ltc

This is from a similar discussion in the 996 forum:

Check with the the Insurance Commisioner's office. If they were licensed in the state that you are in, then there is usually an insurance fund that all insurance companies pay into to cover claims on insolvent insurance companies. It may take you a while to recover, but they should cover you. However, if they were not licensed in your state, you are probably out of luck.

ltc

Warranty, definitely need a warranty, definitely need a warranty.........

Kevin M.

Update, AMEX was good enough to open a claim even though it had been nearly 3 years. I spoke to a supervisor and she was symathetic to my issue. Although Im not counting on getting anything back from AMEX I will at least put up a fight. FYI my bill at the dealer was $1100

MadFox

Update 12/28/05 Here is what I got by registering with State of Hawaii Dept of Commerce Insurance Division. Use this email address and give your policy number and all related info. THEN HOLD YOUR BREATH for a government entity to get you your money back!
==============
From: captiveins@dcca.hawaii.gov [mailto:captiveins@dcca.hawaii.gov]
Sent: Tuesday, December 27, 2005 6:36 PM
To: MadFox (alias, duh!)
Subject: Re: 1SourceAutoWarranty.com or Primeguard Insurance

Dear Mr. MadFox,

Thank you for your inquiry and contact information. Your name and contact information will be added to the database of potential claimants against the estate, and the Liquidator will be in contact with you with more specific details about the disposition of your claim (including what you may need to do), as soon as the Court determines and approves of the claims filing and administration process.

In the meantime, you can check the following link to our Insurance Division's webpage for further information and updates. http://www.primeguard.hawaii.gov/

Aloha,
Craig Watanabe
State of Hawaii - Insurance Division

Torags

So....... are there any solvent extended warranty companies out there?

ltc

You mean besides Porsche CPO?
Yes.
You mean ones that will underwrite a Cayenne?
I can't imagine they're lining up for the business, but I could be wrong.

rockitman

did you report this to your state's attorney general ? That's where I would start to try to get some satisfaction...

MadFox

No, not the attorney general yet... but that is something that is listed on the warranty sheet. However, I think all that will happen is what "web assured" (the company) said to me today. The "web assured" symbol sure doesn't mean much however. They did not respond to any emails or form pages linked to their complaint forms. The link says that if a member company fails to deliver a product or service that they will warranty their member company up to $200. 1sourceautowarranty.com was a member and also approved by bbbonline.

So after two weeks of no response (gave them some holiday space), I called today. Margie answered the phone.. Now, I'm a southerner (well a transplant) and she was "red". Poor english.. not helpful.. but I plowed on through the details and said.. listen the company was a member (they've dislisted them) and we will be out most of our money unless they had substantial assets and hawaii's govt. doesn't pay it all out to auctioneers, attorneys, and secured debtors.. bottom line, she said once hawaii has finished with the situation then web assured would determine what they would do. I would assume that the state attorney generals would yield to hawaii since the insurance company was domiciled there. So... I think we are screwed until Hawaii auctions off the assets and collects all the money deducts the expenses and divides up the rest to warranty holders based on some formula? Not a bright prospect..

Anyone else have any updates?

Torags

You're toast....

There is probably not enough $ for the insureds to get on the creditor commitee, without legal representation. The insurance commissioner represents you, good luck (he is a politician & where do you live again?)

MadFox

Well aren't you being nice!!
I think "screwed" is a better term.. can you imagine how much graft is going to happen with the attorneys and politicians who are helping us poor old consumers by seizing and liquidating this company? Then add the auctioneers who are commissioned but get a minimum fee, regardless. Then add the secured creditors.. yeah.. screwed vs. toast .. I'll take screwed.. all in the name of helping the consumer who bought a warranty from a 10 year old biz with good ratings from the bbbonline and webassured (I'm going to get my $200 bucks if I have to sue them!).... Yeah.. screwed is the operative word here.. double screwed in that now that I'm past 50K --- of the few companies out there .. I'm betting they won't warranty when you're past the mileage requirements.. I had to certify that I was at more than 1000 miles from 50K.. i.e. if you're within 30 days or 1000 miles they wouldn't offer an extended warranty to begin with.. I love government in action!

Torags

Did you buy thru a dealer? If you did, there may be some actionable cause to explore.

MadFox

Not thru the dealer. Looked at their product and it was almost twice the price with a 100 deductible. Then searched the web and found several companies that had been in business about 7-10 years, bbb online, and web assured. Then went one step further and asked about 1sourceautowarranty.com on this forum and others. All came back with filed claims were promptly paid by their credit card. This company was the most professional via phone/web and had the fewest complaints. So, went that route. I think the company's owners or accountants pissed off the State of Hawaii's insurance examiner.. .. from what I can read the company has substantial deposits and was about a $15M dollar a year company. We warranty holders will probably get some money.. but it could be years and who knows how much will be eaten up by the liquidating attorney and consultants, etc. I have never bought an extended warranty before... Murphy's law???

Torags

Too bad.. Just a comment about these web rating sites.

In my experience doing due diligence for a camera purchase, I found the rating sites to be near fraudulent, but certainly superfluous. The employees of the sellers can rate the products at will and the rating site doesn't have the funds to verify whos real. These special interest forums are better, IMO.

No lessons learned , you did everything right - just a bad deal.

JARO

see my post titled "Please read if interested in extended warranty" My dealer has been around fo ryears and has a relationship with a reputable and stable insurance company. I'm trying to get more info and perhaps we can do a group buy but I need to know who is seriously interested.

ljugete

My story is very similar to yours MadFox. I was just looking for a worthwhile and secure product at a reasonable price. The Co. checked out in every ave. I checked and was very helpful / Professional to work with. I never had to submit a claim (just wanted some peace of mind - esp. getting near the end of my 50K warranty).

Oh well. Hope something good happens (ain't holding my breath but will submit a claim FWIW)!