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Financial Analysis of 5 year Experience with a Fidelity Platinum Warranty
I have been shopping for a Aftermarket Exclusionary Warranty for my 2013 E350 4matic Coupe that I recently purchased from a private party. Unfortunately, both the original and CPO warranty had both expired. So if I wanted an Exclusionary Warranty, it would need to be be an aftermarket warranty.
Based on comments on MBWorld, Fidelity appears to have A good reputation for taking care of major mechanical problems with Mercedes.
After much research and many quotes, the best prices that I could get for a 5-year/50,000 miles/$250 deductible Fidelity Platinum Warranty was $5856, cash price, single payment
I do plan to keep my E350 Coupe for at least 5 years (60 months). Amortized over this timeframe, this warranty works out to approximately $97 per month for "peace of mind" against a major mechanical failure plus $250 for any covered repair
At first glance, this cost does not seem unreasonable.
I recently prepared a Service History overview for the new owner my prior car (2004 Audi A6 Avant Quattro; the equivalent Mercedes is a W211 E-class wagon). This overview allowed me to see my cost of maintenance ownership over years 5 thru 9 of my car.
From 2008 thru 2012, I had a Fidelity Platinum Exclusionary Warranty purchased from a local Audi dealer for $4280 for 5 years/50,000 miles with $0 deductible when service was done at the dealership ($100 deductible). During the 5 years of warranty coverage, I had 4 mechanic component failure claims covered under the warranty for a total $740.39.
During this same 2008-2012 time frame, I had $5855 in parts and service costs for "Wear and Tear" items that are not covered under an Exclusionary Warranty. This worked out to $1171 per year on average. Detail are shown in the attachment below.
Based on this experience and financial analysis, the Fidelity Platinum Warranty for me was a poor use of funds. Yes, German cars can be expensive to maintain. But the so-called "bumper-to-bumper" coverage of an Exclusionary Warranty NOT cover the "wear and tear" maintenance that you KNOW you will have with an older German car.
Going forward I will "bank" the funds that I had planned to use for an extended warranty in a Car Maintenance account. I will also set up monthly deposits into this account. When I need to service my car, I will pay from my dedicated Car Maintenance account.
I have been shopping for a Aftermarket Exclusionary Warranty for my 2013 E350 4matic Coupe that I recently purchased from a private party. Unfortunately, both the original and CPO warranty had both expired. So if I wanted an Exclusionary Warranty, it would need to be be an aftermarket warranty.
Based on comments on MBWorld, Fidelity appears to have A good reputation for taking care of major mechanical problems with Mercedes.
After much research and many quotes, the best prices that I could get for a 5-year/50,000 miles/$250 deductible Fidelity Platinum Warranty was $5856, cash price, single payment
I do plan to keep my E350 Coupe for at least 5 years (60 months). Amortized over this timeframe, this warranty works out to approximately $97 per month for "peace of mind" against a major mechanical failure plus $250 for any covered repair
At first glance, this cost does not seem unreasonable.
I recently prepared a Service History overview for the new owner my prior car (2004 Audi A6 Avant Quattro; the equivalent Mercedes is a W211 E-class wagon). This overview allowed me to see my cost of maintenance ownership over years 5 thru 9 of my car.
From 2008 thru 2012, I had a Fidelity Platinum Exclusionary Warranty purchased from a local Audi dealer for $4280 for 5 years/50,000 miles with $0 deductible when service was done at the dealership ($100 deductible). During the 5 years of warranty coverage, I had 4 mechanic component failure claims covered under the warranty for a total $740.39.
During this same 2008-2012 time frame, I had $5855 in parts and service costs for "Wear and Tear" items that are not covered under an Exclusionary Warranty. This worked out to $1171 per year on average. Detail are shown in the attachment below.
Based on this experience and financial analysis, the Fidelity Platinum Warranty for me was a poor use of funds. Yes, German cars can be expensive to maintain. But the so-called "bumper-to-bumper" coverage of an Exclusionary Warranty NOT cover the "wear and tear" maintenance that you KNOW you will have with an older German car.
