Extended warranty and service - Which one?

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Eire32

Eire32

Joined
Jan 18, 2020
Threads
56
Messages
247
Location
NY
Hi guys

can anyone advise me which of the following providers I should use or avoid for extended service and warranty plans?

I am going with extended service plan of 100k miles or 7 years
AND
Extended warranty plan of 100k miles or 10years

Which should I pick, JTMA/Fidelity or Toyota ?
Is there pros and cons with either?

I am definitely going with one or the other
 
I suggest the Toyota platinum. $0 deductible and valid at any dealer in USA. That’s what I have in mine. 8/125k

Many others require out of pocket expense and submittal of paperwork for reimbursement.
 
04UZJ100 said:
I suggest the Toyota platinum. $0 deductible and valid at any dealer in USA. That’s what I have in mine. 8/125k

Many others require out of pocket expense and submittal of paperwork for reimbursement.
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Same here for the warranty.

I also bought a maintenance plan from TFS, but have found it a bad deal. I bought it to "force" myself to go to the dealer every 5K miles so the work would be on the maintenance history. The 30,000 mile service is when the tech broke the HVAC blend door and if I had not had the plan I would have done the work myself and NOT broken the door. Now that mess is on the maintenance history :bang: My humble opinion is that dealer maintenance services on the LC are so bad the maintenance plans are not worth it. But of course YMMV because there could be some good dealers out here.
 
99Cruiser said:
Statistics are fine until you are the exception, then they are meaningless to you.
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Nonsense. You know you are likely to receive less than you spend on the warranty, otherwise it would not be offered to you. Warranties are one of the biggest profit centers for dealerships...their profit comes out before the cost of insurance. So the question is, can you afford to self insure the risk of a repair, or not? If you’re buying an $85K truck new, I would hope you can afford the repair after your truck is out of warranty. Buying the warranty is a losing bet unless you can’t afford the repair.
 
JohnPW said:
Nonsense. You know you are likely to receive less than you spend on the warranty, otherwise it would not be offered to you. Warranties are one of the biggest profit centers for dealerships...their profit comes out before the cost of insurance. So the question is, can you afford to self insure the risk of a repair, or not? If you’re buying an $85K truck new, I would hope you can afford the repair after your truck is out of warranty. Buying the warranty is a losing bet unless you can’t afford the repair.
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If I had less than a .001% chance of dying skydiving and I died, then I don't care about the statistics, they didn't save me.😀
 
Honestly I’ve been on the other end of the stick ‘just outside my warranty. Yep they are there to make money, but I like the piece of mind knowing I’m done with expenses on issues for the next ten years! If nothing happens in ten years and I lose $1,500 I couldn’t care less to be totally honest. If something in year 8 costs $25,000 to fix ill sleep better
 
Eire32 said:
Honestly I’ve been on the other end of the stick ‘just outside my warranty. Yep they are there to make money, but I like the piece of mind knowing I’m done with expenses on issues for the next ten years! If nothing happens in ten years and I lose $1,500 I couldn’t care less to be totally honest. If something in year 8 costs $25,000 to fix ill sleep better
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I have always struggled with the mileage part of the equation unless it’s changed. 125k on an LC isn’t much. If it went to 175 then there is something to discuss.
 
JohnPW said:
Nonsense. You know you are likely to receive less than you spend on the warranty, otherwise it would not be offered to you. Warranties are one of the biggest profit centers for dealerships...their profit comes out before the cost of insurance. So the question is, can you afford to self insure the risk of a repair, or not? If you’re buying an $85K truck new, I would hope you can afford the repair after your truck is out of warranty. Buying the warranty is a losing bet unless you can’t afford the repair.
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Buying the warranty is a piece a mind people are willing to pay for. Just like You can afford the 85k rig, you can afford to buy a warranty that might be useless and the only benefit is the piece of mind you have.

Look at your own argument from the opposite view point. If I can buy the warranty and afford to pay for it just to know that if anything happens its covered why not do that. Also then any little thing you hear or find you can take your car in for because you have the warranty. That's what I did with my daily and got starter, shocks, head unit, and something else replaced because of warranty. Just like your statement I was told I'm dumb for buying an extended warranty on a Toyota, but I got my money's worth back.
 
JohnPW said:
Nonsense. You know you are likely to receive less than you spend on the warranty, otherwise it would not be offered to you. Warranties are one of the biggest profit centers for dealerships...their profit comes out before the cost of insurance. So the question is, can you afford to self insure the risk of a repair, or not? If you’re buying an $85K truck new, I would hope you can afford the repair after your truck is out of warranty. Buying the warranty is a losing bet unless you can’t afford the repair.
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Nonsense until it’s not.

1 radiator/starter/coolant leak/ oil leak and it has paid for itself.
 
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I had Toyota platinum on a minivan. The rear door button was literally melting. Everytime you touch it, rubber residual stick to your hands.

Toyota refuse to fix it because the button itself still works. Lol
 
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JohnPW said:
I never understand why people who can afford $85k trucks buy warranties that mathematically lose them money.
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When I bought my 200 used it was still under warranty. The headunit had to be replaced. If that had occurred out of warranty, I think the replacement cost would have been on the order of $4k.

So different people will look at the same issue and come to different decisions.
 
I'm certain there are singular instances where the policy paid out more than the premium cost. But you have to ask yourself, how many vehicles have you owned (will you own) and bought/buy the insurance on. If one buys these policies on all vehicles owned by their family throughout their lives, I bet very few people receive more benefit than what they paid.
 
I just bought extended lexus platinum warranty on Thursday, had one month left of factory warranty. I contacted Jerry Johnson Warranty Manager Midwest Toyota Email jerryj@midwestsuperstore.com
great guy, great deal. Quick and seamless. Give him a shout. I highly recommend him. After chatting for a bit, I bought zero deductible 10 year/125K warranty
 
A warranty is insurance. You pay for insurance on financial risks you can’t afford to absorb. How many people are buying warranties (Which are statistically a loser) while absorbing $5k or bigger healthcare deductibles? What is your homeowners deductible? Yet you’re buying insurance for a repair expense that might be a couple thousand?

sorry for the rant but these are bad financial decisions for most people. Yes it’s “peace of mind” but on that basis you could insure every expense in your life. And you would waste money if you did.

people on this site are spending multiple thousandson modifications to their 200, while buying for insurance against the risk of a possible repair years down the road. It might make you feel good but it’s not a smart use of money unless the repair would put you in a financial bind.
 
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