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Smart Shopper WarrantyWarehouse.com - BE EXTREMELY CAREFUL
34 messages, Last post on Sep 06, 2007 at 4:58 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Think about it this way: only one of the following two statements can be true for an independent extended warranty company: 1. The extended warranty company remains solvent. 2. The average customer gets back more in repairs than they spent on the warranty. For a manufacturer-backed warranty, however, the equation is different. Maybe it's worth $450 a policy to GM to keep their customers happy, and coming back to GM. If an independent warranty company loses $450 a policy, it goes out of business pretty darn quick. |
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Think about it this way: only one of the following two statements can be true for an independent extended warranty company: 1. The extended warranty company remains solvent. 2. The average customer gets back more in repairs than they spent on the warranty. For a manufacturer-backed warranty, however, the equation is different. Maybe it's worth $450 a policy to GM to keep their customers happy, and coming back to GM. If an independent warranty company loses $450 a policy, it goes out of business pretty darn quick. |
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Thank you Jinksya for letting us know who the adminstrator is. Now let me tell you who their insurer is...St. Charles Insurance Company R.R.G...as in Risk Retention Group. Now please go to AM Best and tell me what their rating is. I bet they don't have one!!! You may have gotten your claim paid now...but so did all of us Warranty Gold customers until National Warranty Insurance Group R.R.G. collapsed. So I wish you good luck!! |
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| 2 perfect points! | |
| didn't say it better myself! | |
| St. Charles is not rated but the policy is Reinsured by an A rated Company....Once again, one must go with their 'gut feeling' and I know I made the right decision. If I am wrong, I will let you know!! | |
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| Are you familiar with reinsurance? Do you know when that reinsurance will kick in? I doubt you are. | |
| Being an Accountant i Know what Re-insurance is!! In fact, if you do your research properly not a single RRG based in the US has fallen. NWIG was based in Cayman Islands (1st mistake I made) and due to that left their consumers unprotected. Do your research and chose the compnay that best for you, I chose WarrantyWarehouse and have had 2 claims paid hassle free. Maybe they are not right for you, but they have done me right!! | |
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is why take the chance? This is my/yourmoney we're gamling with here - not some unnamed client. |
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When one touts a company so much, one is either an employee, commissioned sales agent [referral fees], or scared to death that the company they paid will go out of business. Over the years these boards [not just Edmunds] have been full of shills. Everyone has an agenda! Not saying that is the case, but for every negative [concern] from the moderator and myself, a positive reenforcement balances us out. That said I had a great experience with TRW [before they went out of business] my $1,000 returned over $8,000 in 2 years...[back in 96-97] Most don't realize that these service contracts worked in the past because of inflation and the high returns on your invested premiums .In todays low interest rate enviroment the old $1,000-$1,500 premiums won't work. An acurarial accurate number would mean these policies should cost $2500 for 100k term. Saw one policy for a Range Rover that was $4300 for 100,000 miles, they probably will stay in business and pay off. |
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