Should I Buy An Extended Warranty?

Came about 10 days later. Pamphlet with policy coverage info (currently in truck which is being serviced) and this roadside card. I'll try to get a pick of pamphlet later.

 

What do you guys think of an extended maintenance package?

 

Since I was buying new in 2016, and knowing it was a new third generation truck, I bought the extra piece of mind. At a discount of coarse.

 

Awesome, I appreciate it. I’ll run it by the manager that helped me so I can get that squared away. Thanks!

 

Nothing wrong with extended warranties. You are buying peace of mind to know that is anything does fail you are covered. $1,700.00 for 10 years and 125,000 is fair in my opinion.

 

When I bought my 2013, I bought the 75k Toyota extended maintenance. It only covered what is in Toyota maintenance book for normal conditions which doesn't include any fluid changes for the front, rear diffs or the transfer case. In the manual that shows the fluid change requires special conditions lmao. I would never buy in again.

As far as a TFS extended warranty, put the cost of the warranty plan in an account for future repair. You then have control over your monies not some plan. If you have an issue, use that money. If not, it's all yours not given away. The whole idea is our trucks are reliable no?

 

Question: what are the prices listed on the sheet? MSRP? Cost?

 

I say NO for two reasons:

1. Because that’s how the extended warranty “business model” works. Extended Warranty is a more palatable marketing term for what essentially is a form of insurance. Every insurance carries risk, and insurers make a profit by “managing” that risk. In this case, the risk is that something will break down and the insurer (i.e., Toyota, the bank, the dealer, or whoever issued the Extended Warranty) will have to pay out to have it fixed. So from the outset, the business model encourages the provider to minimize the number of claims it approves, because that’s how it manages risk and maximizes profits.
2. In my personal experience, Extended Warranties work precisely as how you would expect that business model to work: the first claim request is to be denied; this is their starting position. The common reasons for denial are “that’s a wear and tear item and thus, not covered”, “the vehicle was used in way in which it was not intended”, or the infamous “the vehicle is modified and, thus not covered.” They have a bunch of other denials in their repertoire, but those are the most common.

The way the Extended Warranty game is played:

• The bulk of Extended Warranty purchasers will never make a claim either because they never had any issues, got rid of the vehicle, or simply forgot that they had purchased an Extended Warranty. These are pure profit.
• After that comes the standard denials, aimed to reduce even further the number of claims that the insurer needs to pay out.

Yes, you will hear anecdotal stories of uncle Abner having his engine rebuilt at no expense. But the underlying reality is that it pays off handsomely to deny a valid claim; the only real downside for the provider is to actually pay out.

Only the more persistent customers who (a) still own the vehicle, (b) remember that they had purchased an Extended Warranty, (c) make a claim, and (d) push past the initial set of denials are ever paid out.

Factoid: the financial division, where most Extended Warranties originate, are automakers’ most profitable part of the business.

 

https://www.tacomaworld.com/threads/extended-warranty.595255/page-3#post-19951475

^^^This was on another thread.

 

You got the red rod with no Vaseline.

https://www.tacomaworld.com/threads/extended-warranty.595255/page-3#post-19951475

 

RIP Farley

 

Never ever ever ever

 

That is all fine and dandy if a man can afford to trade every 3 years. I'm going to have to pay mine off before I bury myself anymore in debt. My own fault though I have another bank note.

 

You have a great outlook on life in general I bet LOL. I agree with you if talking about aftermarket warranty but not so with Toyota warranty from what I have experienced. No issues getting everything covered.

 

but not so with Toyota warranty from what I have experienced. No issues getting everything covered

Plenty of threads about how Toyota won't even honor the warranty that came with the truck. What makes you think the extended warranty is any different?

 

Have not had a issue. Your post should read Toyota dealers that won't honor factory warranty.

 

But Toyota dealers aren't the ones that approve warranty repairs. Corporate does. Dealers aren't paid for performing unapproved repairs (typically with more expensive operations). Why should the dealer not want to perform a repair and get paid for it?

 

Plenty of threads where they did honor the warranty...

 

Sure, but it's that instance where they refuse to cover a one thousand dollar repair that gets peoples' attentions, and rightfully so, because they think "that could be me".

 

I work at a dealership & trust me some jobs you rather not do even if you are getting paid for it LOL. The initial approval of some warranty work starts at the dealer level. Dealership can warranty whatever they want to. Now getting reimbursed by the manufacturer is a different story.