Thank god for extended warranties

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The AC went out on my "new" '05 Escape. The entire system had to be replaced, and the whole thing was covered by the extended warranty I bought
from Ford when I got the car. The warranty cost me $2200. The repair was going to be $2000. All covered. WHEW!!!!.
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Sheldon wrote:

Car? Escape is a truck, not a car.
WHEW! That's what the dealer is thinking. WHEW! I made $1100 selling that warranty. And I will make a bunch of money fixing that A/C, too.
That's dealer prices. You probably could have had the thing fixed much less at an independent shop.
And, you still spent $200 more on the insurance (it is not a warranty, but rather, insurance) than the cost of the repair.
That dealer saw you coming.
Jeff
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But at least his problem occurred while still "under warrantee" so he got most of his investment back. The vast majority do not. They are, generally speaking, a very poor investment for most owners.
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On Mon, 31 May 2010 19:38:26 -0400, snipped-for-privacy@snyder.on.ca wrote:

The vast majority of homeowners never get their investment in their home insurance back so I guess home insurance is a very poor investment too.
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wrote:

Except when the mortgage company requires it.
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I think you guys are missing Ashtons point...
A long time ago, in a nearly forgotten comic strip - husband has admonished his wife about unecessary purchases... she retaliates with " what about you? you just HAD to buy that fire extinguisher... and have you used it yet? Nooooooo...".
Personally, I find extended warrantees unattractive.... some find the "peace of mind" offered as irreplaceable... some even make out like Jack the Bear .
It is OK to have an opinion... but being judgemental is a tad lame..
wrote:

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Warman, you must have got some last night.
On Sun, 06 Jun 2010 01:20:12 GMT, "Jim Warman"

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I'm to friggin' old for "got some".
Momma spent the last week in Edmonton visiting doctors again but she's home now...
Besides... I reserve "being judgemental" for me....
My Saturday to work.... and what a day it was......
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Ashton Crusher wrote:

They aren't an investment. Insurance is a way of making sure that emergency expenses that are very high (like replacing a burnt out home) are covered. Buying insurance on a vehicle, a computer (except in the case of an Apple), a printer or a washer is a poor decision in most cases.
It is never an investment.
Jeff
Jeff
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dr_jeff wrote:

Sorry, I misspoke. I meant buying insurance on vehicle repairs is a poor decision. Buying insurance on replacement of a vehicle from a crash or theft is usually a good decision.

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It depends on one's expectations and situation. There is no one size fits all.
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wrote:

Usually it is not your decision to make. Buying insurance is a government requirement in most places. Hardly a personal decision.
DaveD

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Dave D wrote:

Only for the minimal amount of insurance. Collision insurance is strictly optional. The amount of the deductible is also optional. The amount of risk one has is a personal decision.
Jeff

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wrote:

Buying insurance on "the other guy" is a requirement. Colission coverage is optional everywhere.

Nor is a car.

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///snipped///

DaveD
While I agree that collision insurance is optional, except when required by the lending institution holding the lien on your vehicle, I would argue that liability, mandatory, is NOT insurance on the other guy. Rather it is you betting that you will be involved in a collision and found to be at fault. Not really insurance on the "other guy".
DaveD
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wrote:

It is insurance to pay damages to a third party, by definition - the other guy. It does not cover damages YOU suffer (except in the case of no-fault insurance, technically)
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I haven't had an accident in years and years, but my last two cars gave up on me mechanically. A warranty would have done me a lot more good than accident insurance, although it is required by law.

True, most cars are never good investments, unless you really luck out.
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I used the word investment because the OP had. But it can be considered an investment in piece of mind.
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snipped-for-privacy@snyder.on.ca wrote:

They aren't an investment.
Jeff
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