Extended warranty

Scubaregs · Post by **Scubaregs** » Fri Mar 25, 2022 11:36 pm

Of course cars go wrong, but not everything that goes wrong can be claimed under warranty.
I understand the peace of mind factor but the fact still remains that statistically you are more likely to be financially better off over the piste without the cost of a warranty.

As with everything, comes down to the cost and what we perceive as value for money.

ori · Post by **ori** » Fri Mar 25, 2022 11:45 pm

Scubaregs wrote: ↑Fri Mar 25, 2022 11:36 pm Of course cars go wrong, but not everything that goes wrong can be claimed under warranty.
I understand the peace of mind factor but the fact still remains that statistically you are more likely to be financially better off over the piste without the cost of a warranty.

As with everything, comes down to the cost and what we perceive as value for money.

Yes of course statistics show you are better off without a warrantee financially.
Same with all insurance including car insurance and home insurance.
Again it comes down to what risk level you are willing to take.
Imagine it wasn’t compulsory to insure your car. Would you do it? I know I have paid car insurance all my life and have claimed 3k in total. I’m 46 so I’ve overpaid massively, but without insurance I’m exposed to a potential liability stretching into millions!
It’s down to risk vs liability. Yes the risk is low that I will need an expensive repair, but I can’t afford the liability so I insure against it.

ori · Post by **ori** » Fri Mar 25, 2022 11:47 pm

Ps. I don’t the tyre insurance as I can easily afford a new tyre. I’m self insuring. It’s a potential liability I am comfortable with.

Scubaregs · Post by **Scubaregs** » Fri Mar 25, 2022 11:54 pm

ori wrote: ↑Fri Mar 25, 2022 11:47 pm Ps. I don’t the tyre insurance as I can easily afford a new tyre. I’m self insuring. It’s a potential liability I am comfortable with.

.

Car insurance is different as it's a legal requirement.

ori · Post by **ori** » Sat Mar 26, 2022 7:39 am

Scubaregs wrote: ↑Fri Mar 25, 2022 11:54 pm
ori wrote: ↑Fri Mar 25, 2022 11:47 pm Ps. I don’t the tyre insurance as I can easily afford a new tyre. I’m self insuring. It’s a potential liability I am comfortable with.
.

Car insurance is different as it's a legal requirement.

Hence I asked if you would have it if it wasn’t compulsory?

Scubaregs · Post by **Scubaregs** » Sat Mar 26, 2022 11:09 am

Car/bike insurance, yes but as they got older and less valuable I would drop from FC to TPFT. However this is totally different in that you are insuring against an accident/incident which you may well have no control over. An extended warranty is insuring against a manufacturing defect and my take on that is if there is one, it will manifest itself in the original warranty period. It's about how much confidence you have in the car after your original warranty is up vs how much peace of mind is worth to you.

In all the cars and bikes I've owned that were either new with manufacturers warranty, nearly new with balance of manufacturers warranty or dealer bought with warranty, the only claim I've had to make was on the 718. Once all these vehicles have been out of warranty I'm struggling to think of a big bill I've had that an extended warranty would have covered.

ori · Post by **ori** » Sat Mar 26, 2022 11:14 am

I’ve never take third party insurance. Always fully comp. Not because of the value of the car insured as I’ve had very cheap cars, but again because of liability. If I was involved in an accident then every party involved would be covered but the most valuable person…..me! If I needed medical care for the rest of my life because of said accident I would not be covered.

We have very different views on insurance.
My take is always if I can afford to self insure I will. If my exposure is more than I’m comfortable with, I insure.

Scubaregs · Post by **Scubaregs** » Sat Mar 26, 2022 11:18 am

ori,

"Your third-party policy should pay for the damage to the other car. Your policy should also cover you for any medical expenses racked up by the driver and any passengers. But third-party cover doesn't cover the damage to your car. Shopping for third-party insurance buys you the legal minimum when buying car cover."

ori · Post by **ori** » Sat Mar 26, 2022 12:31 pm

I was under impression that if you needed any extra care third party wouldn’t cover it.

One thing I do know is that third party now tends to be more expensive than comprehensive cover. Apparently claims history shows that people who insure 3rd party tend to have higher claims.

ori · Post by **ori** » Sat Mar 26, 2022 12:36 pm

Just for fun I ran a quote on 3rd party. 2k for third party only!
More than double my fully comp policy.

Scubaregs · Post by **Scubaregs** » Sat Mar 26, 2022 2:36 pm

Yep, insurance can be very weird indeed. Normally cheaper now on driveway than in garage, probably because folks damage car trying to get into it.

ori · Post by **ori** » Sat Mar 26, 2022 10:25 pm

Insurance is nuts. Ran a quote on direct line which used to be the cheapest for me on my 35is.
4.5k!!!! Are they insane??!?!?

I really think insurance companies just throw darts to figure out a price.

Obs-Com · Post by **Obs-Com** » Sun Mar 27, 2022 7:07 pm

Just changed my wife’s 69 plate Evoque for a brand new X2 Mesh Edition 25e (very impressed as first electric). Kept on drive and business cover. Insurance renews with Saga in October and the Evoque was £340 for the year including legal cover and protected NC. Rang Saga to change over and pay the difference. Informed I was getting a refund of £91!!!
Now that really is nuts

Z4-forum.com

Z4-forum.com