Extended warranty?
08-09-2018 | 05:56 PM
#1
Thread Starter
Intermediate
Joined: Aug 2018
Posts: 27
Likes: 0
From: South Central KY
Extended warranty?
So, as I stated in a previous thread, I just picked up my 2nd Porsche, a 955 Turbo. When I went to my credit union to finish up the loan, they quoted me an extended warranty that is for 3 years/36k miles from now and a max of 5k in repairs and covers engine/tranny/electrical/waterpump/driveshaft-components/axle components.
Paid $1700 extra for the warranty, but if I drop an alternator or have to replace the valve body, sounds like I’m better off. Anyone else have experience with anything like this?
Paid $1700 extra for the warranty, but if I drop an alternator or have to replace the valve body, sounds like I’m better off. Anyone else have experience with anything like this?
08-09-2018 | 06:23 PM
#2
Three Wheelin'
Joined: Aug 2016
Posts: 1,682
Likes: 65
It is a $1,700 powerball ticket that has a much lower payout, but a higher chance of hitting. Some are not worth the paper they are printed on and they find a way to avoid paying for any claim... others do what they are supposed to. You are likely to have some sort of claim in the next 3 years, so you should probably let us know when you file one and who the company is!
08-09-2018 | 06:50 PM
#3
Thread Starter
Intermediate
Joined: Aug 2018
Posts: 27
Likes: 0
From: South Central KY
Roger that, nodoors. I had a warranty similar to this on my last ride and i did have to use it. (Brake booster went out on Lincoln MKX.). It also came with roadside assistance, towing, and trip assistance where if you break down more than 100 miles from home, they’ll reimburse you for rental and hotel. It seemed good.
08-10-2018 | 08:27 AM
#4
Rennlist Member
Joined: Jun 2010
Posts: 5,276
Likes: 874
From: The Poconos
Insurance - all insurance - is essentially a gamble. They company is betting they won't have to spend money and you're betting they will.
So, $1,700 is the number the company has determined that allows for the overall average cost of covered repairs on cars like yours and still makes them money. 955s are old enough that the vast majority of the failures are going to be wear-out and maintenance items that they're not going to cover. Coincidentally, that's also the vast majority of the problems we see on this forum. I've had my '05 for 8 years and 70k miles (at 155k now) and I haven't had a single repair that wasn't a wear out or maintenance item. Brakes, coils, plugs, cardan shaft, fuel pumps, blower motor, etc. About the only thing that is arguable is the water in the floor boards; but since that was caused by my failure to clean out my drains on schedule, I doubt I'd have had a leg to stand on if I'd had it repaired by someone else (it took me an hour).
TL-DR: I don't think extended warranties are worth the money for the vast majority of vehicles, and certainly not for 955 Cayennes.
So, $1,700 is the number the company has determined that allows for the overall average cost of covered repairs on cars like yours and still makes them money. 955s are old enough that the vast majority of the failures are going to be wear-out and maintenance items that they're not going to cover. Coincidentally, that's also the vast majority of the problems we see on this forum. I've had my '05 for 8 years and 70k miles (at 155k now) and I haven't had a single repair that wasn't a wear out or maintenance item. Brakes, coils, plugs, cardan shaft, fuel pumps, blower motor, etc. About the only thing that is arguable is the water in the floor boards; but since that was caused by my failure to clean out my drains on schedule, I doubt I'd have had a leg to stand on if I'd had it repaired by someone else (it took me an hour).
TL-DR: I don't think extended warranties are worth the money for the vast majority of vehicles, and certainly not for 955 Cayennes.
08-10-2018 | 02:04 PM
#5
Burning Brakes
Joined: Jun 2014
Posts: 912
Likes: 47
as a Porsche repair shop, I can tell you that those warranties are real crap. They will deny everything, and put the repair shop through the ringer. We will not honor them that is for sure. We want to help people get their Cayennes and other Porsches repaired and keep them in good working order.
08-15-2018 | 02:49 PM
#6
Pro
Joined: Apr 2016
Posts: 688
Likes: 46
The warranty on my 09 CTTS through a company called "Global warranty" just expired. Here's my experience:
Purchase price: ~$3000 for their ''top" level coverage that covers everything* including failures due to wear.
My PCM died - they wasted nearly a month trying to source a used unit to replace it since they wouldn't authorize a new one. The used units they did find and order either didn't work, or were the wrong type. Wasted lots of my time and the mechanics time. In the end they coughed up for a new unit from Porsche.
Windshield washer fluid started leaking from the reservoir. The reservoir was 'covered' but because of some nonsense about where leak was they denied the claim. The repair was cheap enough that I didn't care.
Passenger side mirror heating element stopped working. Apparently the 'advanced electronics coverage' does not include heating elements for mirrors. Denied the claim.
Air oil separator/valve cover needed replacement. Denied the claim because despite them being the same part, them explicitly listing the valve cover as being covered and neither of them being the PCV valve... They insisted it's the PCV valve which they don't cover... Showing them parts diagrams got no where. Essentially their argument was that even if it isn't the PCV valve, it's part of that system so they won't cover it. This one is stupid enough that I'm probably going to file in small claims court against them.
In conclusion - I wouldn't buy it again. They will fight you every step of the way for any claim and if you think it's insurance against a catastrophic issue - they tend to have pretty low lifetime caps. Interestingly when I bought my warranty the documentation all said "up to the value of the vehicle at the time of purchase" but when i discussed it with them it had changed to "$10,000" and they insisted none of their documents ever said that. I have the originals thankfully but it never became an issue that I had to press. So if there's a lesson there - keep your original documents and be prepared to sue if you really need to use your warranty.
Despite all that, I probably came close to breaking even thanks to the PCM... Of course, if I didn't have the warranty I wouldn't have gotten the Porsche unit. I would have gone aftermarket, paid a fraction of the cost and enjoyed all the modern features...
Purchase price: ~$3000 for their ''top" level coverage that covers everything* including failures due to wear.
My PCM died - they wasted nearly a month trying to source a used unit to replace it since they wouldn't authorize a new one. The used units they did find and order either didn't work, or were the wrong type. Wasted lots of my time and the mechanics time. In the end they coughed up for a new unit from Porsche.
Windshield washer fluid started leaking from the reservoir. The reservoir was 'covered' but because of some nonsense about where leak was they denied the claim. The repair was cheap enough that I didn't care.
Passenger side mirror heating element stopped working. Apparently the 'advanced electronics coverage' does not include heating elements for mirrors. Denied the claim.
Air oil separator/valve cover needed replacement. Denied the claim because despite them being the same part, them explicitly listing the valve cover as being covered and neither of them being the PCV valve... They insisted it's the PCV valve which they don't cover... Showing them parts diagrams got no where. Essentially their argument was that even if it isn't the PCV valve, it's part of that system so they won't cover it. This one is stupid enough that I'm probably going to file in small claims court against them.
In conclusion - I wouldn't buy it again. They will fight you every step of the way for any claim and if you think it's insurance against a catastrophic issue - they tend to have pretty low lifetime caps. Interestingly when I bought my warranty the documentation all said "up to the value of the vehicle at the time of purchase" but when i discussed it with them it had changed to "$10,000" and they insisted none of their documents ever said that. I have the originals thankfully but it never became an issue that I had to press. So if there's a lesson there - keep your original documents and be prepared to sue if you really need to use your warranty.
Despite all that, I probably came close to breaking even thanks to the PCM... Of course, if I didn't have the warranty I wouldn't have gotten the Porsche unit. I would have gone aftermarket, paid a fraction of the cost and enjoyed all the modern features...
Last edited by NelaK; 08-16-2018 at 11:57 AM.