I recently purchased a relatively low-mileaged 2002 Z06 - extended warranty runs out in the beginning of 2008. I'm debating whether or not to extend it

A) I've read about a lot of problems with extended warranties form 3rd parties - how is GM's plan (i.e., a hassle, smooth as butter, etc...)

B) If you had an extended warranty, would you re-extend yours once it ran out?

 

I have it on mine, and took it in for the radio and they fixed free of charge and a hand wash to boot

 

If you plan on keeping the car for a few more years and keep it relatively stock then I think it would be worth it. Since you stated that the 02 is good until 08 I am assuming that the previous owner already had purchased a GMPP extended plan. If so, you can renew the same plan 1 more time with GM as long as you do it 90 days or 3,000 miles before the end of the warranty limits. When you consider the electronics, sensors, differential seal problem, HUD and other sensitive parts then it is good insurance to have. It is not cheap to fix a Corvette and most people that need to use the warranty protection find that it pays for itself.

 

There are nightmare stories on everything you buy...........so give little attention to what you "hear" and just research things for your self.
When your GMPP runs out you may not renew.....(it can only be done before the original 36/36 runs out)

Just make sure you do your homework on the after market company before you buy............you will have to do so before 50k miles if you want "bumper 2 bumper" type cvg.
If you mod the car you run the risk of your claims denied as well as policy being canceled..............who ever you find, make sure they know your vette is a Z as most cannot do the Z model.............other than the Z I can help steer you in the right direction on a reputable company....

 

Depends on how good a deal you get on the extended warranty. I got an additional 5 years/40,000 miles for $1000 because I was still under 24,000miles when I bought it, so I feel it was worth it, but as the mileage goes up, the cost takes a big jump, so it may not be worth doing it a second time. My Z06 is the only car I have ever bought extended warranty on, but it is just insurance in case of a major repair. It does not take much to use the $1000 with labor at $90 to $100 per hour.

 

Is that an aftermarket extended warranty? I caleld around the best I could do was 2yrs for $1,600.

 

If avail, GMPP is best product. Before you pay for an aftermarket warr, take a copy of written warranty and show it to a service mgr. Ask him/her how good or bad it is. You will likely find that there are so many restrictions, that many aftermarket products are bad news. Also, keep in mind that about a dozen of these companies go bankrupt every year according to the trade journals.

GMPP is set up to assist the customer and make money.

Aftermarket is set up to make money. PERIOD.

I have been getting about 4 aftermarket "final notices" from a variety of companies every month. I toss them.

Garages do not like aftermarket warrs because they get stuck on hold for 45 min waiting for "approval" of each and every repair. Also, aftermarket warrs cover breakage, not necessarily worn parts.

If your rear starts moaning, aftermarket will not cover it. If rear gear breaks, the it will likely cover problem.

Absolutely, read the fine print. Tons of restrictions on aftermarket warrs.

 

I think when I bought mine, the GMPP suggested price was $1620 for 60m/40Kmiles as long as I was still below 24,000 miles. If you look at the tables, the cost takes a jump when you go beyond what I got. For example, 72/48 jumps to $2490
I shopped around on the internet and found a dealer that would sell the $1620 plan for $1070. Same plan that every GM dealer sells.

One of the keys is to buy it before you cross the 24K mark, even though you can buy one all the way out until the factory warranty expires.

 

I cannot express this strongly enoughBUY IT. Reason why I feel so strongly is that when I bought my 02 used I was offered an extended warranty through aftermarket, not GM. Anyway for 25hundred it covered everything. I'm usually not a warranty guy, but I figured I'm buying this car cash, might as well have some extra protection. Anyway the warranty period is till 2009/75k miles. 3 weeks ago I blew my engine, and I mean blew it, 2 pistons gone, a giant hole in the piston chamber, 2 holes in the block, oil pan, timing chain broke, timing gear broke, valves broke, metal fragments in the intake and exhaust, siezed cam, just a mess. The car has 52k on it, and tomorrow I pick up my car with a complete brand spanking new GM LS6 crate engine in it, all under warranty. And the new motor comes with a 3yr 100k mi warranty. Buy the warranty, you never know. The only exclusion was racing of any kind, which I never do

 

Interesting OPINIONS here.........

Not been around too many facts I take it on this one?

For starters, The GMPP is a really good warranty...But better?...........that is pretty close to fact they are a good warranty!!!
But better would depend on what your looking for, after market companies have benefits that the "Factory Warranties" don't.......Like for example you can use any ASE certified shop not just a GM dealer, also "Bumper to Bumper" coverage is available on vehichles with upto 50,000 miles on them or no older than 7 model years.

GMPP does not pay markup on parts or full labor rate.........neither do some aftermarkets, but the good ones do...........dealer has to bill GMPP, they get their money in 30-90 days...........good aftermarket warranties pay same day of service with a corporate credit card...(ie; Cash Paying Customer) (Who gets faster service? Cash payer or GMPP?) I'm not exactly sure I don't work there...............

Also What is aftermarket mean anyway?
After all the GMPP IS NOT BACKED BY GM!!! Actualy they are a product through GMAC who is owned by I believe City Bank..............they are endorsed by GM...........that means they can use their logo and say "Yes we're GM"

And up until 2003 the GMPP extended coverage started from vehichle in-service date so it didn't matter when you bought the warranty............Now they do it the way the "aftermarkets" do and start coverage when you buy it..........I believe that all other "factory" cvg's like Ford, Chrysler, Toyota...ect.......still back date their cvg's.

As far as who will cover what..........worn componants that aren't repaired cause failure ....any good aftermarket is going to cover that..it's not good business sense to have a contract holder continue to drive when it will just casue damage to something else.

As far as the wait time.......how many claims have you called in? In this day and age, you can fax it, email it or file it online. If it's an old school repair shop that wants to wait online......the option is there for a call back to occur within 10 minutes. These companies put their reputation on it. ( any company that has been in business for 25yrs plus and that has their product bonded and insured ) Restrictions are in every policy ( even GMPP ) It prevents abuse and nothing more.

As far as us all going out of business.......well I am still here and I will be here next year and the year after that and the year after that and so on. I will be the first to admit there are people in my industry that have given us a bad name. Can you say that every dealer is perfect? What about the little old ladies that pay $300.00 for a fuse cause the dealer said so? Does that make them all bad? No and neither are we.

Truth be told it is the Direct Marketers that are the most to blame for the bad name..........it is they that usually do the "oh it covers everything" when it's really just a powertrain coverage..........and they do it to get the sale because they have some manager crawling up their rear to sell it no matter what...........
This still boils down to the consumer should read what policy they have and what is and is not covered and decide on wheather or not the price was worth the value in coverage................no different than any insurance policy you buy.

With that being said........Yes, use caution when picking a company, and the GMPP is a good warranty, but so are some of the others out there and for the original poster he has no other choice to extend other than to go aftermarket, you should extend your warranty with who makes you comfortable. Do your homework, check up on the company, check up with your dealership and find out what they may recommend, who they've done good business with.
Having extended warranty on you car is just as good as doing it on a TV or anything else that instantly drops in value just because you bought it........and typically have outragous repair rates and bills.
The amount of high-tech. componants on cars today and just the shear number of parts makes warranty worth it. It's common place for a dealer to charge $700-$900 to replace something as basic as a water pump............the average vehicle can get B2B cvg for 6yrs/100,000 miles after its already 3yrs old for around $2,500 give or take........sounds worth it to me............

 

What company was this with?
I have been looking for a good company that will do cvg for the Z's