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Smart Shopper Warranties Backed by a Risk Retention Group
66 messages, Last post on Jan 24, 2009 at 8:49 PM
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Replying to: lampadephoria (Feb 15, 2007 8:40 am) |
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From Warranty America's website: EFFECTIVE 11/1/2007 WARRANTY AMERICA, LLC IS NO LONGER INSURED BY CAPITAL ASSURANCE RRG - See memo below for details Memorandum To: ALL WA Producers and Agents CC: First Commercial Insurance Company From: Jason Currier, Paul Stratch & Ted Terry Date: 10/31/2007 Re: Change in Carrier Because Capital Assurance Risk Retention Group (CARRG) has asked us and all of their other clients to stop writing new contracts with them, WA has secured a new carrier for our products. We have decided to use an insurance company with substantially greater surplus than CARRG as this will provide greater carrier stability. WA is financially strong and will continue to administer and pay claims as normal for CARRG customers. WA's agreement with CARRG provided for WA to hold and control all CARRG reserves. CARRG shutting off their phone number should not concern you. We are still here processing and paying claims as normal. WA's ongoing operation and financial condition are not impacted by CARRG's inability to write new business. The carrier that we have chosen is First Commercial Insurance Company (FCIC) located at 2300 W. 84th Street, Hialeah, FL 33016. Their contact number is (305) 919-9727. FCIC is over five times larger than CARRG and with size comes financial stability. Here are some of the details of the change: 1. The insurance company statement will change to list FCIC as the new insurance company. 2. The declaration page will list our new policy #. 3. Two states (OR & UT) will be added to the non-approved list. We will be actively filing to provide those states again in the near future. 4. We will be providing a new Florida program shortly. 5. You will have the ability to sell a low cost product warranty (TracGaurd). Please call any of us if you have any questions. Business clients will appreciate that Warranty America has developed a portfolio of fully insured products that are competitively priced and professionally administered. We provide you with all the marketing tools needed to maximize your service contract sales penetration. Through innovation and customization of our programs we can meet any client's "special needs". Warranty America acts as a third party administrator, adjudicating claims for all of our programs "in house", as we believe that is the only way they will get the best attention to detail and service. Our nationwide Marketing Agent network is our most important asset and is always available to assist you. We can build custom programs upon request, and we are also happy to look at claims administration for other companies that are in need of a quality, reliable, and honest claims administrator. Please take the time to review the links above to learn more and contact us with any questions. This does not say current contract holders are covered by the new insurance company. Their repeated assurances that all CARRG claims will be paid make me nervous. Can't think why... I remember a similar situation a few years back. Something about Warranty Gold rings a bell. |
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Today I received a mailer offering extended warranty coverage because: "Your warranty is about to or already has expired". Which of my vehicles should I put the EW on? 1) 1985 Ford F-150 with over 250K miles. or 2) 1997 Chrysler Cirrus with about 100K miles. I'm thinking the Ford because I hear they really fall apart after 260K miles. 
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Replying to: oldfarmer50 (Nov 04, 2007 4:02 pm)  I received one of those, too! My 16 year old Chevy needs a new catalytic converter-is that covered? 260k? That Ford's just getting broken in! |
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Got the notices about extended warranties and have read several in depth, who's best to analyze the terms, a lawyer or MIT mechanical engineering graduate, I'm neither. Is there a simple, comprehensive , user friendly extended warranty out there for a Toyota highlander under 36000 miles?
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Replying to: yohohikr (Apr 16, 2008 8:43 pm) comprehensive? No. The closest to comprehensive is a manufacturer-backed plan. Everything else is junk. user friendly? What? You think they want to pay claims? Keeping you confused is their goal. And they do a fine job! |
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I have a 2009 Saab on order and Saab appears to be 100% owned by GM. If GM "folds" as a business, does my manufacturer's warranty go bye-bye with it?
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Replying to: crisismanager (Nov 15, 2008 4:52 pm) However, even if GM declares bankruptcy, they aren't going to fold up like Packard or Studebaker or Nash. They will remain in business much like one of the airlines. |
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I want to purchase an extended warranty for my 06 Camry. I have been given a price from Mercury Ins as much less then Toyota. Which kind of plan is better--Platinum, Gold or Silver? Is it safer to buy from Toyota even though the price is more? Thanks BMom |
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