12-17-2019, 06:08 PM | #1 |
Lieutenant
294
Rep 538
Posts |
The importance of a warranty
I know there's been numerous discussions on how important a warranty actually is, but wanted to give my own experience. During my first oil change not long ago there was a decent amount of transmission fluid found and I ended up needing new cooling lines and a new transmission oil pan. My warranty paid out a cool $2850 to get it fixed, and I had already had an a/c compressor replaced under warranty as well.
So in short: for me it was damn worth it and I've now had more paid out than I paid for the warranty itself, and still have ~6 1/2 years left of coverage. I also want to say that the warranty company, ASC, has been great. The service rep at BMW said they're the easiest he's ever worked with, so I'd highly recommend them. |
12-17-2019, 07:12 PM | #2 |
Major
829
Rep 1,254
Posts |
vafan13 are they mod friendly?
__________________
2009 E92 M3 build thread: https://www.m3post.com/forums/showthread.php?t=1754875
Follow me on IG - www.instagram.com/the_driven_enthusiast |
Appreciate
0
|
12-18-2019, 07:18 AM | #4 |
Lieutenant
294
Rep 538
Posts |
It's their "factory type coverage", which they define as everything covered under the original warranty* except for a list of normal maintenance items and certain electronics (nav, cameras, etc.), but I added the optional Tech Package, which then leaves the exclusions at just the normal maintenance items. The policy is good for 7 years or 120K on the odo and I paid $3500 through the dealership. Personally, I think ASC goofed on the price quote, as it seems way out of line with others and even the sales manager at the dealership seemed genuinely surprised.
As far as being mod friendly, I really can't say. I haven't explicitly asked and the closest they address it in the contract is what feels like a fairly standard line about not covering "repairs as a result of alterations not recommended by the manufacturer or the failure to perform recommended maintenance by the manufacturer", but not sure how they would behave in practice. For the $2850 in transmission leak repairs they wanted just a few pictures and a call with the BMW service rep. (thus far) it doesn't feel like they've gone sniffing around for reasons to not pay up. *but a note for anyone getting one for them on a FI car: you still have to add the optional factory super/turbocharger coverage. Was just $150, but don't want to leave that off. |
Appreciate
1
HXS741.00 |
12-18-2019, 09:21 AM | #5 |
Major
60
Rep 1,073
Posts |
The big question is can anyone buy it or does it have to be purchased at time of sale from a dealer or specific financial institution? Third party warranties are getting harder to come by for these cars.
|
Appreciate
0
|
01-08-2020, 12:58 PM | #6 | |
Private First Class
56
Rep 145
Posts |
I just got off chat with ASC about covering a 2014 M5 with 11k miles, no dice
Quote:
|
|
Appreciate
0
|
01-08-2020, 01:18 PM | #7 |
Private First Class
56
Rep 145
Posts |
Got a bite from another outfit. Will have to do some research because I doubt it's an exclusionary policy - Edit, apparently it is
https://patriotwarranty.com/extended...whats-covered/ Pricing was very competitive. Google reviews Hello Clint, My name is Stephen West and I am a Senior VSC Specialist at Patriot Warranty.We spoke a while ago, about a vehicle service contract quote on your 2014 BMW M5. Everything we spoke about is included below for your review. Attached is the service contract on what is covered. Like I mentioned on our phone call, purchasing a contract with us involves no risk. We give you an unconditional 30 day moneyback guarantee! Your Personalized Quote: Covered Vehicle: 2014 BMW M5 11050 Miles Coverage Plan: Patriot Premier Elite Plan Term: 5 Years / 50,000 additional miles CALL (866) 634-7978 Ext 740 & FINALIZE COVERAGE! Stephen West swest@patriotwarranty.com Last edited by texsn95; 01-09-2020 at 10:09 AM.. |
Appreciate
0
|
01-08-2020, 02:20 PM | #8 |
Lieutenant
294
Rep 538
Posts |
Bummer about ASC. Not sure if that's my fault, or they just don't want to insure them outside of a dealer car. The dealer might have mentioned something about my car having been under BMW warranty up until being sold to them. That could have been the difference, too.
