The Lotus Cars Community banner

1 - 20 of 38 Posts

·
Premium Member
Joined
·
2,177 Posts
Discussion Starter #1
Has anyone here bought an extended warranty? Abe recommended platinum coverage from JM&A/Fidelity through your dealer in another thread. Anyone have any experience with this? Price? Coverage of repairs? My warranty is up this summer, and while the new niggle rate has fallen off considerably, I'm a little nervous about lack of warranty coverage.
 

·
Registered
Joined
·
216 Posts
I can't remember the specific costs, but it was a bit over $2000 for the extended warranty. Most of the items that people fear going wrong with the car (clutch to be specific) are not covered by the extended warranty. I've never seen the value in them and I have always just keep the money and put it aside in case thing went wrong.
 

·
Registered
Joined
·
233 Posts
Est. price for extended warranty:

7 years 100,000 miles
Platinum
$100.00 Ded.

Cost: $3,495 plus your interest on the car.

One reason i didn't want the Extended Warranty: The Cost @ $3,495.00

One reason I did want the Extended Warranty: Piece of mind. Might save on Long Term Cost



My headlamp LED turn signal wasn't working anymore. The LED turn signal could not be fixed or replaced and there are no light bulbs to be replace. The whole headlamp had to be replaced. The est cost to replace the headlamp was $2,250.

The dealer called my extended warranty company and they said that they will cover the headlamp.

(Extended Warranty Company will not cover headlamp clear coat peeling etc.) Best to get it polish, clear coated with sealer and clear bra.

Only thing I paid was my ded of $100.00

So now cost of Ex Warranty: $3,495 - last repair job $2,659.14 = $835.86 (Updated to Actual Amount)

I hope this gives you an idea of having an extended warranty. To me, it is worth the money.
 

·
Registered
Joined
·
795 Posts
Est. price for extended warranty:

7 years 100,000 miles
Platinum
$100.00 Ded.

Cost: $3,495 plus your interest on the car.

One reason i didn't want the Extended Warranty: The Cost @ $3,495.00

One reason I did want the Extended Warranty: Piece of mind. Might save on Long Term Cost

My headlamp LED turn signal wasn't working anymore. The LED turn signal could not be fixed or replaced and there are no light bulbs to be replace. The whole headlamp had to be replaced. The est cost to replace the headlamp was $2,250.

The dealer called my extended warranty company and they said that they will cover the headlamp.

(Extended Warranty Company will not cover headlamp clear coat peeling etc.) Best to get it polish, clear coated with sealer and clear bra.

Only thing I paid was my ded of $100.00

So now Ex Warranty: $3,495 - last repair $2,250 + ded 100.00 = $1,345.00

I hope this gives you an idea of having an extended warranty. To me, it is worth the money.
Who underwrites it? Thanks for the info.
 

·
Premium Member
Joined
·
2,177 Posts
Discussion Starter #6
Yikes. I was hoping for ~$2K. But then I think about having to remove the spoiler to replace the center brake light, and all the other niggles that take some convoluted process to fix, and maybe this is a good deal. Will discuss with my dealer (going there for oil line recall later this week) and will report back re: their price.

Thanks for the info.
 

·
Registered
Joined
·
4,166 Posts
The reality is, these insurance companies are not loosing money. That means that for most people, most of the time, they are a waste of money.

Just depends whether or not you are willing to accept the risk.


Sent from AutoGuide.com Free App
 

·
Premium Member
Joined
·
177 Posts
The reality is, these insurance companies are not loosing money. That means that for most people, most of the time, they are a waste of money.

Just depends whether or not you are willing to accept the risk.


Sent from AutoGuide.com Free App
That depends on what you believe you are buying.

If you believe you are buying some sort of pre-paid repair fund, then you are correct. Most will not see that money back, and if this was their goal they will see it as wasted.

If you believe you are buying the peace of mind that comes with an insurance policy, then yes, you are getting your money's worth depending in the value you place on that.

Compare it to buying term life insurance for a moment. How many people would say "Crap! I've been paying premiums on this policy for 10 years, and I'm still alive! What a rip off!!"
 

·
Registered
Joined
·
795 Posts
Fidelity is the company
I've had Fidelity coverage on a couple cars, including the Mini Cooper S I now drive as a second car. They're probably the best of the companies underwriting this type of coverage. Very reasonable on claims. If it's over a certain amount, they'll send out a rep to inspect before allowing the shop to proceed with repairs, but it's only a minor inconvenience.

As noted above, insurance is a matter of peace of mind. You're leverage dollars to protect yourself just in case. A week ago, my clutch master cylinder went out under factory warranty. The bill was 738.00 and the the factory paid it. I couldn't help but take note of the cost. I can't imagine driving a car of this ilk out of the factory warranty without some sort of protection, unless you have the time and inclination to do your own repairs. I have neither.
 

·
Registered
Joined
·
233 Posts
Yes, it is for a of peace of mind or my mind. I've never thought that I'll need it, or spend that much to fix the car, but just last week I did.

When my front right side headlamp turn signal went out, I thought maybe it'll cost $100.00 for parts then $200.00 for labor. Turned out to be $2,659.14 (<-- Amount Updated) to replace it.

