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Old 07-21-2012, 08:57 AM   #1
ganeshkrishna
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Join Date: Jun 2012
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Need advice Re extended warranty specifics!

Sorry for the dup post -- I got limited hits on the M3 forum so I thought I would open it up here.

As some of you know, I purchased my baby (06' SMG Vert') last weekend. I had the full PPI done prior and everything pretty much checked out. It has 40K miles.

I am not going to lie to you, after reading this forum for the past month I am a bit scared of all the potential SMG related, VANOS, and other problems that COULD arise. So, I am considering an aftermarket extended warranty.

First off, I have read ALL the past threads on them. If your advice is to not get it, put the money in a CD for repairs and wait, no need to respond. I understand this position, but like any 'insurance' its really a game of odds and a sense of security (or fear however you look at it). I live in NYC so I cannot do anything on my own. I respect that many on this forum can and do.

Now, I have read all the positive and negative reviews on the companies and I found CarChex to be one of the better one (they all have their fair share of complaints). I think one of the keys is being able to find a good CarChex manager whom you purchase from, to push the underwriter (Enterprise Financial) to do the fix if/when you have a problem that is the 'gray area' of coverage. Additionally, I am an attorney and can be pretty aggressive with getting companies to fulfill their contractual obligations when I need to.

SO -- I have a pretty good quote from a trustworthy manager (has sold warranties to 10+ E90 M3 owners on the other forum and they have every repair taken care of). For those wondering its $3,500 for 5 years or up to 75K miles (I put less than 4k per year on the car so mileage is not a problem). $50 deductible, can take it anywhere for repair included BMW dealer.

Now here is where I need those more 'mechanically' inclined to chime in. in the contract, the items below are things that are 'excluded'. I know its lengthy, but can anyone tell me if the subframe, VANOS, SMG and any other main 'problem points' looks to be excluded (on the list)?

I am more concerned about any 'major' problems and less concerned about the warranty covering minor (less than $1000 problems).

As always, your input would be greatly appreciated.

EXCLUDED MECHANICAL ITEMS:

all exhaust components, the following emission components: purge valve/solenoids/sensors, vacuum canister, vapor return canister,
vapor return lines/valves, air pump/lines/valves, emission vapor sensors, gas cap/filler neck, catalytic converter, battery, battery
cables/harness, spark plug wires, fan belts, non-metallic hoses, distributor cap and rotor, shock absorbers, manual/hydraulic
clutch assembly, friction clutch disc and pressure plate, weather strips, trim, outside ornamentation, frame and structural body
parts, vinyl and convertible tops, all maintenance services including alignments, brake pads and shoes, brake rotors and drums, tune ups, coolants, lubricants; and hazardous waste fees.

Last edited by ganeshkrishna; 07-23-2012 at 06:16 PM.
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Old 07-21-2012, 01:26 PM   #2
jfoj
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Extended warranties are just a profit center for anyone who sells them. Most of the shops that sell them can get up to 50% of the price of the warranty as profit.

Many of these extended warranties deny coverage for everything from maintenance, abuse and even stating the failure was a defective design if they see the same failures of components from a manufacturer.

Personally I never purchase these for anything from cars to electronics. I play the odds. If you do not totally destroy things, maintain them and drive it like you own it, major catastrophic problems rarely happen.

I cannot recall how much a SMG job would cost, I know they are not cheap, but most of the SMG issues I recall are pumps or leaks. Suggest you check real OEM for pump pricing and see if there are rebuild shops around the country.

Sounds like your car will not be your daily driver anyway, so you could find a cost effective solution for most of your repairs and you might have time to wait if needed.
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Old 07-21-2012, 04:42 PM   #3
ganeshkrishna
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My Ride: 06' ///M3 Vert
Thanks for your input. I totally understand that extended warranty dealers take 50% profit. I also understand that it is a game of odds. If it was a car that I purchased on my own from day one, I would NEVER consider an extended warranty -- same thing with electronics, computers, etc. However, this M3 has had three previous owners and besides the maintenance and PPI, there is no way for me to know how it was previously driven. I suppose its a sense of security for $3500 knowing that any major problem will be covered.

As far as your comment that many warranties deny coverage -- I understand that there are a lot of crap ones out there. I have my research and this company has covered many many M3 owners for failures. Will most of them add up to the $3500 paid over 5 years? Of course not, thats how they stay in business. It is, however, just like insurance for the "what if" scenario.

I am curious as to what others might think specifically regarding the exclusions list.
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Old 07-21-2012, 05:06 PM   #4
blarf
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Quote:
manual/hydraulic clutch assembly
That sure sounds like any/all of the SMG hydraulics to me.

Quote:
frame and structural body parts
Uh that would include the subframe, no?

The emissions stuff shouldn't be too scary since it's often covered under a fairly lengthy federal or state mandated warranty. On the downside I think most repairs, even on an M3, will be less than $1,000,000 dollars. But you're a lawyer. You should know better than to ask for what could amount to legal advice from a bunch of twats on a car forum. If you have concerns, get something in writing before signing the policy.
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Old 07-23-2012, 06:19 PM   #5
ganeshkrishna
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Quick Update: I am purchasing the warranty on Friday. I had a BMW service guy look at the exclusions list and he says the only big item not covered is the subframe. I was able to negotiate a few 'perks' into the contract and feel pretty confident about the decision. Here is the basic rundown:

-- 5 years up to 75,000 miles (currently has 40K and I drive less than 5K per year)
-- Bumper to bumper except for the NAV stereo unit, basic maintenance, and the items excluded in the list above.
-- Rental car coverage up to $30/day if in the shop. Hotel and meals if away from home.
-- Assignable and pro-rata refundable if I sell the car
-- $50 deductible
-- Can use any dealer/indy shop. No pre-approved list or price per hour limitations.

Total price is $3,450. Even if I only end up with 1/2 that amount in actual claims over the 5 year period, I think its worth it for the sense of mind for a non DIY'er.
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Old 09-10-2012, 04:21 PM   #6
phrozen06
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I have considered this company also.
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