Going forward I will "bank" the funds that I had planned to use for an extended warranty in a Car Maintenance account. I will also set up monthly deposits into this account. When I need to service my car, I will pay from my dedicated Car Maintenance account.
Great detailed analysis. Thank you.
Im at a very similar decision point on an SL550, ‘14 low miles. The huge concern is, what if a major component fails, such as Transmission or electronics.
A friend just experienced a “$20,000 repair just within warranty involving the display screen and associated components”. Supposedly, a massive interconnected major repair/replacement.
If true, a service contract is CHEAP insurance, as on a MBZ $5000 doesn’t go far if a Turbo, or other major item goes out.
Im at a very similar decision point on an SL550, ‘14 low miles. The huge concern is, what if a major component fails, such as Transmission or electronics.
A friend just experienced a “$20,000 repair just within warranty involving the display screen and associated components”. Supposedly, a massive interconnected major repair/replacement.
If true, a service contract is CHEAP insurance, as on a MBZ $5000 doesn’t go far if a Turbo, or other major item goes out.
Your thoughts?
Is your 2014 SL550 still under any type of MB warranty? You may be able to get a better deal from MB on en extended warranty than an aftermarket warranty.
Is your 2014 SL550 still under any type of MB warranty? You may be able to get a better deal from MB on en extended warranty than an aftermarket warranty.
SMG_CT, yes it’s still under a CPO which ends soon. MBZ, only offers 2yrs max, not bad and $3500-$4000. I prefer longer as obviously the older a car gets the more the risk increases. I would hate to pay for a repair on the SL convertible top, as an example.
I agree that the E class has less of the gizmos, any yes, it’s reliable. Iit’s all about one's personal risk tolerance. Personally, I’m concerned about a major problem which could result in many thousands. I’ve see a few threads generally saying they are way ahead moneywise with coverage.
Have you, or others reading this thread had any experience with Royal MBI ELITE PLUS service contract?
I mentioned this as their quote is really cheap.
SMG_CT, yes it’s still under a CPO which ends soon. MBZ, only offers 2yrs max, not bad and $3500-$4000. I prefer longer as obviously the older a car gets the more the risk increases. I would hate to pay for a repair on the SL convertible top, as an example.
I agree that the E class has less of the gizmos, any yes, it’s reliable. Iit’s all about one's personal risk tolerance. Personally, I’m concerned about a major problem which could result in many thousands. I’ve see a few threads generally saying they are way ahead moneywise with coverage.
Have you, or others reading this thread had any experience with Royal MBI ELITE PLUS service contract?
I mentioned this as their quote is really cheap.
Based on my research on MBWorld, the Fidelity Platinum Exclusionary warranty seems to have the best track record of covering and paying warranty claims, including large ones.
Ask your Service Writer for their experience, good or bad, with Warranty Companies.
Based on your comment, I would think that you will want an Exclusionary warranty that covers expensive mechanical and electronic failures.
Check with FD-Warranty for a quote on a Fidelity Exclusionary Warranty
Originally Posted by Sky1
SMG_CT, yes it’s still under a CPO which ends soon. MBZ, only offers 2yrs max, not bad and $3500-$4000. I prefer longer as obviously the older a car gets the more the risk increases. I would hate to pay for a repair on the SL convertible top, as an example.
I agree that the E class has less of the gizmos, any yes, it’s reliable. Iit’s all about one's personal risk tolerance. Personally, I’m concerned about a major problem which could result in many thousands. I’ve see a few threads generally saying they are way ahead moneywise with coverage.
Have you, or others reading this thread had any experience with Royal MBI ELITE PLUS service contract?
I mentioned this as their quote is really cheap.
Thanks, I agree on Fidelity being well regarded from reading comments on this forum. Also, had a service manager confirm they are reputable.
Have spoken with Troy Dietrich and he is very helpful.
Good analysis. No warranty including new car covers the items listed in your details of wear and tear items. If maintenance is included then simple oil changes maybe for a limited period but generally speaking very limited.
Some vehicles are more prone to breakdowns especially the high end performance versions.
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Ask your Service Writer for their opinion
