Just picked up a S550 need aftermarket warranty options.
11-24-2014, 01:44 PM
#26
MBWorld Fanatic!
No need to be a Debbie Downer. My experience with them on my M5 (which is known to have more issues than an S600) was great. I do keep my cars maintained according to the manufacturer specs and keep all of my receipts. I have a feeling that the majority of the folks who had complaints either didn't keep up with the maintenance as clearly spelled out in the agreement, didn't keep their service records, or never took he time to actually read the agreement to see what their responsibilities were as a policy holder. Most likely they didn't follow the maintenance schedule.
All warranty companies, even MB have complaints with the BBB. Ripping this one apart because it is much less expensive than others really isn't being fair. If you do your part and follow the outlined procedures, which are very common with all warranties, then you very likely won't run into these problems.
All warranty companies, even MB have complaints with the BBB. Ripping this one apart because it is much less expensive than others really isn't being fair. If you do your part and follow the outlined procedures, which are very common with all warranties, then you very likely won't run into these problems.
I'm not picking them apart. I'm pointing out that the anticipated repairs on an S600 over 7 years far exceed the premium they're charging. That can be for any number of reasons:
1) They're super nice, and they don't really care about money. They run an insurance company with a board of directors, buildings, utilities, an underwriting staff, a claims processing staff, adjusters, but they routinely pay more out in claims than they take in in premiums, and have done so throughout their long history.
2) They're not good at predicting loss history on the S600, and their inexperience is your good fortune.
3) They don't plan on paying anything close to what you paid for the coverage. Their claims handlers are trained, and their claims practice is, to deny as many claims as possible.
I'm just guessing #3, but I hope it's #2 for you.
Last edited by Mike5215; 11-24-2014 at 03:01 PM.
11-24-2014, 03:42 PM
#27
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2015 S550
My only point is that it's impossible to endorse a warranty company on a car for which you do not own and for which you've never made a claim. They may be great, although all indications and some basic math would suggest otherwise. Like I said, I will happily stand corrected once you've had some repairs on the S600 covered without incident.
I'm not picking them apart. I'm pointing out that the anticipated repairs on an S600 over 7 years far exceed the premium they're charging. That can be for any number of reasons:
1) They're super nice, and they don't really care about money. They run an insurance company with a board of directors, buildings, utilities, an underwriting staff, a claims processing staff, adjusters, but they routinely pay more out in claims than they take in in premiums, and have done so throughout their long history.
2) They're not good at predicting loss history on the S600, and their inexperience is your good fortune.
3) They don't plan on paying anything close to what you paid for the coverage. Their claims handlers are trained, and their claims practice is, to deny as many claims as possible.
I'm just guessing #3, but I hope it's #2 for you.
I'm not picking them apart. I'm pointing out that the anticipated repairs on an S600 over 7 years far exceed the premium they're charging. That can be for any number of reasons:
1) They're super nice, and they don't really care about money. They run an insurance company with a board of directors, buildings, utilities, an underwriting staff, a claims processing staff, adjusters, but they routinely pay more out in claims than they take in in premiums, and have done so throughout their long history.
2) They're not good at predicting loss history on the S600, and their inexperience is your good fortune.
3) They don't plan on paying anything close to what you paid for the coverage. Their claims handlers are trained, and their claims practice is, to deny as many claims as possible.
I'm just guessing #3, but I hope it's #2 for you.
I guess that you're just not going to believe that this is a reputable company due to what I paid for the coverage. That's your prerogative. But don't keep spouting off about things that you don't know just because you don't think it's possible to purchase a warranty from them and not receive very good coverage for a fair or even good price. I know you're just playing devil's advocate here, but you're wrong about your claims.
As I mentioned earlier, I do have experience with them and it was positive. And I DO own by S600. I just don't have it in my possession yet. I'm basing my opinions on my own past experience with this company with the exact same policy. You have no experience with them, so your opinion is worthless here regarding this company.
You mentioned their 168 complaints on BBB over the past 3 years. Did you even take the time to view any of them? Many are non auto related. And I did read through about the first 5 complaints that were auto related and in every case the warranty company did come to a satisfactory resolution or they clearly explained that the customer did not fulfill their obligations under the plan....yet still worked with the customer. At least they do work to resolve ALL of them, unlike many other companies.
Did you happen to do some research and find out that Virginia Surety has the top rating from AM Best for insurance companies? Or are you just simply ignoring that fact...or waiting for an opportunity to say that AM Best is not a reliable company....just like the BBB is not reliable?
