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Honda Odyssey, Honda Accord, Honda Civic, Honda Element, Honda Pilot, Honda S2000, Car Warranties
#686 of 3848 Which Ext Warr to Choose? Cal MBI or Honda Care?
Oct 18, 2005 (3:16 pm)
We just bought a 2005 Honda Element and, luckily, had read this forum before signing the deal. We avoided paying $1800+ for the dealer's Honda Care extended warranty, opting for some of the resources discussed here on this forum. We live in Half Moon Bay, in the San Francisco Bay Area and have been offered two pretty good quotes for 7/100K, $0 deductible coverage:
$891 for Honda Care from Bernardi's in MA (coverage is good anywhere in the US)
$1133 for California MBI, offered in CA.
The differences are in the fine print of the coverage:
The Cal MBI is bumper-to-bumper coverage, covering things that Honda Care won't: Including wear and tear on covered parts, as opposed to breakage; gaskets; fuel system; pilot bearings/bushings; and "work performed to improve compression or reduce oil or fuel consumption", i.e., bad pistons.
The cost difference is $242, and I'm leaning towards Cal MBI, even though it is more expensive. Any gasket work would more than pay this diff, I figure.
Also, the Cal MBI is good at any repair shop, including Honda Service Centers. Honda Care, of course, is only good at Honda.
Well? Whaddaya think? Thanks!
#687 of 3848 Re: Which Ext Warr to Choose? Cal MBI or Honda Care? [mnouaux]
Oct 18, 2005 (5:49 pm)
I'd be VERY careful when offered a service that sounds too good to be true....
....Especially when it comes from a company that you don't REALLY know its reputation... Do you?
#688 of 3848 Re: Which Ext Warr to Choose? Cal MBI or Honda Care? [mamamia2]
Oct 18, 2005 (6:07 pm)
...So I did a quick Google search on Cal BMI and these are the exclusions, quote:
Carburetor; battery; shock absorbers; manual transmission clutch assembly; friction clutch disc and pressure plate; throw out bearing; manual and hydraulic linkages; distributor cap and rotor; safety restraint systems; glass; lenses; sealed beams; light bulbs; brake rotors and drums; exhaust and emission systems; weather strips; trim; moldings; bright metal; chrome; upholstery and carpet; paint; outside ornamentation; bumpers; body sheet metal and panels; tires; wheels/rims; GPS navigation systems; phone systems and TV/video/entertainment systems.
Maintenance services and parts described in your vehicle's owner's manual as supplied by the manufacturer. (i.e. oil changes, tune-ups, brake pads, belts, hoses and spark plugs)
#689 of 3848 Re: Which Ext Warr to Choose? Cal MBI or Honda Care? [mnouaux]
Oct 19, 2005 (6:03 am)
California MBI is a type of service contract, not a brand or company name. I found 2 companies selling MBI (didn't have to look too far). Both show the same exclusion list, but the one where I could read the whole contract has further exclusions in the fine print-very sneaky. And there is a $$ limit on the claims. They will only pay out as much as you pay them.
As for the exclusion list, I went through it and the exclusion list posted a few posts back for the HondaCare. HondaCare lists more components, but the MBI contract lists groups of items. For example:
HondaCare: exhaust system, head pipes, tailpipes, catalytic converters, mufflers, hangers.
MBI: exhaust and emissions systems
Both are exempting the same parts, HondaCare just lists individuals.
I did find the MBI covers the fuel system and pilot bearings/bushings, when HondaCare does not.
The MBI does not cover shock absorbers, GPS/phone/entertainment systems, when HondaCare does cover those items.
I would still go with HondaCare (if I really thought my new Honda was going to croak often).
One company I found is backed by Interstate National Dealer Services. I thought they did the bankruptcy thing a couple of years ago?
#690 of 3848 Re: Which Ext Warr to Choose? Cal MBI or Honda Care? [mamamia2]
Oct 19, 2005 (7:14 am)
.... Especially when it comes from a company that you don't REALLY know its reputation... Do you?
A lot of folks used to say good things about "Warranty Gold" - up until they went out of business taking everyone's money with them.
Either get the Honda backed plan or just take your chances that the car never breaks. Buying a warranty from someone else is to me a HIGHER risk than doing nothing at all.
#691 of 3848 Re: Is this price OK? [zuffy]
Oct 20, 2005 (5:02 am)
Thanks to this forum, I learned so much information. We closed on our car deal last night. When it came time to discuss extended warranties, I shared all of my quotes, including the Bernardi one for $951: 7/120/0 on '06 Accord V6. The finance person was caught way off guard!!! He got up, left his office, came back, studied his binder, and then said that he would match that. He tried to lure us into financing everything (no down payment) at 4.99% (over 30K). We said no thanks. We got 5.24% thru State Farm, put cash down, and paid for the warranty. So keep up the good work!!
#692 of 3848 Re: 2004 Pilot Ext Warranty Help [dwynne]
Oct 20, 2005 (6:02 am)
Thanks Dennis. I talked to the dealer yesterday and asked if he can work out something for me out of the price quoted since I showed interest. He said he can knock off $100 at most. I stopped by to take a copy of the sample contract. It seems like the format is the old $0 down warranty paperwork. Coverage and exclusions are as others on this board have discussed before. The sample is for HC from American Honda Finance Corp.
The dealer is pretty big and sells loads of vehicles so I do think he knows what he is doing. I'm gonna give it a try after reading trough and go ahead with the deal. If American Honda rejects the application then I do not have anything to loose
#693 of 3848 Re: Is this price OK? [dmamsquared]
Oct 20, 2005 (7:42 am)
Glad we could help save you money - sound like you went in prepared with the HC quotes and your own financing. You probably had the invoice prices and any dealer promo amounts with you as well.
To borrow the trade-mark of my friends at LeaseCompare - "Saving Money Feels Good"
#694 of 3848 Fuel System Coverage?
Oct 21, 2005 (8:36 am)
Also got EW from Bernardy - 956.00 for 7/120K on a '05 CRV SE (we have long commutes). If nothing else, it's worth for the peace of mind. The booklet took about a month to arrive - probably the guys were swamped by all the business thanks to the forums . And I carefully read the exclusion before buying. The interesting thing is that if you turn on page 2 of the VSC Contract, under A. PARTS it says "... examples of systems covered ....FUEL SYSTEM...". Go in the exclusions and fuel system is there too
What do you guys think? Not that the fuel system, especially on a Honda, will fail soon (never heard of such a thing).
#695 of 3848 Not sure the warranty will be worthy?
Oct 21, 2005 (9:42 am)
I'm thinking about purchasing EW from Honda care. I'm qualified for new plan which qouted me for $975 for 8y/120k/0deduct. I plan to keep my 2005 Accord 4cyc for at least 10 years. Many people in the board mentioned that purchasing warrenty is to waste money due to the Honda's reliability.
So, I'm trying to justify the value of EW by listing components that have high chance to disfunctioning by 120k and costs of fixing them. But I'm not a car expert. The only thing I can think of is alternator (about $300 fixing). Anything else please ($700 left to be justified).