Which Warranty Did You Get? And how much did it cost?

[jthoms1]

My JLURD comes with a five year power train warranty. Is the six years concurrent with the factory warranty? If it’s additive, I’m sold. If it’s for one extra year, not so much.

It ran concurrently and just gave you bumper to bumper for a full 6 years.

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[entropy]

My JLURD comes with a five year power train warranty. Is the six years concurrent with the factory warranty? If it’s additive, I’m sold. If it’s for one extra year, not so much.

All Wranglers come with 5 year power train. But 3 year general. The 6 year generally covers more than just powertrain, but yeah, it is 6 on top of 5.

Extended warranties are oftentimes a waste of money imo. If you do get an expensive electrical issue down the road, youd be glad you have it. But youll likely save only a bit of money.

Risk wise, youll be better off without an extended warranty. Statistically speaking. Some folk compare it with insurance. It isnt. Insurance covers tens of thousands, a totaled Jeep would cost you an arm and a leg so insurance is necessary. Extended warranty? You could most probably eat the repair cost, for the same or s bit more than the warranty costs.

I have never paid for it and the only time I had an issue (transmission jeep patriot) the car was almost 10 years old and had over 120k miles so...

With that said, I did break my own rule with the Jeep last week and purchased a 7 year 100k warranty through Geico, since it only costs me $30 every six months. Reviews say that if something breaks due to a modification, they will still pay for it. Not for mods, but what broke cause of mod.

 

[McGilli]

The guy that finalizes the paperwork and tries to up-sell you to every POS service under the sun was such a slimy piece of work I just kept saying I don't want that - over and over and over.

I remember him asking if I got the fabric or leather seats - and I told him Leather - and he said ok great and shoves this paper in front of me - and says even though I have leather they have this fabric treatment they will put on it for me to protect it etc etc...

Every time he would say "But why don't you want that?" and I just would reply every time "I'm not that kind of guy"

And it makes no sense LOL but I wanted to just get the F out of there.

So - default for me.

Honestly - if they had a normal human there to explain things i would listen, and maybe I would have actually gone for an extended warranty....

But... when the guy keeps saying "Well, what they can do for you..."

He kept saying THEY... They're going to give me a great deal on this package! No? Well, THEY are willing to combine these deals for a lower rate...

Etc... Seriously... I can't handle that sort of thing...

I got my insurance in there so i could drive home and on the way out again - he says THEY can give me one more offer... Who are THEY!!?!?

 

[GtX]

Insurance is a profitable business. Self insure and keep the profit for yourself.

 

[gregus73]

6 years 70K @ $1600

 

[RoadiJeff]

Not that I doubt you in the least, but how do the warranty companies stay in business since the vast majority of forum members feel like they've come out ahead? If what's reported is true (and, I have no reason to believe that it's not) it seems like a going-out-of-business-strategy on the part of the warranty providers.

I just know I paid $1,950 for the Maxcare lifetime warranty back in 2012 for our 2013 JK. After the factory warranty expired, we had around $3,000 worth of covered service done to it over the years before we traded it in 6 months ago on wife's current Recon. I kept a folder with all the receipts.

The most expensive repair was when they replaced the heater core and kept it for 8 days. That included a free rental Jeep, included in Maxcare.

 

[GtX]

Not that I doubt you in the least, but how do the warranty companies stay in business since the vast majority of forum members feel like they've come out ahead? If what's reported is true (and, I have no reason to believe that it's not) it seems like a going-out-of-business-strategy on the part of the warranty providers.

Asymmetric information.

The warranty buyer feels like they've come out ahead because they don't do the math of what the cost of the warranty is worth when the repair actually occurs. The warranty company knows their internal rate of return and the future value of that warranty.

For example, one forum member paid $1,950 in 2012 and had $3,000 of repairs covered on the vehicle up to 2020. What this a good deal?

The long term growth rate of the S&P 500 is 10%. The $1,950 invested in 2012 at 10% would be worth $4,180 in 2020. The warranty buyer gave up $1,180 of growth and gave it to the insurance company. They got piece of mind that in the event a very low probability event occurred they would have made out. While this does happen occasionally it is rare or the insurance company would be out of business and they are not. This was a good deal for the insurance company but not the buyer.

