Third Party Warranties?

[Weapon_R]

Has anyone ever bought a third party warranty from companies like Global or otherwise?

I'd like to get a third party warranty but I want to know how it works and whether its worth it. My friend works in a dealership and offered me two packages (1 year for 299, 2 for 399) and said it covers all aspects of the drivetrain and other important components.

Is it a scam? Does it seem too good to be true? Has anyone ever had any bad/good experiences with third party warranties like this?

[SilverBoost]

Read the small print man..... all of it. That's all I gotta say.

[Mitsu3000gt]

Here is the most common way they work, to make you think you get something:

Lets say you warranty costs $2000. The company will say that if nothing goes wrong with your car, they will refund the warranty money - you can't go wrong, right? Wrong.

The first thing is that if you make ANY claim, even for $5, you've lost the $2000 and you do not get any of it back

The second thing, is if nothing goes wrong, you get your money back alright, but in the form of credit at the dealership of which it was purchased at.

That being said, if you buy it and you blow a tranny or something that costs more than what you paid for the warranty, you win and you got your money's worth. In every other situation, you get screwed. So make sure you read EVERYTHING and make sure you understand the way in which your money is refunded if something goes wrong. Walk through as many senerios as you can with the person trying to sell you the warranty, get them to tell you what will happen, make them be super specific, and if their sketchy get them to put it in writing.

Mark

[QuasarCav]

Not a good deal IMO.

They will any way possible to void the warranty. Do a search for lubrico and see where that takes you.

[TurboMedic]

I bought it for my car, and I went and had a claim to file, and sure enough, something that wasn't covered....they are very specific about what they cover, and that sucks hardcore....maybe my next experience with them will be better.....

[wtb]

while we're on the subject of warranties...does anyone know if the honda extended warranty is refundable if it isnt used? (7 year warranty)

[hash]

i don't see why it would be. its kinda like insurance -- even if you don't have any claims, they still (gladly) keep your money.

[CalgarySupra]

its dumb canadian ones. get a north american plan thats american based.