Extended Warranty

[rivrbrat]

Has anybody had any dealings with this extened warranty service provider Warranty Experts(The Re-Insurer is American RE). I have been quoted a great rate on a 5 year plan with 100% coverage and a $50. deductible. They cover you to have your boat repaired at any shop so you don't have to wait for a authorized Mercury dealer and they are covering my new HP 500 XR Drive and ext. hyd steering.
Trying to find out if anyone has had any experience with this company good or bad.

[djunkie]

Not sure if they're anything like after market warranties for cars, but if they are sometimes it is a pain to get them to pay. From what I've heard after you have your boat fixed, and you pay for it, you have to go to them to reimburse you.

[rivrbrat]

I guess they pay the shop over the phone at the time the repairs are done or by p.o. if they have a relationship with facility

[FULL BOAT]

I Represent Extended Service Contracts For The Auto Industry. I Have Never Heard Of This Reinsurance Company. My Suggession Would Be To Log Onto Their Website And See What Their Rating Is. All Service Contract Companies Have Insurance Backers That Will Have Ratings From A+ As The Best Down To C-. If They Are An A- Or Above, They Have Great Financial Backing And You Shouldn't Have To Worrry About The Company Not Having Enough Reserves To Pay Claims In The Future. I Would Get The Policy And Read It Front To Back And Make Sure That All Of The Parts That You Want Covered Are Covered. Also If It Says That You Have To Get Authorization Before Any Work Is Done - Make Sure You Do That. If You Don't That Is A Perfect Way For Them To Deny And Not Pay A Claim. Good Luck!!

[dean51267]

here is the deal on warranty companies, you start one, get people to buy it, and after 2 year go bankrupt and start another.... You go bankrupt because the CEO tok to much salary........
I would guess it is the same in the boat world as the car world.
As much as I hate to say this, trust the BIG insurance boys, they will actually pay claims, the little guys, they lack the economies of scale to pay claims..............

[INSman]

American Re is very big if it is the one I am thinking of, but all that really matters is what your contract says "exactly", exclusions, labor rates, duties in the event of a claim, blah blah blah.
If you bought the warranty from a reputable dealer that is also still around, I suspect that you will do fine. Just read that damn contract from front to back then back to front, so you know it like the back of your hand.

[rivrbrat]

Thanks you guys for your input. So far it is looking prety good for this company. I have not found any negative information on them. They have been in business since 1985. They have a BBB indorsement which I am still checking further into. Ontop of everything else they have a special going for a free 3 or 4 day cruise and to top it off if I don't make a claim for the life of the extended warranty I get all my money back, which I don't see happening with the Mercury Racing Product that we are purchasing. Before any of Mercury reps chime in if Mercury thought that this 500hp & Xr Drive would last 6 years without any break downs they would offer the extended warranty themselves. So if anybody wants to check them out here is the website.

[FULL BOAT]

I Checked The Web. The Most Important Thing That Stood Out Is That They Have An Am Best Rating Of A+. This Is Very Important In The Industry Because Is Tells You That They Are Financially Sound! Also They Advertise That They Are Reinsured, Which Is Very Important Because If The Warranty Company Goes Out Of Business There Should Be An Insurance Backer To Assume All Responsibilities For Future Claims. The Only Thing I Would Suggest Again - Is Read The Policy And Try To Find Out Who The Insurance Backer Is I.e. Allstate, Great American Etc...

[rivrbrat]

Well it looks like it might be to good to be true,the company at this point will not honor there original quote they completly changed the original terms, they have gone down from 5 years to 3 years and want to up the deductible. Also they were supposed to get back to me by the end of the day have not heard from anyone yet and it is after closing time on the east coast where they are located.
In all fairness they looked like a good company with good warranty benefits, But companys need to realize in this electronic age they can no longer B.S. customers with out paying the price.
So i ask myself, if i was broken down waiting for a call back with authorization for repairs would this be the company ''WARRANTY EXPERTS'' I want to do business with. NO................................................ .....................

[INSman]

I would be at minimum convey to them that amongst others, you will be contacting the BBB in their state and yours, the Department of Insurance and an attorney and then see what they have to say. Your written contract is what it is, and the terms and conditions, deductibles, coverage period and such are all in black and white. :eat:

[sdpm]

A word of advise. Most marine repair shops (at least the ones that I know as well as mine) will not do repairs for extended warranty companys except for Mercury Marine and some shops won't even work on their claims! In most cases if you are going to have a problem, it will be within the first year of use and will be covered by the initial warranty. If something happens 2 or 3 years down the road again most of the times it is either from owner neglect or normal " wear and tear " usage that will not be covered by your extended warranty. These companys always seem to have a way out. Trust me, it's not worth it. Call some of your local shops and ask them.

[rivrbrat]

Well the CEO called us back yesterday, I was asleep working grave yard. I called back about 2 hours later and spoke to his daughter she said he had left the office and would not be back in. I ask if she could get him a message to call me because of the time change and my work hours, she said she did not know how to get a hold of him I asked if there was some one else I could talk to about the quote I was given she said no.
So I say ok help me under stand your company sent me a quote that you will not honor & you will not send me at least an email confirming this.
Your company as not responded to my email dated 4/24/05 requesting to re-affirm my original quote.
So I ask if I was broken down in the water somewhere is this the type of service I should expect from your company!!!!!!!! Click she hung up on me
Isn’t nepotism grand?

[Parker Dreamin]

that is classic.. Just for the heck of it you should keep grinding them and bugging.....and just dont take them up on it.... have some fun bud.

[rivrbrat]

Already filed a complaint with the BBB Online, sent letter to the Cali INS commission and posting on any and every board I can find.

[rivrbrat]

Well after all of the time and energy invested in looking for a good extended warranty plan, it turns out it was right in front our faces.
Signed our insurance policy today w ALLstate for our new boat that we are scheduled to pick up this weekend a 24ft Cheetah FastCat 500HP XR drive ext hyd steering. Full coverage 612.00 dollars a year plus had them add a repair cost option no charge, this will take the place of any extended warranty, and from my under standing as long as we don't dip into the well to often we should not have any of the problems that you get with extended warranty providers.

[HOSS]

Get REAL tight with a Service Writer where you have boat work done.
Just another helpful hint from your good buddy HOSS.