108k 996 anxiety
02-13-2012, 11:55 AM
#91
Rennlist Member
Join Date: Jan 2012
Location: San Jose
Posts: 142
Likes: 0
Received 0 Likes
on
0 Posts
Just a thought on the whole IMS thing that takes into account some actual numbers. When I got my 05 997, I got quotes from a number of extended warranty companies. All of them offered a powertrain warranty that covered IMS failure for around $2,000 to $2,500 for 4 years. Now, assuming a catastrophic engine failure = $20,000, that would mean that even if there was a 10% chance of one, they'd only be breaking even on the warranty. And that doesn't take into account that the powertrain warranty also covers any number of other repairs that are far more likely than IMS failure, the overhead costs for the insurance companies, and what I think I can safely assume is a healthy profit margin. And none of the companies I talked to requested any sort of IMS specific diligence in advance -- i.e., inspecting an oil filter for ferrous material. One would think if there was a substantial chance of a single item blowing their profit margin, they would do so.
I ended up going for an exclusionary warranty purchased through my local Porsche dealership, because I'm risk averse and because the cost seemed very reasonable, especially since my dealership assured me that they've never had a single issue getting coverage with this company (Fidelity). But it would sure seem that the folks whose job it is to know exactly how often our cars need repair are not nearly as worried about IMS failure as the average person on this board, and they presumably have the best information on the subject.
That's not to say it can't happen, or that it isn't awful news for those who it happens to, but you can say the same thing about people who won't swim in the ocean because they're afraid of sharks.
I ended up going for an exclusionary warranty purchased through my local Porsche dealership, because I'm risk averse and because the cost seemed very reasonable, especially since my dealership assured me that they've never had a single issue getting coverage with this company (Fidelity). But it would sure seem that the folks whose job it is to know exactly how often our cars need repair are not nearly as worried about IMS failure as the average person on this board, and they presumably have the best information on the subject.
That's not to say it can't happen, or that it isn't awful news for those who it happens to, but you can say the same thing about people who won't swim in the ocean because they're afraid of sharks.
02-13-2012, 12:39 PM
#92
Rat Balls
Rennlist Member
Rennlist Member
Join Date: Dec 2011
Location: Scottsdale AZ, USA
Posts: 3,636
Likes: 0
Received 13 Likes
on
13 Posts
Just a thought on the whole IMS thing that takes into account some actual numbers. When I got my 05 997, I got quotes from a number of extended warranty companies. All of them offered a powertrain warranty that covered IMS failure for around $2,000 to $2,500 for 4 years. Now, assuming a catastrophic engine failure = $20,000, that would mean that even if there was a 10% chance of one, they'd only be breaking even on the warranty. And that doesn't take into account that the powertrain warranty also covers any number of other repairs that are far more likely than IMS failure, the overhead costs for the insurance companies, and what I think I can safely assume is a healthy profit margin. And none of the companies I talked to requested any sort of IMS specific diligence in advance -- i.e., inspecting an oil filter for ferrous material. One would think if there was a substantial chance of a single item blowing their profit margin, they would do so.
I ended up going for an exclusionary warranty purchased through my local Porsche dealership, because I'm risk averse and because the cost seemed very reasonable, especially since my dealership assured me that they've never had a single issue getting coverage with this company (Fidelity). But it would sure seem that the folks whose job it is to know exactly how often our cars need repair are not nearly as worried about IMS failure as the average person on this board, and they presumably have the best information on the subject.
That's not to say it can't happen, or that it isn't awful news for those who it happens to, but you can say the same thing about people who won't swim in the ocean because they're afraid of sharks.
I ended up going for an exclusionary warranty purchased through my local Porsche dealership, because I'm risk averse and because the cost seemed very reasonable, especially since my dealership assured me that they've never had a single issue getting coverage with this company (Fidelity). But it would sure seem that the folks whose job it is to know exactly how often our cars need repair are not nearly as worried about IMS failure as the average person on this board, and they presumably have the best information on the subject.
That's not to say it can't happen, or that it isn't awful news for those who it happens to, but you can say the same thing about people who won't swim in the ocean because they're afraid of sharks.
The same thought occured to me when I used my after market warranty for the first time. My Indy found that I had a cracked serpentine belt (covered item) but since it was not yet "broken" the warranty company refused payment. Fine, lesson learned. I'll make sure its broken next time.
However, in a conversation with "customer service" I argued that I was trying to be proactive that should the belt break and cause any additional damage, it would save them money in the long run. He stated that in his "15 years in the biz he had never heard of a serpentine belt failure causing damage to a Porsche".
That's when it also occured to me that if the IMS issue was truly widespread, these warranty companies would make them an excluded part. A $15-20K claim would certainly eat into their profits, again if the failure was all too common.
02-13-2012, 03:33 PM
#93
Advanced
Thread Starter
Join Date: Jan 2012
Location: Fort Lauderdale, FL
Posts: 82
Likes: 0
Received 0 Likes
on
0 Posts
+1
The same thought occured to me when I used my after market warranty for the first time. My Indy found that I had a cracked serpentine belt (covered item) but since it was not yet "broken" the warranty company refused payment. Fine, lesson learned. I'll make sure its broken next time.
However, in a conversation with "customer service" I argued that I was trying to be proactive that should the belt break and cause any additional damage, it would save them money in the long run. He stated that in his "15 years in the biz he had never heard of a serpentine belt failure causing damage to a Porsche".
That's when it also occured to me that if the IMS issue was truly widespread, these warranty companies would make them an excluded part. A $15-20K claim would certainly eat into their profits, again if the failure was all too common.
The same thought occured to me when I used my after market warranty for the first time. My Indy found that I had a cracked serpentine belt (covered item) but since it was not yet "broken" the warranty company refused payment. Fine, lesson learned. I'll make sure its broken next time.
However, in a conversation with "customer service" I argued that I was trying to be proactive that should the belt break and cause any additional damage, it would save them money in the long run. He stated that in his "15 years in the biz he had never heard of a serpentine belt failure causing damage to a Porsche".
That's when it also occured to me that if the IMS issue was truly widespread, these warranty companies would make them an excluded part. A $15-20K claim would certainly eat into their profits, again if the failure was all too common.
