Should I Buy An Extended Warranty?

[DG] I’ve enclosed a couple posts from an earlier thread on this subject. I bought a ’92 in ’95 and chose NOT to buy the extended warranty and instead pocket the $900 and “self-insure” against future problems. Two and a half years later, my decision still looks like a good one.
After following the list for a while, I believe that the only “common” and expensive non-wear problems (e.g., windows dropping, transmission snap ring failure) could be repaired free from Acura. So, I don’t think the extended warranty is a good value on a car as well-built as the NSX.
Also see my note below about transferability: you must be METICULOUS and read and obey all FINE PRINT on the warranty NOW to be sure you get it transferred later. From personal experience, I was not able to assume a dealer-sold
extended warranty on a Honda I bought a few years ago over a few missing receipts for oil changes. If you do your own service, you can pretty much forget about transferring the warranty.
AT ONE TIME I POSTED:
I’ve seen an ad in Autoweek for a “7 year bumper-to-bumper protection” extended warranty for the NSX (and other cars as well) from an outfit called Stan Alan Warranty Service in Ohio (216-633-2004). Has anyone purchased this coverage for their NSX or know of someone who has? If yes, what has your experience been?
AND DRMANNY REPLIED:
I called them to investigate their warranty. Basically, I believe that they are a dealership and as such can sell these extended warranty. To get the bumper to bumper from either GE or ITT you must still be within the original warranty from Acura. I personnaly have the GE bumper to bumper warranty. I contacted GE when I had a inside driver door handle break. As you would expect Acura sells the door handle assembly which includes the pull handle and the window lift. I cannot remember exactly but I believe it was to have cost $150.00 The GE warranty would have covered the part and the labor $60.00. I have a $50.00 deductable. The nice thing is that you pay the deductable once per visit, not per item.
Anyway Acura goodwilled the part. I got to tell you, it pays to take your car to the Acura dealer for service. Having worked for GE, in the past (another division) I believe in them. I remember the GE adjuster was happy that I was taking the car to a real Acura dealer instead of some garage. They were real easy to work with. I noticed that the extended warranty for the Acura NSX is much cheaper than for other cars due to the reliability of the car. Acura now has an extended warranty that you can buy that is from Acura. You can also buy the GE contract from Acura. Probably if you work it right, your Acura dealer might meet this company’s price. Anyway with the value of the NSX, I believe it pays to have the warranty. Not so much because you will need it, but for resale. Hope I have helped.
From: pep@mob.idtinc.com (Paul Platt)
> Careful about the extended warranty — the insurer will try every means to
> prevent its transfer to new owner unless you do not have records of *all*
> service, including oil changes.
Amen!!! Read the fine print. There will be a transfer fee. Also, you have to get the owner to give you a bill of sale for the warranty – not just the car. I did it as two seperate deals with a bill of sale showing a $1 purchase price for the warranty.
[JBE] Having been in the new and used automobile business all of my life, there is one lesson I’ve learned. SELL ONLY FACTORY EXTENDED WARRANTIES. PERIOD! (buy only factory warranties) This education cost my business tens of thousands of dollars. We sold aftermarket warranties one time. The warranty company went broke and then their back up insurance went broke. Bottom line….we had to either piss off every customer that bought one when they had a claim (not an option), or stand all of the claims ourselves. Of course we paid the claims. Warranty companies pop up all over the place and come and go daily. The factory warranties pay like clock work, every factory authorized dealer will gladly accept the work, and the factory warranties will pay when there is gray area in the claim, and you don’t have to spend your time begging some ‘3 dollar an hour SOB’ to pay your legitimate claim. FACTORY IS GOOD… AFTERMARKET SUCKS!
[TB – 99/8/20] In January of ’98 I bought my ’92 NSX from a local Acura dealer. I made them a offer and they tried to convince me in buying a extended warranty. I did not think that I would need one because of the reputation that Japanese cars had with reliability. But I went ahead and bought the warranty anyway. I paid $3995.00 for a two year or 20,000 miles for this. At the time I thought this was way too much for so little. Oh boy was I wrong………………… This is a list of the items that has been performed on my vehicle under this warranty.

  1. Clutch set and bearing (three weeks after I bought the car) I dont know if you would call this under warranty or good will $1934.31 Brand new clutch

  2. Replaced all CV boots, they were torn and leaking $543.72

  3. Snap ring failure.. Replaced complete transmission $6835.51

  4. Replaced both rear brakes as good will.....

  5. Replaced door lock alarm actuator (both doors) $490.53

  6. Replaced both Bose door speakers and amplifiers $1569.66

  7. Clutch master cylinder went bad and destroyed my clutch Replaced master cylinder under warranty $199.87 Clutch was replaced under good will (I paid for labor)

  8. Replaced AC blower motor, transistor and control unit $2306.92

  9. Replaced both window regulators $1028.28

 10. Replaced both Radio Knobs (they were loose) $122.40

I dont know if I purchased a lemon or what, I love my car. If I do get anything else, it will be a newer model only. Total damage (not to me) – $15,031.20
I hope nobody else has had these kind of troubles with out a warranty…. I have 1,200 miles left on this warranty, and plan on taking my car in one more time before it expires. I am going to have them check the the aspirator fan and I have a window switch that has gone bad.
[TSU – 2000/6/1] I hesitate to post this info because I am generally a bit wary of extended or aftermarket warranties. I have however had a good experience thus far with the contract I purchased although I do know of one other list member who was disappointed enough with the same contract that he asked for a refund before the end of his trial period. In spite of his disappointment and subsequent cancellation of his contract (full refund within 60 days) he said they were very courteous and professional throughout the experience.
I bought the warranty last September via the Web through http://www.autoservicecontracts.com. They covered my ’91 for 4 yrs/ 50k miles for $2200 with a $0 deductible (the car had 42k miles when I purchased it so it will cover me out to 92k miles!) The insurance company is actually Heritage Insurance and I called the local Acura shop (Tustin Acura) to see if they had any experience with them and the they said yes and couldn’t remember having any problems. You must put 1000 miles and 30 days on the car (from date of contract purchase) and then they cover most everything except wear items and the factory stereo (if the car is still under factory warranty when their coverage is bought they will cover the stereo.)
I put said 1000 miles on in 30 days and then brought the car in for the 60k service and a timing belt replacement (at my expense – with 44k miles on the clock) and Tustin Acura noticed the water pump had a small leak. It was a covered item and although it took an extra day for the insurance co. to send an adjuster out they ended up picking up the labor on the timing belt as well as the water pump – $837.
Last week I rolled up the passenger side window and heard the dreaded pop and I knew the plastic “thingie” had failed. Tustin Acura called Heritage and they approved the repair with no deductible to the tune of $650. I know I could have had it done cheaper through an independent shop but when the insurance company pays why bother! Right as rain by the end of the day and no hassle at all from Heritage.
As I said, your mileage may vary and I suspect like most of the list members I am generally wary of aftermarket service contracts but I didn’t want to own a 9 year old car without major mechanical coverage. Few insurers will touch much of anything as old as a ’91 let alone an NSX.
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