Carshield Insurance

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jackiemac

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Have any of you used this as warranty on your truck?

We are looking at the Diamond plan. It's slightly cheaper than Mopar and seems like you can cancel at any time.

Pros and Cons from those that have it would be appreciated.

Thanks
 
The internet is full of misleading information, and downright false claims. I have never been a fan of after sale or extended warranties. Here is a link of what the true customers feel about their service. Better Business Bureau is generally non biased, ie they don't take money for ratings. They have horrible customer ratings.

 
The internet is full of misleading information, and downright false claims. I have never been a fan of after sale or extended warranties. Here is a link of what the true customers feel about their service. Better Business Bureau is generally non biased, ie they don't take money for ratings. They have horrible customer ratings.

WOW!!! I knew from all the TV ads that Carshield must be very expensive. But, all the BBB reviews also shows how much Carshield sucks.
 
JMHO; but on all these extended warranty's put that payment in the bank as a just in case fund. If you do not use it you have a windfall, you have a break down you tap the fund.
 
Have any of you used this as warranty on your truck?
There are actually two different questions here. The first is about the "extended warranty" and the second is that particular company. An extended warranty on anything you buy isn't really a warranty extension but an insurance policy to cover an unanticipated loss. The value of one is a very subjective thing since all insurance is sold by for-profit companies, meaning that no matter what kind of insurance you are considering, the sellers always must collect more in annual premiums from their customers than what they pay out in total claims each year. The best business decision about any insurance policy is to only insure a potential loss that would cause financial harm in the event of a loss. If the cost of a major repair would be disasters to your financial well-being, then you should insure but if not, it is nearly always less costly to pay the expenses yourself. Very few of us ever recover as much from homeowner's insurance as we pay out in premiums over the years, but the risk of loss is too great. But since you already insure the truck for loss by vehicle accident, theft, or other issues, you would only be insuring for mechanical repairs that most of us pay out of pocket.

The second part of the question would be which company to buy from and like others here, Carshield is suspect in my mind due to the amount that they clearly pay out in advertising. If I were to buy such for my truck, I would probably not buy from them.(I do not have such a policy on either of our vehicles)
 
I think a big part of any insurance purchase is risk tolerance, and self sufficiency. I have proven over decades of car ownership that even a nominal amount of self-done maintenance and repair can save thousands over paying a shop. Given today's climate of mediocre service for premium fees I find just the saving of time and frustration dealing with others' incompetence or apathy is worth my time to fix my own stuff. But not everyone has the inclination, tools or time to do these things so this factors into what service and maintenance are worth to someone. Even then, someone that is attentive to their vehicles tends to not have "events" that would be covered by an insurance policy. I get that it only takes one major engine or transmission issue to have one of these policies pay for itself several times over, but in my decades of vehicle ownership those have never happened and I think that's partly due to me staying in front of the problems my vehicles have had. Many people wait until things go south before addressing problems, and for them maybe the insurance is a good idea. I keep cars until they're old enough to vote and drive them to the moon (200K+ miles), over my lifetime I would've certainly lost a lot of money buying repair insurance. I think at a minimum I would critically look at exactly what those policies cover and balance that over what the likelihood those exact circumstances would ever apply to you. Example, are drivelines covered if the vehicle is used for towing? That would rule out a tow vehicle right there. How is maintenance performed, documented and verified, or absent that is coverage limited or denied? On one newer vehicle I had the warranty only covered "failed" parts and not "failing" parts, and did not replace parts associated with effecting repairs. Translation, unless it's broken it's not covered, and they put back used and worn parts. Per posts above, these policies are in the favor of the company and not the policy holder so I would need to have a pretty specific risk, and the policy mitigate a pretty clear issue before I'd make that bet.