I suggest that you just let this go as your arguments are only based on the fact that you don't know anything about this company, have no experience with them, and you don't think it's possible to purchase good coverage and a price that you for some reason cannot fathom.
Last edited by DaveW68; 11-24-2014 at 03:44 PM.
11-24-2014, 04:00 PM
#28
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Not at all. AM Best rates an insurance company's financial strength, not how well they treat their insureds. I have no doubt that Virginia Surety corporation has lots of money on hand. But as you pointed out, not my problem. I'm CPO through August 2016. I think a decent 3rd party warranty is certainly better than nothing. I guess you'll find out how much better than nothing over the next few years.
I'd certainly feel better if there were stories about an ABC valve body being replaced, coil packs being replaced, turbos being replaced or rebuilt, rather than some poor dude on the web with a seized engine being denied because the sump screen that failed and lead to the oil starvation wasn't a covered part.
I'd certainly feel better if there were stories about an ABC valve body being replaced, coil packs being replaced, turbos being replaced or rebuilt, rather than some poor dude on the web with a seized engine being denied because the sump screen that failed and lead to the oil starvation wasn't a covered part.
Last edited by Mike5215; 11-24-2014 at 04:04 PM.
11-24-2014, 04:27 PM
#29
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I guess it's a good thing that none of those items you mentioned are exclusions under my plan, thus they are covered.
Did you take the time to read through the plan that I emailed to you? Did you see anything out of the ordinary there? I didn't.
Did you take the time to read through the plan that I emailed to you? Did you see anything out of the ordinary there? I didn't.
11-24-2014, 04:55 PM
#30
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My only concern with this particular one would be that the price seems very low relative to the S600's known repair cost history, and generally when something sounds to good to be true it usually is.
You originally believed the price was low because your CU is a not for profit, operated only for the benefit of its members, and as a result you avoided paying any mark-ups or dealer profits on the warranty they sold you.
In actuality, your CU was acting as an agent (for which they received a commission) on behalf of a very much for-profit warranty company that is successful because on average it takes more in as premium than it pays out in operational overhead and claims. So if the price is low, there's a reason other than not for profit and goodwill.
What's really needed here is someone with a S600 and that same warranty who can share their claim experiences. Otherwise we're both just guessing.
Last edited by Mike5215; 11-24-2014 at 04:57 PM.
11-24-2014, 05:47 PM
#31
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Not at all. It looks like typical boilerplate service contract language in that it's vague enough to give broad discretion to the carrier. Neither of us will have any idea how the carrier interprets the contract language and applies its discretion when it comes to a claim until a claim has actually been presented and paid. Did you see anything in that language that specifically listed the coil pack, ABS system, or turbos as covered?
I'm confused. You said you didn't read it, but then you said "it looks like typical service contract language in that it's vague enough to give broad discretion to the carrier". So either you read it or you didn't.
BTW, I've read it from front to back. There is nothing vague about the contract. Everything is very well spelled out. The coil pack, ABS system, and turbos are covered because they are not specifically excluded.
My only concern with this particular one would be that the price seems very low relative to the S600's known repair cost history, and generally when something sounds to good to be true it usually is.
In this case, it is not too good to be true. As I've mentioned several times already, I have personal experience with them and it is positive. And that is on a BMW V10. Since it's the exact same plan (albeit with a lower deductible on my S600), why should I expect anything different? BTW, I paid just over $1900 for the plan on my M5 that covered me for 5 yr/60k miles with $250 deductible. Fidelity wanted over $5k for 4 yr/48k with same deductible on the E60 M5 at the mileage I purchased it. And their plan reads almost identical to mine.
You originally believed the price was low because your CU is a not for profit, operated only for the benefit of its members, and as a result you avoided paying any mark-ups or dealer profits on the warranty they sold you.
In actuality, your CU was acting as an agent (for which they received a commission) on behalf of a very much for-profit warranty company that is successful because on average it takes more in as premium than it pays out in operational overhead and claims. So if the price is low, there's a reason other than not for profit and goodwill.
It is a service they offer to their members. They are non for profit and no commissions are paid for selling the warranties. Yes, the warranty company is making money like they all do. But credit union employees aren't getting paid commissions like they are when they are purchased elsewhere, such as car dealers. If somebody else is selling a Fidelity plan for say $7k, I'm sure the dealer selling it is looking to score at least $3k for the sale. The beauty of going through a not for profit is that the $3k commission does not exist, so it can be obtained for a much lower cost. Any reputable agent will tell you that they cannot compete against the credit unions for price on warranties.