I don't know anything about Patriot, but if the online reviews are to be believed, they look pretty legit. |
Appreciate
0
|
01-08-2020, 03:34 PM | #10 |
Private First Class
56
Rep 145
Posts |
I actually just put down a deposit on a policy, fully refundable if the vehicle purchase doesn't go through. $0 deductible, 5/50. Steve's good to go, spoke with him for 30 minutes. Also got a rim and road hazard coverage to go along with it.
Last edited by texsn95; 01-09-2020 at 09:42 AM.. |
Appreciate
0
|
01-09-2020, 03:41 PM | #11 |
Private First Class
78
Rep 108
Posts
Drives: 2015 BMW M5
Join Date: Feb 2014
Location: Central Texas
|
Exclusion type policies are usually the way to go, but you really have to read the details of the specific verbiage provided in the contract that is presented to you. Print it out and go over it with a highlighter. Read about the specific process they layout for making a claim. Know your policy.
A big deal-breaker that I have run into with multiple quotes on extended service contracts is the aggregate limit of the policy. This is essentially the amount that they will pay over the life cycle (period of performance) of the contract. The sample contract posted on Patriot Warranty's website says "OUR aggregate limit of liability under this VEHICLE SERVICE CONTRACT for REPAIR COST or for any other purpose is the amount YOU paid for the VEHICLE." When I called this morning, that was also what I was told. I too was able to get a good deal on a VSC and decided to try it. They asked for a copy of bill of sale when I bought the vehicle which I in my mind meshed with what I was told, about how the aggregate limit was tied to the purchase price of the vehicle. After just getting around to reading the specific contract that I was presented earlier this morning, the verbiage for the same section III is, believe it or not, actually contrary to what they presented in their sample policy. In my specific contract, it reads "OUR aggregate limit of liability, the total of all claims and benefits paid or payable while this VEHICLE SERVICE CONTRACT is in force shall not exceed $15,000." I called them back and they agreed to increase the aggregate limit up to $40,000 which ultimately for this price on the VSC, I believe is fair, but it should reiterate to you the importance to do your own due diligence: read your specific contract and know what it says. Be able to speak to it.
__________________
2015 BMW F10 M5 | Competition Package | Driving Assistance Pkg | Executive Pkg | Bang & Olufsen | 343M 2NZ wheels
Born 02.27.2015 in Dingolfing Last edited by AirBull; 01-09-2020 at 03:57 PM.. |
Appreciate
1
technician117251.00 |
01-10-2020, 06:57 AM | #12 | |
Captain
251
Rep 606
Posts
Drives: 2000 M5, 2001 M5, 2013 M5 6MT
Join Date: Jul 2018
Location: Buffalo
|
Quote:
|
|
Appreciate
0
|
01-10-2020, 10:04 AM | #14 |
Private
10
Rep 84
Posts |
I just signed on with Patriot Warranty for 5 yr / 50K even though I am disabled and will never hit the 50K, but plan to hit the 5 yrs. He was very thorough and accommodating. He also answered all the questions I had about the less than reputable companies who had loopholes in their fine prints.
I am comfortable with the price at this point and the discounts you can get as a military vet and a disabled person, among others... good luck |
Appreciate
0
|
01-13-2020, 08:04 AM | #17 |
Private First Class
78
Rep 108
Posts
Drives: 2015 BMW M5
Join Date: Feb 2014
Location: Central Texas
|
My experience with Patriot thus far has been promises on the phone, but verbiage in the actual contract that speaks to the contrary.
