Questions For Those With Extended Warranties

[07exlowner]

I'm debating whether I should get an extended warranty for my 07' CR-V and have a few questions for those who already have one:

- What exactly did you look for in the policy? I found this which made me think a lot about it:

Recently, many extended warranty companies have used the term "bumper-to-bumper" much more liberally in an effort to give consumers the impression that they are receiving more coverage than they actually are. If a plan lists the parts that are covered, it is NOT a "bumper-to-bumper" auto warranty. Consumer Reports says “The best warranties are “exclusionary”, meaning they list what isn’t covered instead of what is”.

This is from warrantydirect.com, a company which has a partnership with edmunds.com.

- Did you have to put a deposit down before having the opportunity to look at the contract? (something one salesperson told me and I refused)

- Did your warranty begin immediately and did it cover any failures for the first 1,000 miles/30 days? (something I saw on a sample contract)

- Anything else I should really look for?

- Should I only go with a genuine Honda warranty? And how would I know that it is? Would it have to come straight from a Honda dealer?

I just want to make sure that I don't miss anything IF I decide to get one.

I just spoke to a salesperson this morning (not from the company mentioned above) who told me I wouldn't be able to find a better rate (I have since found one for $1,000 cheaper!) He also said that if I didn't immediately put a deposit on the the warranty offered to me, I would always be looked as a second applicant (he claimed it's all based on my vehicle's VIN) and that the rate would always be higher. I told him I thought that it was part of his sales pitch. I refused to do business with him for that and several other reasons.

[Black Pearl]

I got it from Saccucci Honda through the Internet. Google Honda Care. It cost me slightly less than $1,000. My dealer wanted $1970 for the same warranty.

I am not sure I would buy it again. It is a genuine Honda Care Warranty for 8 years 120 K. It is not a bumper to bumper but does cover all the major stuff and there is no deductable.

The problem with warranties is that they expire. If you don't use them you have essentially thrown a chunk of money in the garbage. I think I would be tempted to bank the money. If you get hit with a repair then you still have your money to pay for it. If you don't have a repair, then you have a nice down payment for the next vehicle. Honda is banking that you will never use the warranty. It is probably a very good bet. Yet again, a couple of major repairs, and the warranty will easily pay for itself. But it does expire. There is nothing simple about the decision and it is something that you must decide for yourself. There really is no easy answer.

Personally I would not buy any warranty other than the Genuine Honda Care, I have heard too many horror stories of fly by nites, legal battles, and just unresponsive to claims.

Again faced with the decision today, I am not sure I would go for it. Obviously if you are not going to keep the vehicle an extended warranty is a waste of money. Good luck with your decision.

[07CRVOWNR]

Stay with a genuine Honda warranty. There has been a lot of problems with warranties that are not genuine Honda warranty. The problems have been that a lot of these companies have gone out of business. We can debate whether or not warranties are good to purchase but there is a bigger chance of throwing money away with a non-genuine Honda warranty. Warranties are generally for peace of mind that the major stuff would be covered within the given time frame of the warranty. I generally purchase warranties, on cars only, for this reason.

[Badgerland]

Again personal choice here; my wife (who drives the CRV) wanted the peace of mind that an extended warranty granted her. We opted for the 6yr\120k because we dump alot of miles on the car. Since this is our first Honda, it may\may not be worth it as they are pretty reliable. Our last vehicle could have used one as it was in the shop alot for mysterious things...the clincher was the head gasket going (178k) on X-mas eve morning 1am on our annual trip back to the frozen tundra. Needless to say we had a new CRV under the tree last year.

A point can be made either way, it's just what you do feel comfortable with?

BUT, if you do...go Genuine HondaCare and search the internet, e-bay, etc. for the best deals. If it isn't HondaCare you pay WAY too much for way TOO little!

[aman]

I am in Massachusetts and own a 2008 Hond CRV EX AWD. I just took out a Honda care Extended warranty (7/80k/0) for $598.00. Administrator of this contractual agreement is Honda Of North America and it covers all the main components against any mechanical or manufacturer defects. The coverage is very wide; but does not cover any regular maintenance stuffs. My dealers offered me the same policy for about $2000.00; I did not accept that. I thought about this for couple of weeks then decided to take the extended Maintenance contract with Honda on my CRV on two reasons:

1. This car has too many electronic/electrical components which run by computer chips. These chips are very expensive and can go bad over the years.
2. This is just like taking an insurance policy (like, home, auto, life and health) and cost of this policy is less than3% of my total investment (I paid cash $22246.00 for the car). So having this policy in hand would be a great peace of mind for me up to 7 years or 80K miles.

