I just added 72,000 or 72 month mechanical repair for $1986.
You just payed $2000.00 for insurance and ..........................................................what is the company name .
Mini USA is not offreing extended warrenties. Maybe soon
Check your policy carefully, you still may have a chance to cancel.
Figure out how many scheduled services (25K, 40K, 55K, 70K) you'll be requiring in this timeframe, ask your dealer what each service costs and compare the total against what you're paying for the extended warranty.
I'll can give you two real world answers
1. Depending on the state your in there may be a $ limit on the price the dealer can charge you legally. Each state insurance department regulation are differant.
I have seen instances in Florida where a customer was overcharged for this type of contract. There are $ limits set by the state.
2. As I mention before there may be a service contract offered by Mini USA but this for sure won't be offered before Jan if at all. Just some talk at my dealer.
3. Find out if you have to purchase at this time. Usually there isn't a rush to purchase.
Third party extended warranties are just about the biggest source of complaint to the national consumer help radio program (Tom Martino) at which my wife is a sponsor and volunteer. The warranty will be generous in its' terms, but will exclude items that fail due to owner abuse. Of course you'll agree that if you abuse the car and it fails they shouldn't be responsible...that's only fair. But guess what...everything is owner abuse.
If the dealer is really reputable, they wouldn't offer a cheesy policy from a disreputable company...but OTOH they can just shrug later if there's a problem. In general...only extended warranties offered by the manufacturer are worth the paper they're printed on.
I had a personal experience with the warranty on a replacement engine I put into my 96 Olds Silhouette. The manufacturer - Marshall Engine in Iowa - warranties the engine and covers labor as well. The engine failed in 1500 miles...camshaft badly scored, scored cylinders...They sent a replacement motor but only paid $500 out of $1800, the cost to R & R the motor. I could sue them but that would cost more than what I'm out.
I agree...back out NOW...stop and think...make an informed decision with a cool clear head...and above all
If you took that $2585 (assuming you have the cash, and are not financing this plan into your monthly outlay) and stuck it in an interest bearing account for the time required to pass your manufacturers warranty, you would be better off. These warranties have deductibles in almost every case, for each episode, and when you add those in to the $2585 you've shelled out you have quite a bit of money. It would make more sense to me, to take that $2585 and invest it. You could then draw from those funds when the manufacturers warranty has expired. If you're lucky, you will experience nothing but minor issues, and you will have those funds to roll over to your next vehicle. These warranties usually never really pay off, when you look at it this way. If you are financing the protection plan in your monthly payment, its a bit of a different story, but you could also put aside that extra $$ per month for the rainy day fund. 9/10 times, you would have the money later.
If you are the type of person who feels better having the protection than not, then you will probably feel better having the policy, and it might be worth it to your psyche. I'm this kind of person when it comes to things like digital cameras, but not with cars, as I usually get a new one before the manuf. warranty expires. Just my two cents.