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Tell me about 3rd party extended waranty

I bought an Aegis Powersports warranty through The Motor Cafe for my 2016 Multistrada 1200S. Can't remember what I paid... maybe $750 for five years (after initially being quoted $2000 :laughing)? Never used it, but when I sold the bike the buyer told me it was one of the reasons he chose to buy my bike. Aegis has offices in Sunnyvale, so you can go yell at them in person if they try to screw you around...
 
Any current or retired car guy (especially old F&I mgrs) will advise you to avoid any "mechanical break-down insurance" policy. They are not a real warranty.

If the manufacturer does not offer extended coverage, you are better off not buying anything. If you are worried about breakdowns, then put some cash aside in an interest bearing account for unexpected repairs.

Note: I purchased additional Factory-UnderWritten Coverage for my Toyota FJ Cruiser. At 96,000 miles it needed an inner transfer box seal. The Toyota dealer in Rexburg Idaho replaced it and did a couple of other warranty repairs. All day teardown and reassembly.

Repair order total $3400.00 and change. My cost was the 450.00 I paid for the Warranty Coverage. Money well-spent!

Let me add that there is a Very Wide Profit Margin built in to the quoted prices of warranties and "Mechanical Breakdown Insurance, meaning that you should be able to finagle a better price if you are willing to grind on the dealer selling it.

The dealer cost of both types are based on Frequency of Repair actuarial data. So if you are buying a Jeep , the dealer cost is staggering, because Jeep Knows those vehicles will break. On the other hand Honda and Toyotas factory warranties have much lower dealer cost, because they don't break as much, Simple.

As I said there is a big difference between factory coverage and "insurance" sold by 3rd party sellers. You may find that one of the 3rd party companies is legit, but if you purchase 3rd party Mechanical Breakdown Insurance, it will never be the same as the coverage offered by the manufacturer. Believe me.

Sure, you might have a good experience, but insurance companies make money the old fashioned way, by denying claims as a policy.

Insurance is regulated state by state, so the coverage limitations will be variable on that basis as well.

Before you buy anything Other than Factory coverage, do your homework on the company that is Under-Writing it. You will be glad you did.
Plenty of Info online Warranty VS MBI https://goo.gl/3QrWC7
 
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I bought the McGraw on my gsxr last year, $800 for 4 years and I financed it with the bike for 4 years, was an extra $16/17 a month. When I sold it a few months ago you get a pro-rated refund amount back (still waiting on the money from j&m and am not happy about that part). I think they are a great piece of mind especially on higher mileage/financed bikes. After a few months of inspections and learning how to service it myself I felt like I didn't need it anymore but for less than $20 a month to potentially save thousands it was solid reassurance.
With the cost of repairs on ducatis I got another one for my 899 as well. I believe Rob at evolution told me they have to replace with factory parts, which in turns hurts them, especially with Ducati where OEM can be a hefty price over lower price aftermarket.
 
Many years ago, my wife and I bought the extended warranty that was endorsed by VW of America when we bought our 2001 Jetta Sport. I can't remember the cost, but when we went to use it, we discovered that the warranty company had gone out of business and we had no coverage or recourse. VW declined to stand behind the policy they had endorsed because it was provided by a 3d party.

So, in our case, the policy was a complete waste of money. Any 3d party warranty/service policy is only as good as the company that backs it.
 
i'd probably never get one on a bike - unless it was like $250 bucks and the bike i bought was over $10k.

I'm not 100% sure, but i think i extended the warranty on my - $11 000 plus taxes etc - CB1000R to 5 years for around $250. AT 27,000 miles it has been problem free, but the money feels worth it. One issue would pay for the extension.
 
I'm not 100% sure, but i think i extended the warranty on my - $11 000 plus taxes etc - CB1000R to 5 years for around $250. AT 27,000 miles it has been problem free, but the money feels worth it. One issue would pay for the extension.

Isn’t that just a 1 year extension? I though the factory warranty was 4 years on that bike
 
There are a lot of articles (one that sticks out is from consumer reports) stating that on average - the cost of an extended 3rd party warranty rarely outweighs the potential issues you may encounter.

Obviously, your costs for the insurance will be greater than your expected value. The insurance firm would go out of business otherwise. The point of insurance is it protects you from a small chance of a large expense. In exchange you get a 100% certainty of a smaller expense.
 
Isn’t that just a 1 year extension? I though the factory warranty was 4 years on that bike

Not the one I got. This is America. You get a 1 year warranty and love it ;-)

Honestly, I don't remember the exact warranty details - there could have been something (say engine) that had a longer warranty, but I am 99% sure it was a blanket 1 year warranty.
 
As mentioned, the profit margins on these extended warranties can be huge, so if you are thinking of getting it, haggle. And once you have your sales guy saying he can't budge anymore, haggle.

The Western Services costs for BMWs are quite high, so there may be less room for negotiation, but this is one of the few ways a salesperson makes additional commission.
 
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