What's really needed here is someone with a S600 and that same warranty who can share their claim experiences. Otherwise we're both just guessing.
I'll be sure to let you know once I've experience any claims on my S600. But I'm not expecting any less than I did with my M5.
I'm confused. You said you didn't read it, but then you said "it looks like typical service contract language in that it's vague enough to give broad discretion to the carrier". So either you read it or you didn't.
BTW, I've read it from front to back. There is nothing vague about the contract. Everything is very well spelled out. The coil pack, ABS system, and turbos are covered because they are not specifically excluded.
My only concern with this particular one would be that the price seems very low relative to the S600's known repair cost history, and generally when something sounds to good to be true it usually is.
In this case, it is not too good to be true. As I've mentioned several times already, I have personal experience with them and it is positive. And that is on a BMW V10. Since it's the exact same plan (albeit with a lower deductible on my S600), why should I expect anything different? BTW, I paid just over $1900 for the plan on my M5 that covered me for 5 yr/60k miles with $250 deductible. Fidelity wanted over $5k for 4 yr/48k with same deductible on the E60 M5 at the mileage I purchased it. And their plan reads almost identical to mine.
You originally believed the price was low because your CU is a not for profit, operated only for the benefit of its members, and as a result you avoided paying any mark-ups or dealer profits on the warranty they sold you.
In actuality, your CU was acting as an agent (for which they received a commission) on behalf of a very much for-profit warranty company that is successful because on average it takes more in as premium than it pays out in operational overhead and claims. So if the price is low, there's a reason other than not for profit and goodwill.
It is a service they offer to their members. They are non for profit and no commissions are paid for selling the warranties. Yes, the warranty company is making money like they all do. But credit union employees aren't getting paid commissions like they are when they are purchased elsewhere, such as car dealers. If somebody else is selling a Fidelity plan for say $7k, I'm sure the dealer selling it is looking to score at least $3k for the sale. The beauty of going through a not for profit is that the $3k commission does not exist, so it can be obtained for a much lower cost. Any reputable agent will tell you that they cannot compete against the credit unions for price on warranties.
What's really needed here is someone with a S600 and that same warranty who can share their claim experiences. Otherwise we're both just guessing.
I'll be sure to let you know once I've experience any claims on my S600. But I'm not expecting any less than I did with my M5.
I hope I've answered you questions to your satisfaction. But I feel like I keep saying the same thing over and over.
11-24-2014, 06:33 PM
#32
MBWorld Fanatic!
I totally get it. You believe you got a great deal on an aftermarket warranty from a reputable company. I have some doubts. Unfortunately the only proof one way or the other will be for your new S600 to suffer a catastrophic mechanical failure and then to see how the claims process pans out. Obviously I hope that doesn't happen, and given your mileage it probably won't, at least south of 50k miles. If it does, let us know how it goes. I'll happily admit I was wrong if that turns out to be the case.
11-24-2014, 08:25 PM
#33
Junior Member
SORRY; IF I SEE SOMETHING I'LL LET YOU KNOW.
11-25-2014, 01:29 AM
#36
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Thread Starter
12-03-2014, 09:46 PM
#37
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2008 S 550, 2014 CL 550
When I purchased my 08 S550 I also purchased an aftermarket extended warranty from PWI (Preferred Warranty Inc.) in Pennsylvania.
I don't know if the cost was comparable to some of the other companies but I definitely know they honor their contract without any argument.
Premier Level- 24 month or 30k miles, paid $3000.
Well it's paid for itself and then some.
COMAND head unit died $2400
Camshaft Sensor $240
COMAND Voice Control Module $2600
Camshaft Plugs $150
Transmission Mount $270,
and they never as much blinked an eye when dealer called for authorization.
I'm satisfied with the company.
I don't know if the cost was comparable to some of the other companies but I definitely know they honor their contract without any argument.
Premier Level- 24 month or 30k miles, paid $3000.
Well it's paid for itself and then some.
COMAND head unit died $2400
Camshaft Sensor $240
COMAND Voice Control Module $2600
Camshaft Plugs $150
Transmission Mount $270,
and they never as much blinked an eye when dealer called for authorization.
