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BMW 3-Series (E90 E92) Forum
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BMW Ext Warranty - No Refund if claim made!!
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02-20-2013, 10:11 AM | #1 |
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So the finance guy at the dealership checks into how the refund proration on a BWM ext warranty is calculated if any claims were filed. His response was there is no refund.
I was looking to grab a 84mo/100 gold plan in the near future and keep the car another year or year-half then have something to offer next owner if decide to sell private. If selling at carmax or trading it in I 'assumed' I would get some proration if I cancelled it. Is this consistant with most ext warranties? |
02-20-2013, 11:16 AM | #2 |
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Ask to read the contract.
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02-20-2013, 11:36 AM | #3 |
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I just read up on easy care and they have a 30 day refund if no claim is made within those 30 days. I'm not sure as to whether there is a prorated refund from EasyCare.
What do you mean have something to offer the next owner? Like you would give them the money from the refund? I think having the warranty on the car is more than enough to offer a buyer of the vehicle. |
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02-20-2013, 11:44 AM | #4 |
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The wording in the sample contract did not specifiy my scenario from above so I asked the dealer for clarification. Contract only described within 60 days and No Claims (full refund) and after 60 days and No Claim (prorated refund).
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02-20-2013, 12:10 PM | #5 |
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Something to offer next owner = piece of mind with this level of converage. Gold and Plat plans through BMW only available for purchase if within the 4y/50k.
Down the road when I sell it, for people looking, Car X at dealer with CPO will look a LOT more attractive than Car Y, private party, As-Is. |
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02-20-2013, 12:46 PM | #6 | |
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02-20-2013, 01:52 PM | #7 |
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If you make a claim and want to cancel there is no refund. If you cancel within 30 days with NO CLAIMS you get your money back. after 30 days you get a prorated amount back if NO CLAIMS have been filed.
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02-20-2013, 03:00 PM | #8 | |
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Gold quote was 3390 and Plat 3880 so yes pretty close. What I'm saying is I would like to have the option to transfer warranty to new owner if private party sale OR cancel it if forced to trade in. I may only keep car another year or so and based on the BMW policy, if I make ANY claims I'm entitled to $0 prorated refund. Be aware that this clause is also in effect if your car is totaled along the way and a claim was previously made. |
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02-20-2013, 03:53 PM | #10 | |
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02-20-2013, 04:38 PM | #11 | |
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I could see if they deducted the amount of claim(s) off the top from the purchase price and then pro-rated the remainder. Appreciate everyone's input. |
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02-20-2013, 04:47 PM | #12 | |
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02-20-2013, 04:52 PM | #13 | |
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02-20-2013, 04:56 PM | #14 |
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Guys, remember too...the finance guys have an incentive not to cancel either.....they also get charged-back there commission. But all and all warranties are a must and are well worth it with todays autos.....I dont want to be at the mercy of the service writer especially at BMW to tell me wether its going to be $2000 or $3000.
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02-20-2013, 07:50 PM | #15 |
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Just got a quote from Carchex for little over 3k, or 900 less than BMW Plat Plan, for their best plan. And the DO provide pro-rated refund for unused part of contract if cancelled.
So Carchex - any opinions? |
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02-20-2013, 09:16 PM | #16 |
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02-21-2013, 07:10 AM | #17 |
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Find out who there Insurance underwriter is....Chubb, Swiss-Re, Allstate...etc. Most states require an A rated carrier. Also you want Exclusionary coverage, not stated coverage it leaves to many parts out. Also, make sure you try to add coverage before factory coverage is up, the terms are much greater and the policies are less expensive 3/75k, 4/75k, 5/100k...etc. Otherwise your looking at 1/12k 2/24k 3/36k for almost 50%more in premium. Remember, most states except Florida and a few others do not have regulated pricing and most dealerships mark-up there warranties 1k, let them make a few bucks and they'll even give 18mos no interest to pay it.
Last edited by Cobra0963; 02-21-2013 at 07:19 AM.. |
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02-22-2013, 12:27 PM | #18 |
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I'm just disappointed in BMW plans. If I buy 1 years worth of car insurance and the car gets totaled after 1 month, I get 11/12th of cost refunded.
Anyway the dealer also sells MasterTech Vehicle Protection Program which is covered by American Financial Warranty Corporation. Will read up on their T&Cs. |
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02-22-2013, 02:15 PM | #19 |
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Guys.....also, a BMW warranty is not backed by BMW! Just like GM, Ford, Honda, Toyota are not they are just manufacturer endorsed. But the underwritter is most likely an A rated carrier and could be the same as Universal, WarrenTech, USWarranty, United Car Care...etc
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