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Drives: 2012 Sorento SX 6cyl. AWD, Snow White Pearl
I am not a fan of extended warranties either.However following some deep reservations,I did purchase a 10yr/100k dealer extended warranty. Mainly for the extended coverage of the 36mo.3yr.navigation and entertainment limitations of the Kia factory warranty. Cost me $1078.00 with $50.00 deductable per incident.Repairs must be performed at my selling dealer. I plan on keeping this vehicle forever as we are seniors(72+)Purchasing this plan was against my general principles but considering a possible failure of nav and radio plus other potential electrical/mechanical failures insured me the added financial security of a planned lengthy ownership. What the heck!
I always buy used, so I buy them. Good thing on my 06, cause I had to replace the drive shaft for the 4 wheel drive, the rear end seal, and the throttle body. All covered, with no hassle. Maybe it's just me, and the miles I put on, but it seems that 60,000 mile mark comes up quick....
The one I bought this time is bumper to bumper for 120,000 miles or 60 months,and cost like 1600 and $50 deductible
Last edited by CrazyforYeshua; 01-16-2013 at 12:42 PM.
I don't know Canadian law, but in the U.S., what is called an extended warranty is not a warranty. It is always listed as some kind of a "plan." These are actually pre-paid repair contracts. They cover what is listed in the contract (not what is listed in the factory warranty booklet) IF you follow all the requirements the contract places on you. Be sure you can get a full refund in a few days after you receive the actual contract if you don't like what you read in the fine print. Consider one of these plans as peace-of-mind insurance. They are a bad financial deal for most buyers, but if it allows you to sleep better, get it. The get-your-money-back-if-you-don't-use-it gimmick usually gives you a very short time period at the end of the plan to request the refund. If you miss the time window, you're stuck. If this is a 3rd part plan (not KIA's own), and the underwriter goes bust, you're stuck. If the underwriter just doesn't pay much out, you're not much better off.
Zurich, it is a third party, purchased through the dealer at time of sale and included in financing. Added $12/ month to my payment for 72 months. If you do an internet search I'm sure you will find info for them.
Disclaimer: I work at the dealer. I probably got a better price because I work there, but not a huge difference I'm sure. I'm not promoting them, but from my experience, we haven't had any issues getting anything covered.
I've dealt with countless others: Cars(worthless), Great Lakes(less than worthless), AUL, etc. Zurich is better than all of those by far. AUL wasn't horrible, but we've found items that they won't cover that Zurich will. They will pay for alignments with most suspension repairs, most fluids for repairs, etc. As for rentals, it usually isn't a problem getting a few days for a major repair, which is all that is usually needed. They also offer Road hazard insurance for wheels and tires which has bought people new wheels and tires on multiple occasions.
Drives: 2011 Kia Sorento LX I4 AWD Dark Cherry/Beige
If I added up all the extended warranties that I have turned down over the years they would total almost $20,000. My out of pockets costs for unanticipated repairs during the warranty periods for all those vehicles...about $135.00 for a temperature gauge sensor and about $150.00 for replacing a crankshaft pulley. I also had to replace the fuel pump on my GMC Sierra (about $400.00 for parts and labor), but the truck was over 11 years old at the time and would have been out of warranty by then. Everything else was normal wear related items like new brakes, fluids, wipers, bulbs, tires, etc. that would not be covered. Don't look at this as from the perspective of one vehicle, but rather a lifetime of buying vehicles. One thing you might consider is each time you buy a new vehicle, bank the amount the warrant costs. When you retire, you can take a really sweet vacation or even buy a new car.
Last edited by ErikHeiker; 01-19-2013 at 02:39 AM.
If it made any financial sense, there wouldn't be any of these extended warranty companies in business. They earn profit by paying out less than they take in. If you take that $2k and invest it, the odds are stacked way in your favor that you'll do better. Kia already has a long warranty and cars are significantly more reliable these days than they were in the past. I look at a vehicle the same way I look at a house. If you take care of it, chances are, you wont' get hit with any unexpected big ticket items, BUT you need to keep some money set aside just in case. I guess if someone is not one of those people who can keep a few grand set aside for that eventuality, for them it might make sense to "borrow" that money from a warranty company and finance the cost along with their vehicle. So they're paying interest on the money they borrow (along with the cost of the vehicle) AND running the risk that the warranty won't cover problems anyway. I find it hard to see any value in that proposition, but then again...I'm one of those folks who has no problem putting the money away for a rainy day when I need it.
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