New to the forum and looking for extended warranty options on a used CX-5. Any help would be greatly appreciated.

 

I recommend to talk to your auto insurance rep. and ask for recommendations. USAA as well AAA and Geico should give you the BEST understanding of what is actually covered and a recommendation for one of those independent extended warranty companies.
Unless we have a member that is a business law attorney that understands contracts such offered by those independent extended warranty companies I would always give caution to what you think is covered and what is actually covered.

 

thanks for your help!

 

Your welcome. I would like to know what advise you get should you do contact your auto insurance provider!

 

This comes up frequently and is always a controversial subject. The facts are that these are insurance policies. The companies selling them make significant profits on them, which means that the majority of buyers do not recover the cost of the policy in claims.

That being said, if you feel more comfortable buying into such an insurance policy, just be sure to read the terms of the deal and be sure you understand what is and is not covered. Understand deductibles. Understand any proof of regular maintenance requirements that you may need to provide when making a claim. This really is a personal decision, so just go into it with your eyes open and consider it like any other insurance you may buy to protect yourself.

 

An option that's often mentioned is once you get a price, start sticking a sizable amount into a savings account instead.
Do so automatically and don't dip into that account for anything other than would would have been a warrantee claim.

My 2¢

 

The only extended warranty I have purchased ended up being a poor decision. Offered by BMW, three weeks after the factory bumper-to-bumper warranty expired the front strut mounts blew out - not covered by the extended warranty. Three months later the audio amp went out, zero sound. $2000 total replacement cost - not covered. I learned my lesson, read the fine print.