Extended Warranty (I know)

[db_tanker]

Another option - check with your car insurance...some offer a vehicle repair warranty coverage option too.

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[Motorpsychology]

I have used every vehicle extended warranty I have purchased on those vehicles I bought them for. Didn't always get my cost back in repairs, but the peace of mind of only needing the deductible, especially while traveling is worth it for me. I bought an Allstate Premier Care through my dealer. Covers everything the top Ford ex warranty does, but is usable at other repair facilities as well as Ford. $100 deductable 10years/150,000 miles.

 

[Joeiconic]

Yes, extended warranties are cheap insurance.

However, just like the Blackjack table, insurance is a scam.

Expensive yes, scam no. I’m glad I have a way to protect myself from financial disaster.

 

[D Fresh]

Expensive yes, scam no. I’m glad I have a way to protect myself from financial disaster.

How much have you paid in insurance premiums over your lifetime?

And have you ever filed a claim? Was it easy for you to get paid when you needed to use it?

Roughly calculated just home and cars, I've spent over $130k over my lifetime in insurance premiums. At most I've collected $25k in settlements. And every single one of those was like pulling teeth to get paid.

Don't even get me started on the scam that is medical care and medical insurance in this country.

Berkshire Hathaway profited over $40 Billion off insurance in 2020.

 

[AzScorpion]

How much have you paid in insurance premiums over your lifetime?

And have you ever filed a claim? Was it easy for you to get paid when you needed to use it?

Roughly calculated just home and cars, I've spent over $130k over my lifetime in insurance premiums. At most I've collected $25k in settlements. And every single one of those was like pulling teeth to get paid.

Don't even get me started on the scam that is medical care and medical insurance in this country.

Berkshire Hathaway profited over $40 Billion off insurance in 2020.

I use to feel the same way but if you or someone in your family ever got cancer that $130K would be nothing compared to the costs you'll incur. I've seen families get wiped out and it's a sad sight to see. It shouldn't happen but unfortunately it does. Sure it's a gamble and most will never use it but for some it's the peace of mind it provides for that "just in case moment" you actually might have.

Don't even get me started on all the business insurance I had to carry along with my own health, workers comp and liability insurance. If I could have just 1/8 of that back I could buy a loaded F150 Raptor cash and still have money leftover. But it's the price we pay for protecting ourselves, our family and our business.

 

[D Fresh]

I use to feel the same way but if you or someone in your family ever got cancer that $130K would be nothing compared to the costs you'll incur. I've seen families get wiped out and it's a sad sight to see. It shouldn't happen but unfortunately it does. Sure it's a gamble and most will never use it but for some it's the peace of mind it provides for that "just in case moment" you actually might have.

Don't even get me started on all the business insurance I had to carry along with my own health, workers comp and liability insurance. If I could have just 1/8 of that back I could buy a loaded F150 Raptor cash and still have money leftover. But it's the price we pay for protecting ourselves, our family and our business.

My wife had 2 brain surgeries within 24 hours, and spent months in a rehab facility learning how to walk and talk again in 2015. I'm well aware of the costs involved with major medical care.

Especially the fact that my "max out of pocket" was supposed to be $7500. I stopped counting for my own sanity at $70k.

Of course the costs would have been higher without insurance. But they would not be so high to begin with if it weren't for the unethical collusion between medical providers and insurance companies.

Obviously it's a scam I'm forced to participate in. But that doesn't mean I have to like it.

 

[Grumpaw]

Over the years, insurance has paid for two homes that were totaled in South Fla due to hurricanes, two RV.s , a travel trailer and a motor home that were totaled during the same hurricanes, two vehicles that were totaled (other drivers at fault...but with minimal insurance...mine covered it, two rotator shoulder surgeries, hernia's, foot, hand, and several other minor surgeries.
Even a rotator cuff surgery runs 20 grand or so. Houses were in the hundreds of thousands...
Forgot...I just had, 3 weeks ago, a small tumor removed from my right inner ear...20 minute in house at Dermatology office...that was $3200 just for in house and lab work...no cost to me...thank you medi-care and AARP Supplemental insurance.
Yeah, insurance is expensive, but if needed, it's invaluable.

