from Denny Fichtner and now have a GENUINE GMPP. Denny's the one to deal with and trust.
He called your wife a bitch?.......I think I would have had to get real loud and start busting up his office.....geez, nice dealership.....asshats...
I bought my 10 GS when it had 21K but only a few months left on the 3 years. I went to my local Chevy dealer and asked about a GMPP and they laid it all out for me. I finally thought heck with it the powertrain warranty is all I need. So I let it go by.
About two months later my gas gauge goes nuts and after doing all the Techron and a few gallons of Sea foam it was determined that new sensors were needed and oh by the way the fuel system is not covered on the 2010 Corvette........so that will be 2K to replace the sensors......shoulda woulda coulda......like an earlier post said...lots of little **** to go wrong on these cars.....its the luck of the draw mostly....
I bought an 08 a little over a month ago. The seller had forgotten that he purchased the GMPP warranty when he bought the car. He found the paper work when gathering everything for the sale. Nice surprise. I just had to get paperwork signed and faxed and mailed (plus $50) but it seems that it may have worth it. Car is currently in the dealership with three seperate issues right now. I'll let you know how the warranty coverage works out.
The odds are that you will never recoup the money spent on any of these. And the odds are that the insurance company will make a profit on what you bought. Insure yourself.
Also there are exceptions to all rules but remember they are exceptions and not the rule.
Your statement that "the insurance company will make a profit" is true of all types of insurance, but we still insure our homes, health, life, etc.
If they didn't make a profit, there would be insurance available to insure things.
A friend with a 07 ZO6 had a lifter go out while on a trip to CA after owning the car less than a month. The cost to replace the cam and lifters and head gaskets was almost $5000 which his GMPP policy fully covered less the deductible; it also reimbursed much of the cost for his return to pick up the car. He paid $2900 for the 3yr. policy. Because of his good experience I bought a 4 yr. policy on my 2010 GS (for $2400) from GMPP through the dealer I bought the car from. Another friend has had good experience with a Century Insurance policy he had on his 07. He is also getting a GMPP for that car.
Just bought a 2008 c6 corvette with 47,000 miles on it and was thinking about purchasing a extended warranty. There are so many on the internet. Has anybody had any experiences in buying one that is good?
Just bought a 2010 grandsport 34000 km paid $53000 Canadian bought from gm dealer included 4 year warranty for $3200 Canadian has a $100 deductible
Your statement that "the insurance company will make a profit" is true of all types of insurance, but we still insure our homes, health, life, etc.
If they didn't make a profit, there would be insurance available to insure things.
You insure your home, health and life because a loss could involve hundreds of thousands or even millions of dollars.
That's not too likely with a warrantied car repair.
IF $5000 is a catastrophic financial event, why buy a Warranty for half that? I cannot imagine too much going wrong in a Vette $5000 would not fix. How many of those events are likely to happen on a car that is usually not a daily driver? That would be some really bad bad luck to spend even $3000 in repairs on a car with less than 60K on it nevermind 24K. The GMMP actuary tables reflect that in their costs and time
I cannot imagine anyone who can afford a Vette needs to save $2500 after the fact. I figure $5000 is what I am self insuring for.
I have been worrying a lot about crap going wrong by reading these forums and because of my lack of knowledge and being taken advantage of not having anyone but dealerships to work on it. SO I put $5000 in a repair slush find along with $2000 for the bike.If I had a local Corvette Specialty Shop in town I would not worry at all about anything going wrong. I trust Indys more than dealerships. I did find a couple Corvette Shops 100 miles away so that eases my worry a lot.
I would not buy an Extended Service Contract on a 24k mile car I may only put 4K a year on for $3000. So either I make $5000 "profit" or something less on the unused portion as long as I own the car or not. and I get to make all the repair decisions.
I did not buy an ESP on the Harley because again $5000 is a whole lot of stuff going wrong and $2400 is the cost I would pay up front. So All I am saving is $2600 IF I have a catastrophic event. So I put $2000 in the transportation savings account slush fund for that.
Of all the ESPs I could have purchased and did not in the past were added up I would bet it would be $12K saved. I may have spent $3k in non covered losses.
IF $5000 is a catastrophic financial event, why buy a Warranty for half that? I cannot imagine too much going wrong in a Vette $5000 would not fix. How many of those events are likely to happen on a car that is usually not a daily driver?
I cannot imagine anyone who can afford a Vette needs to save $2500 after the fact. I figure $5000 is what I am self insuring for.
I have been worrying about crap going wrong more reading these forums and because of my lack of knowledge and being taken advantage of and especially not having anyone but dealerships to work on it. SO I put $5000 in a repair slush find along with $2000 for the bike.
I would not buy an extended Service Contract on a 23k mile car I may only put 4K a year on for $3000. So either I make $5000 or something less in "profit" in the unused portion as long as I own the car or not.
If I had a Corvette Specialty Shop in town I would not worry at all about anything going wrong. I trust Indys more than dealerships.
I did not buy an ESP on the Harley because again $5000 is a whole lot of stuff going wrong and $2400 is the cost I would pay up front. So All I am saving is $2600 IF I have a catastrophic event. So put $2000 in the transportation savings account slush fund for that.
Of all the ESPs I could have purchased and did not in the past were added up I would bet it would be $12K saved. I may have spent $3k in non covered losses.
I guess it all boils down to the value of piece of mind. I don't buy extended warranties on TVs and appliances and have never bought them on a car before but I have them on both my Vette and my daily driver 14 Ford Escape....didn't buy one on my 09 H-D as it's too modified engine wise. I guess I just worry more in my old age...and it probably has something to do as to why I have run flat tires on the Vette!
I spent about 15 minutes skimming through the contract for one of their highest levels of service and found an alarming number of exclusions. Hopefully it'll work out ok for you...
07-29-2014, 06:18 PM