Mark B.
Albuquerque, NM
 
One thing to note is that the policy stops at 150,000 miles, just when a lot of the covered parts are wearing out. Contemplated extended warranty service when I bought my 2004 Dakota. Put the money in a jar and tracked what would and would not be covered. I was lucky that it was a great trouble free truck and few issues. The plan would not have covered two clutches or the broken radiator cap fitting or the rusted out brake lines. At 180,000 miles it was inspected by a buyers mechanic who told the buyer that if he didn't take it he would. Paid just over $9,000 for it new, towed a trailer for over 60k miles and sold it for $5,200 in 2018. Had about six thousand in that jar when I sold the truck and it bought me a very nice recent vintage golf car. Get a jar!
 
I have seen the ads, but I have no experience or knowledge of Car Shield as acompany as I have never been a fan of extended warranties. Generally they are not worth the paper they are written on and favor the insurance company more than the insured. Of course there are cases where the reverse is true, but I would argue, they are the exception.
 
I like the Carshield commercial showing a friend with an "OLD" SUV, that the mfgr warranty is about to expire. It was a Ford Escape that only had a 3 year warranty. OLD?????
My trucks just turned 100K, anyone here know how to stop the phone calls and mailing from them? I do not want extended warranty, few I trust to work on it.
 
In general, I agree with everything that has been said about extended warranties for vehicles and other things.

That having been said, I personally have had multi-thousand dollar payouts on two different vehicles that essentially put me in the black for on such policies for my entire life. On at least two other vehicles the cost of the policy and the avoided cost of repair were roughly comparable.

The two vehicles with big payouts were a 1991 GMC conversion van with should have been a "bulletproof" Chevy 350 V-8 and the other was a 1991 Honda Accord station wagon. The engine in the van suffered from an undetected manufacturing defect which resulted in accelerated wear of the entire engine. On the Honda the dealer determined that the transmission had failed even though it wasn't exhibiting and noticeable symptoms. In the two cases, the full cost of replacement by a rebuilt engine and transmission were covered by the warranty.

I recognize that this was purely bad luck on my part, but it sure was nice not having to pay the repair bills for those two major repairs.

As cars get more complex the chances of expensive failure increase. Even small repairs can be expensive. Last year our nearly indestructible 2014 Honda CR-V developed a crack in the A/C evaporator. It was "kind enough" to have had this failure just before its 6-year, 100,000 mile service agreement expired. The ~$1200 avoided cost of the repair was just slightly less than what I had paid for the coverage. Not a bad deal IMO.
 
In general, I agree with everything that has been said about extended warranties for vehicles and other things.

That having been said, I personally have had multi-thousand dollar payouts on two different vehicles that essentially put me in the black for on such policies for my entire life. On at least two other vehicles the cost of the policy and the avoided cost of repair were roughly comparable.

The two vehicles with big payouts were a 1991 GMC conversion van with should have been a "bulletproof" Chevy 350 V-8 and the other was a 1991 Honda Accord station wagon. The engine in the van suffered from an undetected manufacturing defect which resulted in accelerated wear of the entire engine. On the Honda the dealer determined that the transmission had failed even though it wasn't exhibiting and noticeable symptoms. In the two cases, the full cost of replacement by a rebuilt engine and transmission were covered by the warranty.

I recognize that this was purely bad luck on my part, but it sure was nice not having to pay the repair bills for those two major repairs.

As cars get more complex the chances of expensive failure increase. Even small repairs can be expensive. Last year our nearly indestructible 2014 Honda CR-V developed a crack in the A/C evaporator. It was "kind enough" to have had this failure just before its 6-year, 100,000 mile service agreement expired. The ~$1200 avoided cost of the repair was just slightly less than what I had paid for the coverage. Not a bad deal IMO.
Your the exception, normally they find a reason, not covered part, no one in the break down area accepts the warranty. Had that money been put in a bank account and you didn't have a break down; your $1200 ahead. How long did you have the "insurance" and how much a year.
 
How long did you have the "insurance" and how much a year.
In all the cases cited the policies were purchased with new vehicles and were a single payment. Most of the policies purchased were roughly 7 years and 100,000 miles.

As for parts not being covered, I only purchased policies that covered "everything."
 
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