Protective mileage plus plan, Ever use one get an extended warranty from them? (1 Viewer)

[NarnyTheGreat]

I bought a new (to me) high mile Honda Odyssey. They want to sale me the Protective Mileage Plus plan. Problem is, it tells me all these parts that it covers.... I have NO IDEA whatsoever whats in a transmission and motor so how do I know if it will be covers or not?

Does any one have any input? It would be the lowest tier. Tier E.

Thanks in advance.

 

[NarnyTheGreat]

Anyone???

 

[Lord Spice]

I have no idea on that good luck wish I could help :-\

Sent from my HTC0P3P7 using Tapatalk

 

[inigomontoya]

Can't give specific advice on that one, only that those are the highest commissioned items in a dealership (extended warranties) because they make so much profit on them. Which means they make more selling them than servicing them- which I why I make it a practice never to buy them.

 

[dayton]

I am a loan officer at a local credit union, I also spent a tone of time at dealerships (sales) dealers do make a ton on warranties. We do not make much at the CU. I would look at the cost, where you are able to take the car, how many miles and months is it good for, is it good nation wide? These are just a few things to look at, if you give some more specifics I can share my thoughts.

 

[NarnyTheGreat]

I am a loan officer at a local credit union, I also spent a tone of time at dealerships (sales) dealers do make a ton on warranties. We do not make much at the CU. I would look at the cost, where you are able to take the car, how many miles and months is it good for, is it good nation wide? These are just a few things to look at, if you give some more specifics I can share my thoughts.

Ok, Its good for 24 months or 24000 miles. The cost is supposed to be around 3000 but he lowered it to the employee pricing of 2200. I am able to take it to any ASE certified mechanic even if they arent at a dealership.

It says it covers for Level E
1)Engine: All internally lubricated parts contained within the engine block, cylinder heads or rotary engine housings; oil pump; timing belt or chain, timing gears and timing tensioners, water pump engine block, cylinder barrels engine heads rotor housing (and in bold they say,) if damaged by the failure of an internlly lubricatred part. Dipstick and tube; harmonic balancer; oil pan; timing chain cover.

Previously I was told and thought this also covered the transmission however now that I read what level E actually covers I can simply save the 2400$ and buy me an rebuild engine myself.

 

[emixa]

thats WAAAAAY too expensive. do some on-line research. i bought an extended warranty for my Maxima at gold level (which was everything) for around $1400.00. i got into some issues with them but $2400.00 seems alot!

 

[dayton]

Of course I couldn't say without the Vin and mileage but I would think ours would cover engine and transmission plus alot of other parts for that price. I agree that its a little high if its just the engine.

 

[NarnyTheGreat]

Turns out there was more to the plan. It was Level 1 (not the Level E) which covers everything I listed plus the following...

Transmission and transfer case. All internally lubricated parts contained with in the transmission case, torque converter case or transfer case. Transmission case, torque converter case, transfer case and external covers and pan if damaged by the failure of an internally lubricated part. Coverage is not afforded for standard transmission clutch assemblies (mine isnt a standard) or any of their component parts. Dipstick and tube.

Drive axle: all internally lubricated parts contained with in the front or rear drive axle housing. Front and rear drive axle housing if damaged by the failure of an internally lubricated part. Drive shafts locking hub and bearings constant velocity joints universal joints.

Steering: Power steering pump ; steering box; rack and pinion; pitman arm; idler arm; tie rods; tie rod ends and drag link

Electrical: Alternator; voltage regulator; starter motor; starter motor solenoid.

Thats it. If its not listed here its not covered.

Also its not 2400 its 2200.

 

[dayton]

In that case, I would take it. I assume you are paying the total cost out of pocket? Not rolling it into a loan?

 

[NarnyTheGreat]

Yes. And thank you. I appreciate your input. I have never needed an extended warranty before so its been stressful trying to figure out what I need and dont need.

 

[reeftopia]

David Ramsey who gives money advice says never buy warranty plans. Have heard of the plans going broke leaving all customers holding the bag

 

[NarnyTheGreat]

I had read the same thing (about Dave Ramsey), and honestly I was going to NOT take the plan however I can cancel the plan if I feel I am not getting my moneys worth. Now as far as them going out of business.... cant do much about that.

 

[dayton]

Dave Ramsey assumes people have an extra 2k laying around when the motor blows. $25 a month or 2k unexpectedly? lll take the 25

 

[emixa]

to me that is still too expensive but if you have the change then I wont be the one stopping you. have fun with that.