Extended Warranties?

Discussion in 'Ferrari Discussion (not model specific)' started by DJ4200GT, Apr 28, 2005.

  1. DJ4200GT

    DJ4200GT Formula Junior

    Aug 18, 2004
    352
    Does anyone know of a compay from whom one can purchase a warranty for an F-car from? Preferably reputable and one that is not going to go anywhere for a while?? Thanks a lot!
     
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  3. marknkidz

    marknkidz Formula 3

    Oct 7, 2004
    1,292
    so cal
    Full Name:
    mark
    Exotic Warranty company, 888-748-9666, based in Montgomery AL. I didnt purchase one from them, too much $$ for me. But, i was told they are pretty good (no where near as good as factory warranty).Their website is www.exoticwarranty.com hope this helps.
     
  4. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    Do a search on these guys. They're great until you need to make a claim :( I remember a guy saying that they tried to pretty much deny everything. It's on here if you look.

    I don't know that there is any real answer unless you use the Ferrari Power Cube. It's pricey. Bottom line is if you have had a trouble free car and it's newer then you are probably better off just paying for stuff as it comes up. It's worked for me so far, knock on wood. Most of what you'll have a problem with is wear and tear stuff like clutches etc. anyway.
     
  5. DJ4200GT

    DJ4200GT Formula Junior

    Aug 18, 2004
    352

    Ferrari Power cube--whats that??
     
  6. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    It's the Ferrari authorized extended warranty. Your dealer has all the info.
     
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  8. El Wayne

    El Wayne F1 World Champ
    Staff Member Lifetime Rossa Owner

    Aug 1, 2002
    18,001
    San Marino, CA
    Full Name:
    L. Wayne Ausbrooks
    #6 El Wayne, Apr 29, 2005
    Last edited by a moderator: Sep 7, 2017
    Just for information's sake, I asked them for a quote on my '63 250 GTE. Here's the response and the attached PDF with coverage details:

    Image Unavailable, Please Login
     
  9. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,884
    Singapore
    :rolleyes: - unbelievable.
     
  10. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,884
    Singapore
  11. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,288
    I purchased a contract from exotic car warranty and after 8 months (of no claims) they denied a $350 oil temp sending unit claim. Warranty was about $2200 I think. Ferrari service manager was suprised such an item was not covered. Nether he, nor I, and all the kings men, could convince them otherwise.

    I would never use them again. I think you would get more enjoyment by taking the 2 grand and setting it on fire.
     
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  13. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,884
    Singapore
    Which company - please post for all to see.
     
  14. noahlh

    noahlh Formula 3

    Aug 28, 2003
    2,225
    NYC, NY
    Full Name:
    Noah
    Avoid The Exotic Warranty Company AT ALL COSTS. They are a total scam. They take money and do not pay claims. Just thinking about my experience with them makes my blood boil...and I haven't even posted the story yet.

    Eventually, they're going to piss off the wrong person and I wouldn't be surprised if (when) we find Ben Evans in jail.
     
  15. DJ4200GT

    DJ4200GT Formula Junior

    Aug 18, 2004
    352
    Wow I was just looking for a reliable company for extended warranties but I guess there isnt one for ferraris (atleast not one that everyone and their mother doesnt want to sue) If these guys are so bad makes you wonder how they can stay in business?
     
  16. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    so what DO they cover? i mean, the contract must state they cover SOMETHING if not a $350 oil temp sender.

    the PDF you posted does not include "oil temp sender", though it does include "oil pump" and "oil pump housing". it's hardly a comprehensive list of your car's parts, but it's definitely a list.

    my read of that list of Covered Components is that it's like catastrophic health insurance, not your local HMO plan. if you sprain your ankle, that's your problem. if you have a heart attack, that's their problem.

    i spoke with them when i was considering a pre-owned, just out of warranty murcie about a year ago. seemed like nice people. the pricing was not insane. my mechanic said that in decades of business the only exotic extended warranty company they ever worked with that was helpful was GE - but they were only in the biz for a few years and ended up getting out of it, sadly - presumably it was unprofitable.

    doody.
     
  17. stephens

    stephens F1 Rookie
    Lifetime Rossa

    Feb 13, 2004
    4,483
    Australia
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    Stephen S
    I was told that even the pricey Ferrari Power Cube warranties were loss leaders for the company.
     
  18. noahlh

    noahlh Formula 3

    Aug 28, 2003
    2,225
    NYC, NY
    Full Name:
    Noah
    As far as I know, The Exotic Warranty company doesn't cover anything. I have a signed and dated contract in front of me that says full coverage is provided for the following components:

    1. "Manifolds" -- (Not "intake manifolds", not "exhaust manifolds", but it is written as manifolds.) My exhaust manifolds sprung a leak, and they did not cover them. They claim they "meant" the intake manifold. Gee, I didn't realize that's how contract law worked.

    2. "Transmission ECU" -- listed, but not covered when I made a claim.

