Warranty DEDUCTIBLE?!

[itsbo1313]

I bought an extended warranty with zero deductible and it covers most maintenance. The $5k cap was the catch.

 

[wjburken]

I bought an extended warranty with zero deductible and it covers most maintenance. The $5k cap was the catch.

Was the $5K cap a total for life of the warranty period or per instance?

 

[itsbo1313]

$5K total. I paid $2600 so when I use it all I will have saved $2400.

 

[itsbo1313]

Bad decision. Too many maintenance items not covered.

 

[OR VietVet]

$5K total. I paid $2600 so when I use it all I will have saved $2400.

So basically your deductible was $2600. That "instead of warranty" company plays the odds and comes out great on the other side. Every now and then I hear of the extended warranty companies covering maintenance but they are few and far between. Extended warranties were sold for breakdowns and repairs, not maintenance. I don't know how tight they are controlled now but way back when the warranty company could collect all these payments for coverage and then close up shop and move to another state under a different name.

 

[WillCO]

It was in the paperwork you signed.

Slightly slimy that the person selling it to you didn't make sure you knew about it, though.

 

[Hrocks]

The only extended warranty I would ever buy on a GM vehicle was the former GMPP warranty. This was basically an extension of the factory warranty BUT, with YOUR CHOICE of having a zero deductible, or a range of deductibles. As one might expect, the smaller the deductible, the higher the cost. If you're planning on keeping your vehicle for a LONG time, it could be very beneficial. I had one on my '10 Tahoe that served me well for about 6/7 years. You could then have also chosen time and mileage limits. (Still have the Tahoe.)

 

[OR VietVet]

The only extended warranty I would ever buy on a GM vehicle was the former GMPP warranty. This was basically an extension of the factory warranty BUT, with YOUR CHOICE of having a zero deductible, or a range of deductibles. As one might expect, the smaller the deductible, the higher the cost. If you're planning on keeping your vehicle for a LONG time, it could be very beneficial. I had one on my '10 Tahoe that served me well for about 6/7 years. You could then have also chosen time and mileage limits. (Still have the Tahoe.)

Agreed. If you have to buy an extended warranty, the best ones were from the manufacturer of your vehicle. The chances of them shutting down and leaving you high and dry were greatly diminished.

 

[itsbo1313]

The one I bought has helped, but in reading the contract again there are things I thought were covered which are not.

 

[OR VietVet]

The one I bought has helped, but in reading the contract again there are things I thought were covered which are not.

And the reason you thought these items were covered is because the salesman that sold you the warranty said, "It covers everything", correct? Or what was it that led you to believe they were covered? Assumed without reading or what, if anything, was said?