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Old 10-22-2014, 09:56 AM   #15
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Flaggship1, grown people debate this here as the OP was looking for opinions. My opinion of 'insurance policies' are they a means of great income for the people selling them as that is why they do it. To make money. My last experience with an 'insurance policy' was with GM. I installed a new motor with a 50,000 mile warranty (their words, not mine). A valve went out of it so I took it in for the 'warranty work'. All the dealers had excuses why they couldn't fix it. After finally talking to GM in Detroit they found a dealer some distance away that agreed to fix it. Now the fine print I didn't catch. I had to pay for the ancillary items, which really means I paid for everything to get to the valve and get it back together and they paid for the $25.00 valve. Cost me just short of $800 for GM to 'warrant' the valve. What's worse is I didn't even pay for that warranty, it was supposed to be included. Had I known GM was so desperate for cash I would have gone to a local mechanic I know and got it done for $300 or so. That is only one of my experiences with 'insurance policy' of this nature. There have been more and there was always a reason they couldn't fully cover the defective item. I don't have more money than I know what to do with but I have enough to take care of any situation that arises in any vehicle I own down to replacement. It doesn't take too many $3,000 to $6,000 dollar policies dropped into a fund to add up to real money. Yes it is a risk but not much if you have done your homework and maintenance. GM products will never be in my garage because of that shenanigan.


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Alan - I'm sorry you had a bad experience. I'm on my second "warranty" - first was a GE Extended Service Plan on 1991 Airstream B - Van - the thing paid off like a bandit. This GS ESP is working out too. Reading the fine print before buying any policy is an excellent idea. That way you know what to expect when something goes wrong and not be dissatisfied when you get what you paid for. That is certainly not up for debate.

I do think there are better and worse policies - and bad experiences with the best of them and good experiences with the worst of them. Ya pays yer money, ya takes yer chances. Ya play the hand your dealt. Some people can mess up a steel ball bearing simply with their attitude. (Me for example - not you.) Point is sometimes how you approach the service provider can make a difference. Shouldn't, but it can.

If my little ISB goes toes up - I will be glad I have this policy - all my maintenance records - pictures of everything - every upgrade and improvement to lay on their desk. I am confident it will save me money. Just as the replacement of the VGT covered more than a year of premiums - a few covered breakdowns can add up to real money too.

Again sorry for your and all who have a bad experience.
The debate still leaves me flat. Too many variables and individual cases to base a decision on. To me - wrong as I may be - you either insure - or you don't. There is a saying in the risk management business - self insurance is NOT insurance.
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Old 10-22-2014, 10:23 AM   #16
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Originally Posted by flaggship1 View Post
Alan - I'm sorry you had a bad experience. I'm on my second "warranty" - first was a GE Extended Service Plan on 1991 Airstream B - Van - the thing paid off like a bandit. This GS ESP is working out too. Reading the fine print before buying any policy is an excellent idea. That way you know what to expect when something goes wrong and not be dissatisfied when you get what you paid for. That is certainly not up for debate.

I do think there are better and worse policies - and bad experiences with the best of them and good experiences with the worst of them. Ya pays yer money, ya takes yer chances. Ya play the hand your dealt. Some people can mess up a steel ball bearing simply with their attitude. (Me for example - not you.) Point is sometimes how you approach the service provider can make a difference. Shouldn't, but it can.

If my little ISB goes toes up - I will be glad I have this policy - all my maintenance records - pictures of everything - every upgrade and improvement to lay on their desk. I am confident it will save me money. Just as the replacement of the VGT covered more than a year of premiums - a few covered breakdowns can add up to real money too.

Again sorry for your and all who have a bad experience.
The debate still leaves me flat. Too many variables and individual cases to base a decision on. To me - wrong as I may be - you either insure - or you don't. There is a saying in the risk management business - self insurance is NOT insurance.
If it were only one bad experience I probably wouldn't be so down on extended warranties or as some call them insurance. I fail to see the difference between the two terminologies. You pay money for both of them and both parties gamble that theirs will pay off or not cost anything.

On that same vehicle I had al the troube with I had an extended service plan before I ended up running out of time and had to just break down and buy a new engine as the old one had been worked on and overhauled too many times. I bought it used and it broke down during the dealerships shakeout drive in which they told me I had to buy an extended service contract so they could fix it. I should have just walked away then. I went that day to pick it up and I drove my old vehicle back home while they fixed the one I was buying. That piece of crap was back in their shop every 3 - 10,000 miles until the mileage ran out on the plan in which I was told I was on my own. Thinking that just buying a brand new crate engine would be the way to go I did just that. What could go wrong? 50,000 mile warranty! Hmmm, it lasted less than 5,000 miles before the valve went out. Turns out a piece of sealant got attached to the valve casting inside the head and didn't allow heat to dissipate. I understand why it burnt out but i didn't understand why I had t pay them to remove the hood, the belts, valve cover gaskets, intake manifold..... well you get the idea of what I got stuck with. I was young and dumb then and I vowed it would never happened to me again. You are right that for some people warranties work out great, kind of like people that win at the casinos, but I am thinking that if the majority of those gamblers are truthful, they lose more times than they win. I have money set aside for big emergencies that is there just for that reason and yes you have to have the stomach for the risk. That money is making money while it sits and has been for over thirty years. Other than that one vehicle I have had excellent luck. I take no offense at your take on warranties and I hope you do the same with me. We just have a different outlook and opinion on them. But then that is why they make different kinds of vehicles for all of us to like or hate! LOL!
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Old 10-22-2014, 10:36 AM   #17
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^^^^ Indeed no offense meant or taken. And here's another difference of opinion - LOL - most people in casinos are winners - they leave a looser because they don't know when to quit and get greedy. Sounds like you went through it pretty bad. :-(
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Old 10-22-2014, 10:51 AM   #18
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^^^^ Indeed no offense meant or taken. And here's another difference of opinion - LOL - most people in casinos are winners - they leave a looser because they don't know when to quit and get greedy. Sounds like you went through it pretty bad. :-(

Yep! It got pretty ugly. I knew there was some of the bill I had to pay, I just didn't realize they were going to nickel and dime it to that amount. It just wasn't explained that way. I literally paid for everything BUT the valve. Had one more on extended warranties with GM. Transmission goes out on wife's car (I told her not to buy it) and they claimed I had never paid for or signed the extended warranty agreement. (I learned on the other GM to get a policy) that was another battle I had until I took time off from work to show them the paperwork THEY copied and gave me. I had both vehicles at the same time for a while. That was enough for me. Glad yours is paying off.


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Alan

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Old 10-22-2014, 08:09 PM   #19
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If it were only one bad experience I probably wouldn't be so down on extended warranties or as some call them insurance. I fail to see the difference between the two terminologies. You pay money for both of them and both parties gamble that theirs will pay off or not cost anything.
Manufacturers who care about their reputation in the marketplace warrant their products against defects in materials and workmanship. In order to obtain service under their warranty, you must take the product to them or their authorized dealer for service. There are federal laws regarding warranties.

Extended service insurance companies don't give a crap about the product. They more than likely have rented office space in St. Louis, employ a bunch of high school graduates in cubicles to answer the phones and use independent contract sales people and adjusters to control the in-flow and out-flow of cash. You can take your product anywhere you want for service, they may or may not agree to pay for any, some, or all of the repairs, in their own sweet time and only to their liking. They laugh all the way to the bank and when things get tough, they take the money and run. They appear to be about as well-regulated as the banking industry.
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