This is the situation with all types of insurance that are not limited to protection against an open ended catastrophic event. People frequently spend tens of thousands of dollars over their life on these types of "insurance" and give up significant money in the process that if retained would have a meaningful impact on their retirement.

Also, most of these types of insurance are specifically limited to the window of time when the item is statistically least likely to break down.

 

[gregus73]

I have never purchased a warranty on a Toyota or my wife’s current Lexus. Have had no need for it. They just do not break and very reliable.

I am a big fan of American cars both GM (GMC, Chevrolet, and Cadillac) and Jeep specifically (not other Fiat/Chrysler products) and purchase the warranty on those. More of peace of mind.

I have been burned in the past with Nissan/Infiniti, and have had to trade in because the cars became too expensive to fix, meaning repairs are more than the car’s value.. My wife loved Nissan/Infiniti before I was able to switch her over to Toyota/Lexus. And since her cars have been worry free.

Same thing, when I buy an expensive gaming or high end laptop. Go all out and get the extended 5+ year warranty. One of my laptops has already had the touch screen replaced twice, 2 motherboards, a power supply, keyboard, and a hard disk. Figure that I will get my monies worth.

 

[RoadiJeff]

I like the idea of knowing that I will never have to pay more than $100 for a covered repair for as long as I own my vehicles. Thus, I will continue to purchase extended warranties for them. For every Chrysler product I have ever owned an extended warranty would have paid for itself by the time I sold it.

Getting back to me investing the $1,950 i paid back in 2012, I would probably have about $100 of it left in 2020. I do not usually make the best investment choices. Yes, I made the right choice by purchasing an extended warranty.

 

[jespey]

Check out GEICO's Mechanical Breakdown Insurance. Cheap. Cancelable. Financially backed by Berkshire Hathaway. Costs (way) less than $100/year. I've never bought an extended warranty in my life, but I'm trying the MBI on my new ride.

It costs about the same as rental car coverage on your auto policy.

Thanks for the reminder! Just added my wife’s 2020 JLUR for $17 every six months! $250 deductible.

 

[runningshoes]

Check out GEICO's Mechanical Breakdown Insurance. Cheap. Cancelable. Financially backed by Berkshire Hathaway. Costs (way) less than $100/year. I've never bought an extended warranty in my life, but I'm trying the MBI on my new ride.

It costs about the same as rental car coverage on your auto policy.

Can you get this w/o insuring the vehicle itself through GEICO?

 

[rickinAZ]

Can you get this w/o insuring the vehicle itself through GEICO?

No.

 

[AirportDave]

8 year/85,000 max care, $100 deductible. $1,370.

 

[CivilJeep]

Thanks for the reminder! Just added my wife’s 2020 JLUR for $17 every six months! $250 deductible.

Here's the issue I have with MBI; I'm now locked into my auto insurance carrier, or I lose my service contract. I routinely shop to make sure I'm getting a good deal on auto insurance. However, if I purchase MBI, I either can't leave if they raise rates, or lose my mechanical coverage if I do. And yes, it is $34 yearly now, but do you think it will still be that same cost when its 4, 5 or 8 years old? It won't, and you will not be able to leave Geico if you want MBI coverage. For me, I'll take the MOPAR coverage.

7yr/100k Maximum Care, $100 deductible for $1510 through Zeigler.

 

[rickinAZ]

Here's the issue I have with MBI; I'm now locked into my auto insurance carrier, or I lose my service contract. I routinely shop to make sure I'm getting a good deal on auto insurance. However, if I purchase MBI, I either can't leave if they raise rates, or lose my mechanical coverage if I do. And yes, it is $34 yearly now, but do you think it will still be that same cost when its 4, 5 or 8 years old? It won't, and you will not be able to leave Geico if you want MBI coverage. For me, I'll take the MOPAR coverage.

7yr/100k Maximum Care, $100 deductible for $1510 through Zeigler.

Except your still locked in - only to Mopar rather than GEICO. That $1,510 is gone forever. If you sold your Jeep tomorrow it would be worth whatever value your purchaser puts on it, if anything.

[yeah, I know, you'll never sell your Jeep....].

My mentor once told me that you should never introduce a fixed cost to your cost structure if there is a reasonable variable cost option. Fixed costs create barriers to exit.

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