Quote:
Originally Posted by ShocknAwe
Mechanical breakdown insurance, which is what "extended warranties" are, are for profit sales items that are not worth it unless you're buying something you're pretty sure has an issue that will somehow be covered despite the exclusions written into these insurance policies.
Save your money.
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This has always been my approach, but then again my prior cars have all been substantially less expensive with far fewer things that can break than my new (ish) BMW.
The exclusion issue is what I think the OP is getting at, and what I'm interested in as well, as I will consider buying an EW for the first time when I'm approaching the end of the new car warranty a couple of years from now.
So to focus in on that issue, put aside the price, the best time to buy, whether or not it is "worth it," etc., just assume you buy one - what are you getting and not getting for your money - as the OP said "do I have nothing to worry about?"
Obviously as he noted it's not going to cover scheduled maintenance or wear items like belts and hoses and tires. It's not going to cover collision damage.
Beyond the obvious, are there any major repairs the EW won't cover? Does it cover all the same things as the original warranty?
I assume it does NOT cover the battery that powers the "mild hybrid" system - is this correct?
But my car has all this tech that older cars never had, some of which I've come to appreciate greatly. Each of these features has some combination of a circuit board, wiring, motor, camera, whatever that make it work, and any of which could stop working at some point. So if one buys a 7 year EW and in year 6 the panoramic camera stops working, or the driver assist plus, or the adaptive cruise control, and so on and so on, does the EW pay for it to be repaired/replaced or are there a bunch of exclusions out there waiting to find a way to make you pay for the repair yourself?