Should I buy the Toyota extended warranty?

<div class='quotetop'>QUOTE(gupchurch1349 @ Nov 11 2006, 03:10 PM) [snapback]347565[/snapback]</div>

If you got your money's worth from the warranty, then Toyota would not be making profit from it, and it would not be sold.

No, don't get it.

 

<_< "Extended Warranry" - another name for an insurance policy.

I, too, closed the deal on my up-trade from my 2004 Prius to a 2007 Touring Edition, Package 6. The finance manager assured me that $1,650 was the lowest, indeed the ONLY, price for a Toyota Extended Warranty and that I must purchase it at the that time. I declined without a great deal of comment.

It is my understanding that you can buy the Toyota Extended Warranty any time up to the 3 year/36,000 mile bumper-to-bumper warranty expires. Since it is an insurance policy, I believe no one can guarantee the price for the next 3/36K - probably will depend on loss ratios. The best deal I've seen is the PriusChat ~$950.

Another consideration, take a look at the exclusions listed online here in PriusChat - many things are not covered. Perhaps it's like Life Insurance - "The best time to buy is just before you die." So, within the 3/36K, buy Extended Warranty just before you need it for something covered... Hmmm... now... When will some covered item go bad?

 

<div class='quotetop'>QUOTE(IsrAmeriPrius @ Jan 4 2007, 12:23 AM) [snapback]370583[/snapback]</div>

So if the 'not covering hybrid vehicles' thing is true, then the whole warranty is void?

I'm not sure I believe it.

Perhaps this is the text of the Platinum warranty **for non-hybrid cars** or am I mistaken?

 

<div class='quotetop'>QUOTE(Pinto Girl @ Jan 4 2007, 01:14 PM) [snapback]370944[/snapback]</div>

Sorry, I am reading it like the lawyer that I am.

The language is pretty clear and unambiguous. Please notice the use of the word "or".

My hunch is that they will claim clerical error and refund the cost of the policy as soon as a claim is made.

However, the part that is really sneaky is this one:

 

<div class='quotetop'>QUOTE(Walker1 @ Jan 3 2007, 11:39 PM) [snapback]370564[/snapback]</div>

EXTENDED WARRANTY - Can anyone give me contact information for Troy? I put 25K miles in one year so I will need to get this soon.

[email protected]

Thanks everyone

 

<div class='quotetop'>QUOTE(gqscientist @ Jan 7 2007, 07:26 AM) [snapback]372044[/snapback]</div>

Discounted Extended Warranty

 

<div class='quotetop'>QUOTE(Display Name @ Jan 4 2007, 03:29 PM) [snapback]370851[/snapback]</div>

Sooo ... by that same rational, I suppose if we got our money's worth out of fire, life, health, auto insurance than all these insurances would not be sold? :blink:

 

<div class='quotetop'>QUOTE(gupchurch1349 @ Nov 11 2006, 02:10 PM) [snapback]347565[/snapback]</div>

I'd hold off until you're close to either 3 years or 36,000 miles. Shop around before you decide.

Dave M.

 

<div class='quotetop'>QUOTE(hill @ Jan 7 2007, 01:59 PM) [snapback]372192[/snapback]</div>

Unlike most insurance, the deal with Troy is a fair price, making the choice a bit of a toss up. I got a quote from him, and have been stuggling with the decision.

What I think would help a lot is if people can share their stories of repairs needed in the first 100,000 miles, 7 years, how much they cost, and how much was covered if they had the Toyota Platinum plan. If the responses are 50 % had $2000 repairs covered, and 50% never used it, then that will confirm it is a break even gamble.

The finance manager at a car dealership is usually the best paid person in the building. The mark-up on the extras they sell is usually about 250 percent, like a $900 Extended warrantee they sell you for $2500, gap insurance for $500 that you can get on your auto insurance for about $14 per year.

My dealer tried to sell me the 3 year Pre Paid Maintenance Coupon program for about $3000. I called in later to ask the service department was was covered, added it up, and it only came to about $600.

