Extended Warranty (I know)

[Figarou]

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.

Try timeshare. Much worse.

I know........ It's a gamble with extended warranties. I went ahead and purchased mine through "Ford Protect." Waste of money? If nothing goes wrong with my vehicle, yes. But the feeling of confidence is there just in case something does happen.

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[RedlandRanger]

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.

That may be part of your problem. When my parents lost their house in a fire in Florida 30+ years ago, they didn't have any trouble getting paid, but many other people who had "cheap" insurance fought tooth and nail to get anything paid out. They still lost money since contents of the house are insured as a percentage of the house typically, but they basically maxed out their coverage and the company didn't make them go thru hoops. It was a totally random event they had no control over and what they got back in insurance FAR outweighed what they had ever paid in over the years.

I will say this - insurance is only as good as how much they are willing to pay if/when you need it. And I think most "cheap" companies don't want to pay, which is why they are cheap. I've been with my agent for 30+ years and if I have a claim, they work with me and have never cheaped out. It is possible we might be able to save a few dollars a month if we went somewhere else, but I've never looked into it, as I'm happy with who we have.

Insurance surely is a gamble, and one you hope you never need - but if you need it, you want to make sure the company will stand behind you.

 

[SaberRanger]

I want to get and extended warranty for my 2019 Ranger. I’m just having a hard time deciding what to get and understanding the whole from sale date and everything.


My Ranger is at 30,400 miles and I plan on keeping it for many years.

 

[D Fresh]

That may be part of your problem. When my parents lost their house in a fire in Florida 30+ years ago, they didn't have any trouble getting paid, but many other people who had "cheap" insurance fought tooth and nail to get anything paid out. They still lost money since contents of the house are insured as a percentage of the house typically, but they basically maxed out their coverage and the company didn't make them go thru hoops. It was a totally random event they had no control over and what they got back in insurance FAR outweighed what they had ever paid in over the years.

I will say this - insurance is only as good as how much they are willing to pay if/when you need it. And I think most "cheap" companies don't want to pay, which is why they are cheap. I've been with my agent for 30+ years and if I have a claim, they work with me and have never cheaped out. It is possible we might be able to save a few dollars a month if we went somewhere else, but I've never looked into it, as I'm happy with who we have.

Insurance surely is a gamble, and one you hope you never need - but if you need it, you want to make sure the company will stand behind you.

I've only filed claims with American Family and State Farm.

I don't know if you consider them cheap or not.

By "shopping rates" I did not mean I'm insuring through LA Insurance or the The General. I should have clarified that I shop rates from established, reputable (supposedly) insurance companies. Currently we're with Progressive for both home and auto. I'll shop it again next year. Loyalty costs you money in the insurance game.

When a semi driver totalled our Escape I had to spend over 8 hrs total on the phone doing my claims agent's job. This was American Family, not cheap by any means, sold by an agent who we had been with over 15 years. The entire "insurance agent" scheme is part of the scam.

 

[JACKSMYDOG]

Try timeshare. Much worse.

I know........ It's a gamble with extended warranties. I went ahead and purchased mine through "Ford Protect." Waste of money? If nothing goes wrong with my vehicle, yes. But the feeling of confidence is there just in case something does happen.

I wouldn't say waste of money, just statistically a losing proposition. I'd guess vehicle warranty falls just below 50/50, probably not much worse than 40/60. Even with losing odds, it's not necessarily a bad purchase, as losses can be exponential.

*Timeshare, ha ha. NO!

 

[MountainGoat]

I got the 8yr/120,000 mile warranty at the dealer like a NEWB. But still I'm happy with the piece of mind as I plan on keeping the truck forever. I also don't log many miles anymore so I will be going the full 8 years for sure.

Anyone have an extended warranty that doesn't show up on Fordpass? Mine only shows the standard warranty but I haven't been too motivated to get on the phone with Ford.

 

[Figarou]

I wouldn't say waste of money, just statistically a losing proposition. I'd guess vehicle warranty falls just below 50/50, probably not much worse than 40/60. Even with losing odds, it's not necessarily a bad purchase, as losses can be exponential.

True.

But then there's this situation. If something happens now, the parts are readily available. But having insurance on something 10 years old or older is a waste because the only place you might find parts is a junkyard.

 

[AzScorpion]

I want to get and extended warranty for my 2019 Ranger. I’m just having a hard time deciding what to get and understanding the whole from sale date and everything.


My Ranger is at 30,400 miles and I plan on keeping it for many years.

Tracy @Tracy Bowman just got one with around the same mileage as you have. Maybe she can provide a link to the one she just bought.

 

[Jrel209]

I never purchased extended warranties before… i looked at zeiglar is it really 8/100k for only 1600 total…. Or is that monthly i dont get it.

 

[remtv]

Im also thinking about getting a plan before the price hike unfortunately I get hosed here in Florida, An 8 year 75k premium is about 2.7k for me an a 6 year 60k is 1400 bucks

 

[JACKSMYDOG]

True.

But then there's this situation. If something happens now, the parts are readily available. But having insurance on something 10 years old or older is a waste because the only place you might find parts is a junkyard.

Yup, it's a gamble, but almost a coin toss. It's not like betting your last dollar on the Super-Lotto with 1/billions odds.

 

[9zero1790]

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.

usaa is a good company

 

[9zero1790]

I've only filed claims with American Family and State Farm.

I don't know if you consider them cheap or not.

By "shopping rates" I did not mean I'm insuring through LA Insurance or the The General. I should have clarified that I shop rates from established, reputable (supposedly) insurance companies. Currently we're with Progressive for both home and auto. I'll shop it again next year. Loyalty costs you money in the insurance game.

When a semi driver totalled our Escape I had to spend over 8 hrs total on the phone doing my claims agent's job. This was American Family, not cheap by any means, sold by an agent who we had been with over 15 years. The entire "insurance agent" scheme is part of the scam.

state farm is not cheap. they are typically on the higher end of prices. was a sf agent for a lil while.

 

[RedlandRanger]

I've only filed claims with American Family and State Farm.

I don't know if you consider them cheap or not.

By "shopping rates" I did not mean I'm insuring through LA Insurance or the The General. I should have clarified that I shop rates from established, reputable (supposedly) insurance companies. Currently we're with Progressive for both home and auto. I'll shop it again next year. Loyalty costs you money in the insurance game.

When a semi driver totalled our Escape I had to spend over 8 hrs total on the phone doing my claims agent's job. This was American Family, not cheap by any means, sold by an agent who we had been with over 15 years. The entire "insurance agent" scheme is part of the scam.

I guess my parents and I have both had good agents then. Neither of us have had to fight our agents for claims.

Sorry you've had bad experiences.

 

[9zero1790]

im not anti warranty or insurance. my thing with car warranties is not trusting the dealers. ive been burned by ford dealers more than once. also a gm dealer. id throw out that more of us has a bad dealer story than a good dealer story. some great ones are around sure but, not near me lol. some extended warranties you can use at any place that accepts it and not just the dealer. those are tempting. but i talked to the mechanic i grew up with and my family has used since the 1970s and he told me he hates screwing with those since they try to penny pinch and take too long to send payment. id like extra coverage but just dont see it as a worth while option in my situation. oh and dont worry im not doing insurance any longer so i will not try to sell yall any coverage lol.

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