I'm satisfied with the company.
12-04-2014, 03:14 PM
#38
Super Member
When I purchased my 08 S550 I also purchased an aftermarket extended warranty from PWI (Preferred Warranty Inc.) in Pennsylvania.
I don't know if the cost was comparable to some of the other companies but I definitely know they honor their contract without any argument.
Premier Level- 24 month or 30k miles, paid $3000.
Well it's paid for itself and then some.
COMAND head unit died $2400
Camshaft Sensor $240
COMAND Voice Control Module $2600
Camshaft Plugs $150
Transmission Mount $270,
and they never as much blinked an eye when dealer called for authorization.
I'm satisfied with the company.
I don't know if the cost was comparable to some of the other companies but I definitely know they honor their contract without any argument.
Premier Level- 24 month or 30k miles, paid $3000.
Well it's paid for itself and then some.
COMAND head unit died $2400
Camshaft Sensor $240
COMAND Voice Control Module $2600
Camshaft Plugs $150
Transmission Mount $270,
and they never as much blinked an eye when dealer called for authorization.
I'm satisfied with the company.
12-04-2014, 07:30 PM
#39
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2008 S 550, 2014 CL 550
Unfortunately it looks like this company was recently purchased by another big company and they are no longer legit. If you look at my warranty thread you will see Mike found some horrible reviews and an explanation from a previous employee who said the new CEO and VP are very shady.
RBM Of Atlanta.
My deductible was $100 and PWI never balked at any of these repairs.
The previous contract repair work was done June 30th of this year again no issues with approval.
All the work was done at Atlanta's biggest MB dealer RBM.
12-04-2014, 08:16 PM
#40
MBWorld Fanatic!
I doubt that. I just had over $2900 of the aforementioned repairs done 3 weeks ago at
RBM Of Atlanta.
My deductible was $100 and PWI never balked at any of these repairs.
The previous contract repair work was done June 30th of this year again no issues with approval.
All the work was done at Atlanta's biggest MB dealer RBM.
RBM Of Atlanta.
My deductible was $100 and PWI never balked at any of these repairs.
The previous contract repair work was done June 30th of this year again no issues with approval.
All the work was done at Atlanta's biggest MB dealer RBM.
12-04-2014, 08:41 PM
#41
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2008 S 550, 2014 CL 550
the metro Atlanta area.
BTW, I also own a 2005 Audi A8L which I purchased used in 2009 with 109k miles. I purchased a Service contract when I purchased it, also from PWI. Unbelievably I never made a claim because I never had a breakdown with that car.
Go figure!
That car has served me with distinction and that's why I still own it. 177k on the clock.
12-04-2014, 11:33 PM
#42
Super Member
This warranty company while they wouldn't sell to me because I was in California, they also very clearly said they only sell thru dealers the DAY you buy the car. I asked her, what if I were to come back tomorrow, and she said NO.
12-05-2014, 02:46 PM
#43
Former Vendor of MBWorld
If you are looking for extended coverage or a vehicle protection plan, look no further. Autopom is an accredited business by the BBB and has an A rating, along with an "A" rating from A.M. Best
We are not your typical vehicle protection plan provider (call center) we are a specialty agency, staffed with knowledgeable agents whom recognize the unique requirements of each of our clients.
Our mission is to make every client feel the peace of mind that comes from having the right vehicle protection plan at the right price.
If you are interested in obtaining a quote please feel free to message us with the year/make/model/mileage and your state of residency. We will be happy to send you a quote along with sample contract.
Feel free to contact us at (800) 724 8141 , or check out our website at http://www.extended-vehicle-warranty.com/
*Some Make/Model may not apply based on state/mileage/etc.*
We are not your typical vehicle protection plan provider (call center) we are a specialty agency, staffed with knowledgeable agents whom recognize the unique requirements of each of our clients.
Our mission is to make every client feel the peace of mind that comes from having the right vehicle protection plan at the right price.
If you are interested in obtaining a quote please feel free to message us with the year/make/model/mileage and your state of residency. We will be happy to send you a quote along with sample contract.
Feel free to contact us at (800) 724 8141 , or check out our website at http://www.extended-vehicle-warranty.com/
*Some Make/Model may not apply based on state/mileage/etc.*
12-05-2014, 05:41 PM
#44
MBWorld Fanatic!
CA has some of the stiffest consumer protection laws in the country. It says a lot when a carrier refuses to write business in the state.
