I have a 10 yr old bimmer. Its a 528i with 126000 miles. Can anyone guide / suggest me if I should take up an extended warranty cover for the vehicle??? Does the extended warranty cover the maintenance stuff like oil changes and filters? Which company do i prefer for the warranty?
Well any car can have major expensive repairs.
The profit to the salesman and company is usually over 50%. So for every $1,000 you spend the insurance company has less than $500 to pay for repairs or they will loose money, something insurance companies do not do. Some people will get nothing back and some will get a lot more than they pay. Most will get far less. In addition you need to keep in mind that the insurer has worded it to eliminate as many expensive things as they can. Remember that the seller is out to make money and they get to write the rules and set the price. They are not going to sell them at a loss so one way or another they are going to have you pay more than they will pay out. Would you gamble with a car dealer who gets to set all the rules and knows all the odds? Your decision has to do with the value of the piece of mind it gives you. If that is worth the cost then buy it. Don't expect it to cover everything however, most are written to keep cost down and exempt what they know will cost them money. [b] Extended warranties (or any warranty) do not cover maintenance. You might be surprised by how much is NOT covered.[/b]
Put the money in the bank instead and you’ll be much better off. Most extended warranties are profit generators for the sellers and offer little real coverage for the buyers. They are carefully written to cover only the things least likely to break.
I seriously doubt that normal maintenance would be covered. If it were the warranty would be very expensive.
If you’re still considering one of these things, please read the entire document very carefully. DO NOT take anyone else’s word for what is covered and what is not.
Many of these companies that will sell you an extended warranty on a 10yr old vehicle are the types that won’t disclose any “details” of the plan until they get your credit card number. Then it’s too late. Their contracts are very carefully worded to avoid having to pay you for many costly repairs.
This question is asked at least weekly. Please search and you’ll find all the opinions you need.
If you are worried about reliability and future repair costs, it’s time to get rid of the car!!!
Your BMW is entering a phase of life that will entail many expensive repairs; probably more than you anticipate. Budget $2500 at least per year from now on. So-called warranty programs will only cover certain items and defintely not maintenance. Even if you were a mechanic with a law degree I would not recommend any of these “warranty” programs; it will be very time-consumimg fighting the company as to what is covered (not much).
They are very expensive “insurance” programs, guaranteed to deliver less than the premiums. Lloys of London will insure almost anything, but the primiums are excruciating. The only policy they ever turned down was that of singer Bobby Darrin in the 50s; he wanted them to insure his “fame”.