Clear chip protection over the front of your car for $1200? I told them I would wait for the chips and then use the $1200 to get them repaired.

As far as the other insurances we buy, if someone had enough capital to self insure, the odds are they will come out ahead by not buying fire, life, health and auto insurance. We only have to buy these to cover castostrophic events that would ruin us on the off chance they did occure. To some extent, the insurance companies can take advantage of pooling everyones premiums and make better investments, but they also take loads of profit off the top to build high rise buildings and such.

Many large companies self insure, particularly with auto insurance. Rather than haveing company cars insured. And they typically instruct their employees to waive insurance on rental cars becuase it is cheaper for them to replace a car now and then than to buy the insurance.

My uncle doesn't have his house insured, and my mother was telling me how foolish that seemed to her, but I told her it may be the wise choice for him. He is financially independant enough. In the off chance his house burns to the ground, he will loose a couple hundred thousand dollars, but he can save $5000 in 10 years, and there is hardly any chance at all that his house is going to burn to the ground.

I recently struggled a long time over buyng medical insurance for a short period when my job didn't cover my family. Most likely, I didn't need it, but I bought it just in case one of my kids got (heaven forbid) leukemia or somethign.

I think

 

<div class='quotetop'>QUOTE(gupchurch1349 @ Nov 11 2006, 06:10 PM) [snapback]347565[/snapback]</div>

I agreee with the many who suggest it is a good idea, and I think I do sleep better at night knowing that I have the warrenty (and living far from a dealer gives me some peace of mind knowing that there is a good towing component to the deal). Consider how many miles you drive each year, as there are several options based on years/milege.

I was all set to order the warrenty from Troy, as so many here suggested. I went to my dealer on other business, though, and mentioned the deal to them. What do you suppose happened? They came down from about $1700 to $990. And no emails or credit cards online...

Jim

 

I wanted piece of mind. With all the electronics, back up camera, etc. I went with the 7 year, 100,000 mile Toyota Platinum plan. My dealer quoted me $1886.80. I was mulling it over when I discovered "Prius Chat. Reading the postings has answered a lot of my questions regarding the car and has given me lots of useful information. The one that has saved me for the most so far is the Platinum plan ofered byTroy for $990.00.

I e-mailed Troy for information on his plan and he got right back to me. I sent in my check with the required infomation and in 1 week I had my plan from Troy. What a savings. I now see why dealers don't recommend "Prius Chat.

 

<div class='quotetop'>QUOTE(jimnjo @ Mar 3 2007, 07:00 AM) [snapback]399460[/snapback]</div>

ALL,

I too, bought the Extended 7r/100K warranty for $990 and $875 for the Maintenance Plan. Just a word of caution; it's not wise to tell Toyota dealers about this deal. You don't want to ruin Troy's deal for current Prius owners and future Prius owners interstead in buying a less expensive Ext warranty. Have a nice weekend everyone!

Here's a quote from Danny regarding this problem:

<div class='quotetop'>QUOTE(jimnjo @ Mar 3 2007, 07:00 AM) [snapback]399460[/snapback]</div>

 

I ordered a 8 yr/ 120,000 $0 deductible warranty from WarrantyDirect. It was about double what Troy charges for the 7yr 100,000 warranty here but I have used WarrantyDirect with my other vehicle and they have been great. In fact I had to use them about a month ago on my Chevy Tahoe when the 4x4 was acting up. They paid out over $1100 to the dealer without a problem. I like them because they cover components where others stop. With my policy Emissions system, DVD video system, Phone/Bluetooth system and GPS/Navigation systems are all covered. Some components in the emissions systems are typically considered wear and tear items so if you go in with say 90,000 miles with a bad EGR valve you're told that it's not covered.

Here's a list of the items NOT covered by my WarrantyDirect policy. "Battery; Battery/Battery Pack on hybrid vehicles; Shock Absorbers; Manual Transmission Clutch Assembly; Friction Clutch Disc & Pressure Plate; Throw Out Bearing; Manual and hydraulic linkages; Safety restraint systems (including air bags); Glass; Lenses; Sealed Beams; Bulbs; Brake Rotors & Drums; Weather Strips; Exterior Body Parts/Ornamentation; Paint; Upholstery & Carpet; Tires; Wheels/Rims; Exhaust System."