First was the issue over the aggregate limit; I was told it would be the price that I paid for the vehicle but when I got my contract, it was only $15,000. They bumped it up to $40,000 when I pointed this out, but that was just the first of what have become multiple discrepancies. Then I continued to read and realized that my particular contract had the shop labor rates capped at $125/hour when I was specifically told there was no cap, and as an example, if my BMW dealer charged $199/hour they would pay it. Well, that's not what my contract says. I don't agree with the sentence they included in the same section I. subpart P., Repair Cost, where they say "they reserve the right to supply the covered replacement part/parts needed to complete the repair." I'm pretty sure my BMW dealer would not allow that and I'm not putting salvage or used parts on my M5. If they are willing to pay retail for parts, then they should be able to simply omit that sentence. Then, read further under Section V for Exclusions, and note F: automated manual gearbox transmissions (DCT, PDK, SMG,) are not covered. So there goes any protection for our transmissions. But the biggest thing that was just getting to me was why in the first place were they even detailing all these sections of "what is covered," if in fact, it was an exclusionary policy like they advertised on their website? Turns out, it's not really an exclusionary policyas under V. subpart L., they specifically say that any and all parts which are not specifically listed under these previous coverage details are thereby excluded under the terms of this agreement. That's called an inclusionary policy where they specifically list what IS covered. A bumper to bumper warranty is a good example of an exclusionary policy, where they don't waste their time telling you all that is covered, they simply tell you what is not covered, like tires, brake pads, and other wear items. To me, this contract and others like it just read like they are going to find a way out of paying your claims should you need to file one. Look how the policy defines what actually constitutes a "breakdown", which is the only way they will pay. They may even be nice once or twice, but this policy is not exactly worded in your favor and if they want, they can probably find a way out of paying your claim. Me personally, I'm going to keep looking.
__________________
2015 BMW F10 M5 | Competition Package | Driving Assistance Pkg | Executive Pkg | Bang & Olufsen | 343M 2NZ wheels
Born 02.27.2015 in Dingolfing |
Appreciate
0
|
01-13-2020, 09:33 AM | #18 |
Lieutenant
294
Rep 538
Posts |
Bummer, but certainly good to figure that out before signing instead of after. At minimum it speaks to how careful one has to be in reading the actual contract for an aftermarket warranty like this.
As you said, exclusionary is what one wants. Mine simply states "includes all items covered under the manufacturer's original coverage except for those items listed under 'items not covered.'" That list is normal maintenance items, plus a bunch of tech stuff (lane departure, nav, etc.) which are then added back in by an optimal "high tech package". |
Appreciate
0
|
01-13-2020, 10:47 AM | #19 |
Private First Class
56
Rep 145
Posts |
Air
My section P reads as follows and see not mention of a labor rate cap. Note that this is the sample contract and is not specific to me yet since I haven't taken ownership of the car or assigned an aggregate value: Section 5 Note F makes not mention of excluding the DCT, but does say |
Appreciate
0
|
01-13-2020, 11:33 AM | #20 | ||
Private First Class
56
Rep 145
Posts |
I used Warrantech for my 06 with an exclusionary policy and had great results. Motor and TB actuator claim in 2014. I just called and they go through a few secondary vendors (in addition to the dealerships selling the vehicle), one is Toco Warranty and the other First Guard, which both offer exclusionary policies.
See here https://www.tocowarranty.com/vehicle-coverage Quote:
Quote:
Edit: Just called First Guard and they said they only sell directly through the dealership where you purchase the car, so scratch that. Last edited by texsn95; 01-13-2020 at 11:55 AM.. |
||
Appreciate
0
|
01-14-2020, 07:54 AM | #21 |
Private First Class
78
Rep 108
Posts
Drives: 2015 BMW M5
Join Date: Feb 2014
Location: Central Texas
|
Here is a good link on what to look for in an extended warranty. Endurance won't do an M5, at all.
https://www.autocheatsheet.com/exten...-warranty.html
__________________
2015 BMW F10 M5 | Competition Package | Driving Assistance Pkg | Executive Pkg | Bang & Olufsen | 343M 2NZ wheels
Born 02.27.2015 in Dingolfing |
Appreciate
0
|
01-14-2020, 09:43 AM | #22 |
Private
10
Rep 84
Posts |
Concord Auto Protect is a terrific warranty company - I have had them on previous vehicles; however, like I am finding with most (like Endurance) they will not warranty M or AMG vehicles
|
Appreciate
0
|
Post Reply |
Bookmarks |
Thread Tools | Search this Thread |
|
|