Back in Aug of 2011 I bought a new 4 x 4 truck. I’ve bought 5 vehicles from this dealership over the years but this was the first time I ever bought the extended warranty. The deal was I pay just northern of $2K for 7 years or 70K miles of bumper to bumper protection. (essentially prepaying for service of failed parts) but the stipulation was that is I filed no claims in that time frame, the entire amount would be refunded to me less $50. Well I 500 miles from the mileage mark and wonder if they will make good on the agreement? Has anybody here exercised the refund clause in a vehicles extended warranty? Was it through Fidelity? Did they do as promised in writing? How long did it take to actually see the refund? I called the dealership in advance so I am prepared for the impending mileage mark and he said they handle all the paperwork and submission for me. He made it sound promising. Its almost time for new tires and thought this would be a good source of funding that replacement.
I would speculate you are going to get it. That really isn't any different then a refund on an insurance premium when you don't make any claims. We have used our extended warranty more then we would like too. The car seemed to start falling apart at the 5 year mark and it seems like we have had it in the shop every other month since! The only think I can't stand about 3rd party warranties is the inspection/ pre-approval before any work can be done. It seems to slow the process down substantially.
If this pays off its really a win win because 1. I haven’t hade a single problem with the truck in 70K miles and 2. because of that I am supped to get the premium refunded to me (minus $50). Most insurances you simply lose the premium.
so you will end up paying $50 for the company to hold and earn interest off your $2000 for 4 years. Imagine what you could have if you had taken that same $2k and invested it somewhere yourself.
I think that is true of all insurance. You pay for it hoping you wont need it but knowing its there if you do. At least in this case It appears I can get my premiums back unlike the other insurance I pay yearly and make no claims and see no refund. It was a gamble no doubt. Had I had a major mech breakdown, the service would have been covered. Thats the insurance game.
Everything (bumper to bumper) It already came with a 3 yr 36,000 mile warranty on everything That expired some time ago. and 5 yr 100,000 on only the power train. I would have been ticked off if I had to file a simple claim for some minor issue (because if you used the policy once you dont get the refund) They offered several grades of coverage, (like silver, gold, platinum) and each covered more and more with the platinum (the one I took) covering everything.
Hope you get your money minus the $50 back. But what were they really covering? You were already covered for engine transmission and drive train for 100K, and everything for 36K. So they only had to worry about non-powertrain items for 34K miles. The odds of a warranty item not already covered popping up between 36 and 70K is pretty small.
Correct that's the insurance actuary game. They are betting I wont have a problem and I am assuming I will but unlike other insurances, you dont get your premiums back if you dont file a claim. I dodnt get that on healthe, home, or other insurances. I was just wondering if others had bought such a policy, didnt use it and then speak to if they actually got their money back.
I have never purchased an extended warranty on anything, and with insurance, I get as low as possible.
Same here. This was the first time for me. Ive bought 5 vehicles from this dealership over the years but this was my first extended warranty. I dont know that I would do it again but so far thanks to this truck being dependable, it worked out.
68,000 miles and the damn truck just took off on its own and demolished itself.... craziest **** i ever seen
