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34 messages,  Last post on Sep 06, 2007 at 4:58 AM

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What is this discussion about? Car Warranties

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#10 of 34 by kcram HOST Mar 04, 2004 (1:56 pm)
highrolla, what mitzij means by pre-paying for your repairs is, when you buy an extended service contract, the company you buy from invests that money to pay your claims when you have them. So you're paying $1000 now for the transmission job 3 years from now that will cost $2000.   kcram Host Smart Shopper and FWI Message Boards
#11 of 34 highrolla by jratcliffe Mar 04, 2004 (3:04 pm)
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.
#12 of 34 highrolla by jratcliffe Mar 04, 2004 (3:00 pm)
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.
#13 of 34 Oh...Oh...Jinksya by angellove Mar 04, 2004 (3:41 pm)
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!!
#14 of 34 jratcliffe - by driftracer Mar 04, 2004 (4:07 pm)
2 perfect points!
#15 of 34 jratcliffe by mitzij Mar 05, 2004 (4:30 am)
didn't say it better myself!
#16 of 34 Angel Love Your RIght by highrolla Mar 08, 2004 (3:34 pm)
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!!
#17 of 34 Highrolla... by chrisgivens Mar 08, 2004 (6:16 pm)
Are you familiar with reinsurance? Do you know when that reinsurance will kick in? I doubt you are.
#18 of 34 Wrong by highrolla Mar 12, 2004 (11:29 am)
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!!
#19 of 34 I guess my question by driftracer Mar 12, 2004 (11:46 am)
is why take the chance?   This is my/yourmoney we're gamling with here - not some unnamed client.

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