Continental Warranty.
Continental Warranty.
Have any of you guys heard of the Continental Warranty program available at http://www.continentalwarranty.com or any other type of warranty program for high mileage vehicles?
-
lessthanjakejohn
- Posts: 4105
- Joined: Fri Oct 25, 2002 6:39 am
Warranty Gold purchased prior to June,
I came across this and encourage all who have existing warranty gold contracts to get informed. The demarcation of pre-June 6, 2003 (so-called "pre-petition") is very important. It means you will wait in line for a long time and probably receive only cents on the $$.
It sounds as though it was not Warranty Gold but National Warranty. It doesn't much matter if you are stuck with a large repair bill. However, visit http://www.warrantynews.com, they are at least trying to inform everyone. To quote the site:
"Warranty Gold Customers - Prior to June 6, 2003 We understand that you chose Warranty Gold to do business with, and you may or may not have known about National Warranty's obligation to administer and pay claims under the terms of your contract. We take our responsibility to you as our customer very seriously.
We are doing everything possible to recover the funds we deposited on our customers' behalf with National Warranty for paying customer claims.
Warranty Gold is pursuing, in the courts and elsewhere, every avenue to pay claims. As we have more information regarding National Warranty, we will inform you of your options.
National Warranty's insolvency has impacted approximately one million consumers and numerous extended service contract providers, like Warranty Gold, across the country. But, our primary responsibility is to Warranty Gold customers. "
Warranty Gold has a long history of faithfully serving our customers, and that commitment will not waiver as we seek to resolve this situation. Please know that we are working for you. We are determined to get the maximum contract value for each contract, for each of our contract holders. Good luck to those who were stung.
It sounds as though it was not Warranty Gold but National Warranty. It doesn't much matter if you are stuck with a large repair bill. However, visit http://www.warrantynews.com, they are at least trying to inform everyone. To quote the site:
"Warranty Gold Customers - Prior to June 6, 2003 We understand that you chose Warranty Gold to do business with, and you may or may not have known about National Warranty's obligation to administer and pay claims under the terms of your contract. We take our responsibility to you as our customer very seriously.
We are doing everything possible to recover the funds we deposited on our customers' behalf with National Warranty for paying customer claims.
Warranty Gold is pursuing, in the courts and elsewhere, every avenue to pay claims. As we have more information regarding National Warranty, we will inform you of your options.
National Warranty's insolvency has impacted approximately one million consumers and numerous extended service contract providers, like Warranty Gold, across the country. But, our primary responsibility is to Warranty Gold customers. "
Warranty Gold has a long history of faithfully serving our customers, and that commitment will not waiver as we seek to resolve this situation. Please know that we are working for you. We are determined to get the maximum contract value for each contract, for each of our contract holders. Good luck to those who were stung.
-
Q45tech
- Moderator
- Posts: 14296
- Joined: Tue Apr 30, 2002 3:19 am
- Car: 1990 Q45 342,400 miles 22 years ownership with original engine
1995 G20t 5 speed 334,000 miles 16" 2002 wheels - 205/50/16 Sr20ve vvl
The service insurance industry is in serious trouble with the esimated 1 Billion dollars of unfunded obligations........NWIC is only a small part of this 170 million in unpayable claims.
Until things sort out in a year or two avoid them all! Except for factory backed plans.
On old expensive lux cars the, the costs/amounts of repairs exceed the averages upon which the acurarial tables were created.........many of the companies paid out more than they took in, which finally lead to their collapse. [plus extremely high overhead/sales commisions/marketing costs.
It's not like accident insurance where you only have a 1 in 10 chance per year of having an accident and half are someone elses fault.
$170 million in estimated charges with 22 million in assets
Until things sort out in a year or two avoid them all! Except for factory backed plans.
On old expensive lux cars the, the costs/amounts of repairs exceed the averages upon which the acurarial tables were created.........many of the companies paid out more than they took in, which finally lead to their collapse. [plus extremely high overhead/sales commisions/marketing costs.
It's not like accident insurance where you only have a 1 in 10 chance per year of having an accident and half are someone elses fault.
$170 million in estimated charges with 22 million in assets
-
Q45tech
- Moderator
- Posts: 14296
- Joined: Tue Apr 30, 2002 3:19 am
- Car: 1990 Q45 342,400 miles 22 years ownership with original engine
1995 G20t 5 speed 334,000 miles 16" 2002 wheels - 205/50/16 Sr20ve vvl
http://townhall.edmunds.com/TH/townhall
Edmunds has an excellent section on extended [warranty] service contracts in Finance, Warranty, and Insurance...........multi thousands of post explaining the situation.A must read before purchasing anyone's insurance!
Edmunds has an excellent section on extended [warranty] service contracts in Finance, Warranty, and Insurance...........multi thousands of post explaining the situation.A must read before purchasing anyone's insurance!
Just my $0.02. I originally went with Warranty Gold for an extended Warranty. I talked with them the day that I found out that NWIC was going under, and they reassured me that everything would be fine. I was told that they would refund my money as long as I cancelled within a 60 day "backout" period. Well, because of the mess involved, I requested a refund within the 60 days, and I received an e-mail back telling me that I would get my refund when (and if) they got any money from NWIC. Fortunately for me, I charged the warranty on my Visa check card, and my bank went after them. I ended up with a full credit from Visa for the warranty.
After reading more about the sleazy practice of setting up worthless "reinsurance" companies offshore, I investigated other companies and ended up at autowarrantybroker.com. They were the only company online that I could find that used an actual multi-billion $$$ US insurance corporation to pay claims. They seemed to be about the same price as Warranty Gold and the others, and I don't have to worry about some offshore company running off with my money.
In summary, Warranty Gold = BAD, BAD, BAD. autowarrantybroker.com = good so far.
Jeff
After reading more about the sleazy practice of setting up worthless "reinsurance" companies offshore, I investigated other companies and ended up at autowarrantybroker.com. They were the only company online that I could find that used an actual multi-billion $$$ US insurance corporation to pay claims. They seemed to be about the same price as Warranty Gold and the others, and I don't have to worry about some offshore company running off with my money.
In summary, Warranty Gold = BAD, BAD, BAD. autowarrantybroker.com = good so far.
Jeff