    3. "Starter Motor" -- listed, but not covered when I made a claim.

    They claim 2. and 3. were denied because I'm renting the cars. Nowhere on the contract does it state that rental or commerical use is excluded. In fact when I bought the contract, they had a saleswoman call me specifically to assure me that no use is prohibited -- rental, commerical, private, or otherwise.

    They're a scam, period. I have yet to meet a person that's ever had a claim paid. I'll post my full experience in the next day or so...

    nlh
     
  19. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,288
    The Exotic Warranty Company. They cover only what is specifically mentioned in the contract. Their contract is 1 paragraph. Lots of items that you would think should be covered will not be. And things that are they will find a way out of paying. Its a scam.
     
  20. 1975gt4don

    1975gt4don Formula Junior

    Nov 5, 2003
    662
    Peoples Rep of CA
    Full Name:
    Smog Exempt
    I wonder if Exotic Warranty Company would cover a faulty gas cap. Probably not. See the other thread on these clowns.
     
  21. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    DJ:
    I have a Power two warranty on my 2000 550.
    A Power One and Two warranty are the same except for the amount of time, one cersus two years. I puchased mine from a Ferrari dealer when I purchased the car used. The warranty is not sold in Florida even though that is where I brought my car and it has to be serviced under the contract even though it is not offered in Florida.
    I puchased the warranty for 5K, on a car with8K miles that was perfect. I wanted it for peace of mind. To get it, I had to do a 30K inspection and belts for another 4K.
    The warranty paidn for itself during the first visit to the dealer down here in Florida. After another dealer up in the northeast did the service it did not run right and the engine check light kept coming on. After one month and 6K later in diagnostic bills, it wasr running. FNA picked up all the bills except for $350 for two O2 sensors.
    I think all of the aftermarket warranties are scams and even the factory warrnty does not cover many or most of the items that need repiar. You might view a warranty as catastrophic insurance in case you lunch your motor or something.
     
  22. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,288
    Be aware that even Ferrari has a history of denying catastrophic claims, often citing driver error as the cause. For example, if you lose the engine on 360, first they look for belt service done (within miles and within time), by an authorized dealer. Then if manual transmission they may likely cite driver error (ie downshifted into too low gear at high rpm). Warranty is not the same as insurance. Insurance is based in the probabilty of something out of the ordinary happening. Warranty is based on something being a manufacturing defect. Big difference.
     
  23. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    Woah, $6K in diagnostic bills for a couple of O2 sensors that they made you pay for. Someone knew you had a warranty they could tap into. According to my calculations you still spent $3K more then the outrageous charge for the O2 sensor diagnostic. IMO, in 95% of cases it's better to pay for stuff as it comes up providing you don't have a lemon.
     
  24. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I would have to agree with you Surfcity. Since this was my first Ferrari I thought I could treat this like a bmw. When it breaks, just drop it off at the dealer and pick it up a day ot two later all fixed. Was I wrong. Now I think they do not know these cars any better than we do in terms of fixing them.
    The last time they delivered the car to me they left their ratchet and socket, and screwdriver in my engine compartment along with screws left in the console.
     
  25. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,288
    I made the same mistake on my first F-car. Its really an eye-opener once you realize these are high-performace cars, running at close tolerances, and are not full of warranty defects. They do break however when pushed constantly to the limits. Neither you, nor the manufacturer wants to bear those costs. A Ferrari is not a Lexus. Once I realized that, warranty became less of a concern. Now I take care of it better, I don't redline it often, and stay on top of maintenance.

    It seems to me that any respectable warranty would have to cost anywhere between 5k and 8k (based on Ferrari's warranty prices) per year, at least, on a newer car. Assuming you buy the warranty every year for 4 years, that would cost you between 20K and 32K. Its hard to imagine spending that much on warranty repairs over 4 years JUST TO BREAK EVEN. Sure it could happen to somebody, but I think you'd have better chances playing the lottery.

    If Ferraris were costing everybody that much to maintain (due to defects) you'd hear a lot about it here.

    Just my $.02 worth.
     
  26. 4i2fly

    4i2fly Formula 3

    Apr 16, 2004
    1,330
    SF, Bay Area
    I don't mean to switch the argument from extended warranties, and I think it is important and relevant to note that I agree with you and others that high performance cars are designed with tight tolerances and it is expected of them to break down even if you follow the factory maintenance and service schedule...BUT, when there are known defects in material and design and manufacturer knowingly issues false and misleading statements to ignore their responsibility to make correction and causes the consumer $ tens of thousands then they should be prosecuted.
     
  27. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    Is it me or did the Exotic Warranty Company threads magically disappear? So much for leaving them for everyone.........
     
  28. Ashman

    Ashman Two Time F1 World Champ
    Owner Silver Subscribed

    Sep 5, 2002
    29,904
    MA
    Full Name:
    John
    You're right, the big ones have disappeared. Okay everyone, I love a conspiracy!

    John
     

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