Quote:
Originally Posted by bimmerguyallday
Hi,
I recently purchased a BMW X7 40i. Signed up for 2 extended warranties with a 3rd party company.
5 Year - Tire & Wheel + Cosmetic Warranty(can resurface as many times as I want from curb damange) for $2,898
8 Year/100k - Extended Warranty for $3,881 no deductible if I goto the dealer I purchased it from.
What do you guys think? I have 30 days to cancel and I'm thinking about cancelling the tire/wheel warranty.
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I'm not a fan of buying insurances that aren't required, but I also rarely keep a car for more than 2 years and have never owned a car outside of warranty that wasn't disposable. Given that, I might not be the best reference (especially for warranties), but here are some thoughts on tire/wheel coverage:
Across all my BMWs, I opted for tire and wheel protection once (it was already in the deal when I agreed to a certain number on my 4 series, so I let them run with it). I cashed in on that policy once, which had a $50 deductible for a $200 tire, yay. Since then with 5 additional cars, I had to replace 2 tires, straighten 7 wheels (4 from one event), and replace another wheel+tire. This came to about $3250 in total across 7 events over 5 years, almost half of which came from the single wheel+tire incident where I chose to replace a wheel that could have been resurfaced. My SA advised me that my 4 bent wheels from a frost heave likely wouldn't have been covered even with a cosmetic plan since they were cosmetically fine on the outside, and held air just fine otherwise. Still, even if it was covered, hell even if they agreed to replace the wheels for $5000 rather than repairing them for $500, I have come out ahead vs the ~$10-15k worth of coverage I turned down.
Some people might refer to a single car or incident where it worked out ($2200 of my $3250 came from a single car), but you have to think about the long game for these things, that's certainly what the insurance companies are doing.