Extending warranty?

[Stevie4scoops]

1. do not buy any extended warranty
2. pay for any repairs out of own pocket

In my experience, the sum of money saved in #1 will be several times larger than anything paid out in #2, over the course of any person's driving or riding experience

Insurance companies would not underwrite extended warranties if they did not make a load of cash from them.

As an example, from 2018 to now, an extended warranty for each of my BMW bikes would cost £350 a year, each. £700 x 4 = £2800. In that time, I have paid absolutely zero in repairs that were not routine maintenance.

If I do similar maths for other vehicles since starting to drive in 1980 the figures become quite large but I have been lucky and I have not had anything major fail on a vehicle I have owned. If I do get a major failure in the future then I will just take it on the chin and cough up, or break the vehicle for parts. Overall, I would still be quids in if that happened to both bikes and my little hatchback car.

If anyone is worried about having a major expense on a vehicle they should open a savings account and put £40 a month in the account for every month they own a vehicle. Draw down cash as needed for repairs. By the time they stop owning vehicles, I am pretty confident they will have a nice nest egg. This would be a more precise form of self underwriting rather than my notional effort.

+1 and I've always done this.

 

[GSAHippo]

Extended warranties are never ‘probably’ the best option.
They may be best for you depending on yourcircumstances and attitude to risk but based on probability….no.

Corrected for you, ‘probably’ should have checked it before posting?

 

[Ex-Call Centre Chimp]

A testament to the quality of BMW products!

And my experience isn't?

 

[Neil W]

I just extended mine. The first time on any vehicle,

It's only because:
1. I have had a couple of issues in year 3 of ownership, I had the DLC fail on a camshaft (RHS) needing a new camshaft, and then an oil leak on the other cylinder (LHS) a couple of months later. As such I had a slightly lower confidence in the bike, so I extended the Warranty into Year 4.
2. I have a couple of overseas trips planned for 2022. The Warranty covers EU if you take that extra option (making the total approx £390 for the year). I have heard good things about the EU cover on BMW Warranty - along the lines of "press the SOS button and the BMW "system" sorts you out" - I deemed this a useful option for overseas tours...

Whether I will extend into year 5 is another issue, it will probably depend on whether (1) I plan to take the bike overseas or not in 2023... and (2) whether the bike stays reliable this year...

Just be aware that yes the Insured Warranty has full EU cover but any repairs must be paid for by you and then claimed back via the UK dealer network

 

[trancey]

On all the bikes I have had I received notification from BMW when the warranty was due to run out and offering me the option to extend cover for a premium. I personally like the peace of mind of the cover, if you're still doing all the miles that you used to then probably still the best option.

 

[trancey]

Don't think ive seen such complicated answers to a simple question .

"When the 2 years is up will I be offered a warranty extension from BMW?". Simple answer , yes.

Thank you

 

[AberdeenAngus]

Corrected for you, ‘probably’ should have checked it before posting?

Thanks for correcting my spelling and punctuation. Always appreciated.

 

[GSAHippo]