Bye the way I just got an email confirmation from North American Honda on my extended warranty approval. Within few weeks I will receive all the paper works (package as Honda calls it) from them.

Happy motoring and keep up the good work.

[Honda 367]

I am also interested in purchasing the extended warranty. As my CR-V is not here yet, I can't buy it from Saccuci Honda. I am just hoping it will be here before Jan 3, 2008 when Honda raises the price on extended warranty.

I too am weighing the pros and cons of buying the extended warranty. I am now leaning closer to buying one. I want to keep CR-V as long as I can. I currently have an Isuzu Trooper (1997 bought new) with over 120K. I had to pay for brake jobs along the way and few other major maintenance jobs though I had to replace starters few times. Other than that, my Trooper has been dependable.

If I keep a vehicle this long, I would imagine it is probably a good idea to buy the extended warranty. Also, I wonder if this warranty is transferable when I sell it before it expires. By the way, thanks for your comments.

[rdorman]

My dealer, Roush Honda, threw in the 'Honfidence' warranty for seven years 100,000 miles on the CR-V.

[Black Pearl]

If I keep a vehicle this long, I would imagine it is probably a good idea to buy the extended warranty. Also, I wonder if this warranty is transferable when I sell it before it expires. By the way, thanks for your comments.

I have an 8 year 120K from Saccucci. According to my contract, the warranty is transferrable to a new owner within 15 days of the sale. The original expiration remains in effect. There is a transfer fee of $50 and you must have a complete set of maintenance records.

You can also cancel the policy. After 60 days the refund will be based on the lesser of prorated time or prorated mileage. If you financed the warranty, the refund may be payable only to the lender. If you..... on and on.

A question that comes to my mind, is the refund price paid for the entire amount or is it paid on only the portion that Honda gets. For instance my dealer wanted $1970 for the same warranty that I got from Saccucci for less than $1000. Two years down the pike I cancel. Is the refund based on $1970 or is it based on the portion Honda got? If I was a betting man I would say that I would only get a prorated portion of the money that went to Honda. The $1000 bucks my dealer made stays in his pocket.

The only person who can decide if the warranty is worth the price is you. I am having second thoughts about it, but it is bit late for that now. Sure I can cancel and get some piddly portion of my money back. Yes there is some peace of mind...several big repairs and you will be happy you have it. Its a gamble with one exception, the expiration is very real and your money is gone.

[Honda 367]

I think the one you have is the one I am also thinking of buying. If there is a major repair, one or two would pay for the warranty. I've never purchased extended warranty before but this time, I am seriously considering it. I haven't been approached by the dealer yet as I haven't picked up the CR-V yet. I am sure they will mention it and if they offer it for the same price, I may go with the local dealer.

To buy or not to buy the extended warranty is a conundrum. If you don't buy it and there are major repairs, you would feel perhaps you should have. On the other hand if nothing happens, you can consider it as part of necessary expense.

But one thing is for sure. I wouldn't want to buy from a dealer that offers it at $2K.

[2RedV's]

The refund would be based upon the price you paid.
I have had extended warranties on other vehicles and sold them to private individuals before the warranty ran out. Since the potential refund was never more than $200 - $500, I used the transferable warranty as an additional selling point and have generally received even more for the vehicle that way. It also makes for an easier sell if you let the purchaser keep the warranty.

[F4Gary]

I got mine here:
http://www.bernardiwarranty.com/Departments/Honda-Care/CRV/New-CRV-Personal.aspx

Bernardi Honda. You have until 6000 miles to get it.

[Badgerland]

I got mine here:
http://www.bernardiwarranty.com/Departments/Honda-Care/CRV/New-CRV-Personal.aspx

Bernardi Honda. You have until 6000 miles to get it.

Note...you can purchase the warranty at anytime, HOWEVER you will pay more after this mileage. Just an FYI! ;)