I am actually very thankful to have it weather it's worth the money or not.

Updated: Total Cost to replace Right Headlamp is: $2,659.14

So my Ex Warranty cost: $3,495 - last repair job (Right Headlamp replaced) $2,659.14 = $835.86 difference.

My Extended Warranty also replaced the shocks for my rear trunk lid est @ $100.00.

So now I am down to $735.86 on my Extended Warranty with 3+ years left/100,000 miles to go.
 

·
Registered
Joined
·
569 Posts
Does anyone have a link or contact information to one of these extended warranty companies? My 2011 exige's factory warranty will be expiring in August this year. Thanks!!


Sent from AutoGuide.com App
 

·
Premium Member
Joined
·
6,988 Posts
I can't remember the specific costs, but it was a bit over $2000 for the extended warranty. Most of the items that people fear going wrong with the car (clutch to be specific) are not covered by the extended warranty. I've never seen the value in them and I have always just keep the money and put it aside in case thing went wrong.
They wouldn't sell them if they didn't make money on them. Self insure. I've saved 50-75K by not buying warranties over the years. It breaks I chuck it and buy another and at 75K that's a new Evora. Seriously.
 

·
Premium Member
Joined
·
2,177 Posts
Discussion Starter #14
Here's the Fidelity website. While they exclude a lot of things, they also cover a lot of things.
Vehicle Protection Plan
 

·
Disciple of Chapman
Joined
·
1,620 Posts
Sorry
Insurance is a whole new ball game these days. As a physician I speed a great deal of time with insurance companies.
there was a time insurance worked for all involved.
Check out all insurance companies mission statements now
first thing you will find is to "maximize shareholder profits". I'm ok with profits, but it has become the only thing they do now. Arbitrarily denying claims.
Many insurance companies spend more time getting out of paying claims than anything else. I get straight lies when dealing with insurance companies. companies quote laws that do not exist or quote policy like it is a law.
Self insure and you have piece , and peace of mind and a whole lot of money left over too.
Sorry for my rant, but if most people could ( it takes a good amount of discipline and the right situation ) self-insure you would find out how much they overpay for a poor product.
Seems somehow the thing you want covered never is :huh:
 

·
Registered
Joined
·
5,709 Posts
A sad state of affairs.. thank you doc for our honesty. Our healthcare system is f#cked but that'll be for a separate discussion.

To the OP, get extended warranty only when you have exact disclosure --in advance-- of any agreements signed. That means a full parts list of what is and is not covered. If you see any funny business (aka loose interpretation) ask for specifics in writing.

Companies consider claims to be losses, that is, lost profits, and their entire business is structured to minimize losses, that is, deny claims where possible.

For instance had an oil leak but despite the powertrain coverage in my extended warranty it was denied in the basis that the lead was coming from a transmission sensor connection seal. The part was deemed an electronic component and was not covered. So much for that extra $1400 paid for the 10/100k extension.
 

·
Registered
Joined
·
795 Posts
The thing I like about carrying an extended warranty is it allows me to budget ahead for my out of pocket upkeep costs visa vis the premium and deductible. To address the issues brought up in the past couple posts, which are obviously of concern, I opt for exclusionary coverage. Everything's covered in an exclusionary plan accept those items specifically mentioned in the contract. That makes it easier to identify your exposure.

Specific to the Fidelity plan on the Evora:

Platinum Exclusions
UNDER PLATINUM COVERAGE, ANY OF THE FOLLOWING PARTS ARE EXCLUDED:
Brake linings, brake drums and rotors, disc brake pads, standard transmission clutch components and assemblies, air bags, solar powered devices, hinges, glass, lenses, sealed beams, body parts and/or panels, trim, moldings, door handles, lock cylinders, tires, wheels, all batteries except Hybrid/EV/High Voltage batteries as listed under Silver Coverage Plan, light bulbs, upholstery, paint, bright metal, freeze plugs, heater and radiator hoses, exhaust system, shock absorbers, audio/security or other systems not factory installed, work such as front-end alignment or wheel balancing, constant velocity joint boots, safety restraint systems, cellular phones, radar detectors, appliances, or vinyl and convertible tops.
 

·
Premium Member
Joined
·
6,988 Posts
That pretty much covers any Evora issues.
 

·
Registered
Joined
·
795 Posts
That pretty much covers any Evora issues.
Any Evora issues? Based on what? There can only be a handful of Evora members driving around no longer covered by the factory warranty. I'm not sure anyone, no matter what their experience has been with other Lotus models, can accurately forecast the extent of upkeep costs after 50k, 60k or 90k miles. We're still, relatively speaking, in the infant stages of this model.

But for your sake and mine, I hope you're right because the vast majority of that list is confined to either foo-foo trim items or wear items that would not be covered by any warranty in the first place.
 

·
Premium Member
Joined
·
504 Posts
My real pet peeve is that Lotus and Insurance pay a reduced labor rate. I saw 46/hr for labor for Lotus USA (on my last warranty repair). But the consumer hourly rate is like $150. I don't want an extended warranty, as much as I want a 'right to be charged Lotus rate'.
 
1 - 20 of 38 Posts
Top