[s-cars] Extended Warranty GP

[Bruce Mendel]

I did a reasonable amount...below is a paste of what I send people
interested. I sunk my own money into it on my S8 and my Suburban, so at
least if they go belly up you'll have some company in your misery. :)

But they're a big outfit as far as these things go, 35+ employees, 1K+
warranties sold per month through their dealers, etc. However, no
guarantees........they could go out of business tomorrow I guess, and none
of these companies is AM Best rated or anything. They are bonded by
Travelers Casualty and Surety Company of America, if that helps.

------------------

The warranty is through Great Lakes Warranty Corporation
(www.greatlakeswarranty.com). They have been in business for twelve years,
and extended warranties are their only business. They are not a one-man-band
working out of a house, and they are not a sideline business of a finance
company. They do millions of dollars a month in warranty business, and have
an excellent claims paying record.

I went so far, during my research, as to contact service shops and dealers
that have worked with them, and the consensus was that they were tough but
fair, paying claims on all authorized repairs directly to the shops involved
without delay. Tough meaning they will not pay for items that are not
covered in the contract (although that seems normal to me), fair meaning
that once they authorized a claim, they paid it when it was complete with no
stories. I also ran the BBB list and they came up very well for both a low
ratio of complaints to warranties sold and a satisfactory resolution to the
complaints that were filed (average one complaint a month for last 36
months, compared to 1K warranties sold per month). With that comfort level,
I bought one of their warranties with my own money on my wife's 2001 Audi
S8, and that led me to becoming an authorized agent for their warranties
since I sell a lot of cars on ebay.
----- Original Message ----- 
From: "Taka Mizutani" <t44tqtro at gmail.com>
To: <pkrasusky at ups.com>
Cc: <S-CAR-List at audifans.com>
Sent: Thursday, December 07, 2006 12:01 PM
Subject: Re: [s-cars] Extended Warranty GP


> Paul, Bruce-
> If you're reading this, how much research do you do into the company
before
> signing up?
>
> I had an aftermarket extended warranty that I lost about $1k on because
the
> company
> went belly up well before the warranty ran out and there is no recourse.
> After that, I'm seriously
> leery of signing up with any extended warranty unless I can get some sort
of
> guarantee that
> there will be money to pay claims (a warranty for the warranty).
>
> Taka
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