2 extended warranties returned today...

Discussion in 'Gen 2 Prius Care, Maintenance and Troubleshooting' started by fo0bar, Nov 18, 2008.

  1. fo0bar

    fo0bar Junior Member

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    I began the refund process for extended warranties on 2, count em, 2 Priuses today. I traded in my 2007 for a 2009 on October 23rd, and today I called the dealership where I got the 2007. They'll send the paperwork to get a prorated refund. I paid $1200 through the dealership and kept it for 17 months of the 7 year warranty, so I should get roughly $950 back on that.

    Now I'm not proud to admit this, but I got taken for a ride on the warranty from the Finance guy at the place where I bought the 2009. $2000 for 7/100 with a $50 deductible. I don't know what happened, I'm usually a much better negotiator. The room started spinning, I blacked out, and when I woke up, I had an overpriced warranty and receipt in my hands. :)

    Anyway, going over the contract details, I saw that there was a 30 day full refund exit clause, so I called Toyota Financial Services (I don't have a loan through Toyota, but it seems they handle the extended warranties too) and began the process to refund that. They said it'll be applied directly to my financing's principle.

    I got a quote from Warrantyshack; $1055 for 7/100/0. That's higher than it was a few years ago, but still acceptable.
     
    #1 fo0bar, Nov 18, 2008
  2. richard schumacher

    richard schumacher shortbus driver

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    Why do you want an extended warranty? Money in the bank earning interest gives much more "peace of mind".
     
    #2 richard schumacher, Nov 18, 2008
  3. bedrock8x

    bedrock8x Senior Member

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    If you are buying extended warranty for Toyota cars, you have no respect.
    You should not be buying any Toyota products.
     
    #3 bedrock8x, Nov 18, 2008
  4. EZW1

    EZW1 Active Member

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    You guys are curel. If he wants to buy an extended warranty that comes with peace of mind, then that is is choice. Does he necessarily need to do this... I do not know. No manufacturing process will ever build 100% perfect product. There is always a lemon or two. Generally, if a manufacturer does their homework, then you will get a very reliable product - and Toyota is quite noted for doing their homework.

    So, it comes down to the individual.
     
    #4 EZW1, Nov 18, 2008
  5. Boo

    Boo Boola Boola Member

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    I think that for $1055, the Extra Care Platinum Plan instantly becomes the best insurance product in your insurance portfolio.

    Certainly it's the one most likely to return its investment. Think about this common insurance portfolio, and your likelihood of recouping the premiums:

    1. Health Insurance - $7000 a year.

    2. Auto Insurance - $900 to $1700 a year.

    3. Home Owner's Insurance - $___ a year.

    4. Life Insurance - $___ a year.

    5. Platinum Plan - $1055 for 4 years/64,000 miles above the basic warranty.

    That said, if you have to pay near or above the MSRP of $1850 for it, I don't think that's a good insurance buy.
     
    #5 Boo, Nov 18, 2008
  6. N3FOL

    N3FOL Member

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    Off all the insurance that I am paying for now, I think I am also going to pass on this extended warranty.
     
    #6 N3FOL, Nov 18, 2008
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