Personally I will not buy a new vehicle without an extended warranty. Every time I've bought one I've had to use it. On one GM vehicle I owned, the transmission failed at 99,550 miles when I had the 100,000 mile protection. I got lucky on that one because that paid for itself and then some.

Whatever the case I suggest folks due extensive research on warranty companies. Do a search on the net and you'll find hundreds and believe me when I say that most are scams. You really can't go wrong with the Toyota warranty for the price Troy is providing here. I only went with WarrantyDirect because of my personal experience.

Good Luck!

 

I live about a half hour away from Troy's dealership and have met him in person. Besides giving a great deal on the extended warranty (which I would not have gotten had it not been for the great price), he's also a nice guy.

 

<div class='quotetop'>QUOTE(erogla @ Nov 28 2006, 01:08 PM) [snapback]354845[/snapback]</div>

I plan on keeping our new Prius for more than 3 years and bought the Plat warranty. Can I cancel the warranty and purchase from here through Troy?

What I really want to know is......where did you get your clear bra for your car? Is there a condensation problem with a bra for the car? Someone told me that if condensation gets between the bra and the car - it can damage the paint?

Susanne


<div class='quotetop'>QUOTE(erogla @ Nov 28 2006, 01:08 PM) [snapback]354845[/snapback]</div>

I plan on keeping our new Prius for more than 3 years and bought the Plat warranty. Can I cancel the warranty and purchase from here through Troy?

What I really want to know is......where did you get your clear bra for your car? Is there a condensation problem with a bra for the car? Someone told me that if condensation gets between the bra and the car - it can damage the paint?

Susanne

 

To get it or not is a totally personal decision. It depends on how long you'll plan to keep the car, how well you'll sleep at night, etcetc. But one thing is for sure, shop around !!!
I got mine at the dealer when I bought the car. They wanted $1895 qith $100 deductible, and I ended up paying $1695 with $0 deductible, or I could've had $1495 and $100 deductible, and now, thanks to priuschat.com I am learning about this third party warrantys and breakdown insurance. A lot of options out there.
In my opinion all these companies DON'T lose money selling warraties, and they will normally find an "excuse" not to fix something saying it's not covered, so that's usually the catch. Watch out and read the fine print.
My Prius is 350 miles and I hope to drive it until it's 176,000 miles like my corolla.

 

<div class='quotetop'>QUOTE(hill @ Jan 4 2007, 07:36 AM) [snapback]370700[/snapback]</div>

everybody. Been a lurker but finally signed up today after reading about this. I got my Prius 2007 last Tuesday and was conned into getting the 7 year 100K mile extended warranty at my dealer for $1,985. Big rip-off, I know but after having read this and now waiting for a quote from Troy, I really know I should cancel my existing warranty at the dealer.

Thanks for the great information on this forum!

*Edited for Update: Okay, I just got off the phone with Toyota Financing and as expected, they were 'shocked' to know that I could get the warranty that much (didn't mention who from). Then he started being soft and said we'd have to go there to sign some documents anyway and 'maybe we can work something out.' Hmmm. He also said that cancelling the warranty won't lower my monthly payments but it will just lower the number of months, that is to say, if I got a 48 month financing that I'd only have 43. He said this is how Toyota does it. Can anybody confirm this? I would appreciate the info so I'd know what to say when I go there tomorrow.

 

<div class='quotetop'>QUOTE(ByWire @ Mar 3 2007, 10:46 AM) [snapback]399540[/snapback]</div>

The extended warranty offered through PriusChat is not a third party warranty. It is the genuine article issued and backed by Toyota Financial Services.

 

Geico has a Prius extended warrantee for about &200. Has anybody had any experience with this?
Mary

 

Surprise, surprise! My dealer matched the $980.00 with no deductible so we went with it.