 

[9zero1790]

when my base warranty is close to expiration i will be trading in or selling out. get rid of it before it starts falling apart and still has some value towards a trade. i like the truck a lot and would keep it, but have zero faith in ford dealers making any repairs esp. those under warranty when they get paid less and dont wanna do the work. im also not going to pay any other company to sell me something the truck should have come with from ford. i was an insurance agent for a while, i know the numbers game. id rather get hosed and have a new truck than get hosed and have an old truck. lose either way, may as well do it with a smile. sadly im close to 17k now so abbs will be gone by jan 23. hopefully a decent truck is still on the market then.

 

[D Fresh]

Over the years, insurance has paid for two homes that were totaled in South Fla due to hurricanes, two RV.s , a travel trailer and a motor home that were totaled during the same hurricanes, two vehicles that were totaled (other drivers at fault...but with minimal insurance...mine covered it, two rotator shoulder surgeries, hernia's, foot, hand, and several other minor surgeries.
Even a rotator cuff surgery runs 20 grand or so. Houses were in the hundreds of thousands...
Yeah, insurance is expensive, but if needed, it's invaluable.

There's the rub.

My use of the term "scam" was probably a bit harsh.

It IS gambling though. But you're betting on yourself to lose.

I don't know about you folks, but I'm a winner, not a loser. At least that's what my mama always told me.

 

[JesseS]

My wife had 2 brain surgeries within 24 hours, and spent months in a rehab facility learning how to walk and talk again in 2015. I'm well aware of the costs involved with major medical care.

Especially the fact that my "max out of pocket" was supposed to be $7500. I stopped counting for my own sanity at $70k.

Of course the costs would have been higher without insurance. But they would not be so high to begin with if it weren't for the unethical collusion between medical providers and insurance companies.

Obviously it's a scam I'm forced to participate in. But that doesn't mean I have to like it.

Yes, there are scams out there, and the medical field is one of the worst. But I had 2 family members both lose everything in the camp fire but the clothes on their backs. And USAA was there the next day with a $5K check for emergency funds, free rent for up to 2 years, and a total of over $500K for their home and belongings and displacement costs paid within 30 days. Then were told to supply a list of everything lost and got another $70K. Then got $150K from the PG&E law suit, so they made out pretty well. I also have USAA and must admit they are the very best in claims.

 

[Grumpaw]

There's the rub.

My use of the term "scam" was probably a bit harsh.

It IS gambling though. But you're betting on yourself to lose.

I don't know about you folks, but I'm a winner, not a loser. At least that's what my mama always told me.

Your in Colorado....hope all those folks outside of Denver who lost everything, had insurance...It could have been you.
Look around at what is happening, daily...weather/ nature or man made. Weather physical or property, there is a good chance that something could/might happen, and that is why I don't take chances.

 

[D Fresh]

Your in Colorado....hope all those folks outside of Denver who lost everything, had insurance...

I'm sure they did as it's a legal requirement for financing.

If not, they gambled on themselves and lost. Sucks, but sometimes life does that.

 

[D Fresh]

Yes, there are scams out there, and the medical field is one of the worst. But I had 2 family members both lose everything in the camp fire but the clothes on their backs. And USAA was there the next day with a $5K check for emergency funds, free rent for up to 2 years, and a total of over $500K for their home and belongings and displacement costs paid within 30 days. Then were told to supply a list of everything lost and got another $70K. Then got $150K from the PG&E law suit, so they made out pretty well. I also have USAA and must admit they are the very best in claims.

I've heard good things about USAA. And since the government mandates our participation in the gambling scheme I've considered attempting to sign on with them. Not sure if my father's service would qualify me or how to even go about documenting that.

I will say though, that it has been my experience that insurance companies are on their best behavior for major disasters like that.

I've dealt with a few different providers, none have been good at anything, frankly. Billing, claims, it's always a headache. I go for the cheapest premium now and shop every couple of years.

Sounds like your family is in a good spot now, hopefully that continues.

 

[JACKSMYDOG]

Basic business theory suggests extended warranties are a bad financial decision. Some will gain, some will lose, but the average buyer is a net loss.

 

[Tracy Bowman]

I don’t like the fact that everything is so high and we are forced to have insurance on everything. But, we are not wealthy, and we’ve worked hard for everything we have. I just can’t risk losing it to chance. The only reason I’m still working is for insurance. It’s irritating, but we need it.

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