GMPP why? why not?
Race Director
Joined: Oct 2004
Posts: 10,089
Likes: 14
Another thought on these prepaid repair policies. The people who sell these things aren't running charitable organizations. They fully expect to make money off of them. That means they've calculated the selling price to be greater than the expected covered repair costs over the life of the contract. So you'll be money ahead if you put the money you might have paid for one of these prepaid repair contracts in a savings account, or other more lucrative liquid investment, and pay for any repairs you might need out of that, pocketing the remainder when the contract would have expired. In other words, you'd keep their profit in your pocket.
Sure, every once in a while someone wins the lottery, and every once in a while someone makes out on these prepaid service deals. But the vast majority won't. Do you feel lucky? Well, do ya, punk? If so, buy one of these prepaid repair policies. Otherwise, keep the money in your pocket.
Sure, every once in a while someone wins the lottery, and every once in a while someone makes out on these prepaid service deals. But the vast majority won't. Do you feel lucky? Well, do ya, punk? If so, buy one of these prepaid repair policies. Otherwise, keep the money in your pocket.
Team Owner
Joined: Aug 2003
Posts: 38,314
Likes: 35
Another thought on these prepaid repair policies. The people who sell these things aren't running charitable organizations. They fully expect to make money off of them. That means they've calculated the selling price to be greater than the expected covered repair costs over the life of the contract. So you'll be money ahead if you put the money you might have paid for one of these prepaid repair contracts in a savings account, or other more lucrative liquid investment, and pay for any repairs you might need out of that, pocketing the remainder when the contract would have expired. In other words, you'd keep their profit in your pocket.
Sure, every once in a while someone wins the lottery, and every once in a while someone makes out on these prepaid service deals. But the vast majority won't. Do you feel lucky? Well, do ya, punk? If so, buy one of these prepaid repair policies. Otherwise, keep the money in your pocket.
Sure, every once in a while someone wins the lottery, and every once in a while someone makes out on these prepaid service deals. But the vast majority won't. Do you feel lucky? Well, do ya, punk? If so, buy one of these prepaid repair policies. Otherwise, keep the money in your pocket.
Do you insure your house and car the same way? Have you taken the collision insurance off your Vette yet? If you don't hit anyone or run into anything, then its just money wasted.
If your house should burn to the ground, do you have enough disposable cash on hand to replace the house, all of it's contents, and your car should it go up with the house?
If so, would you rather use the insurance company's money to replace the above, minus the premiums you paid, or would you prefer to use the money you "socked away" and collected interest on, while you were "saving" on not having to pay the relatively inexpensive homeowners insurance premiums?
I mean, after all, if your house doesn't burn to the ground or get swept away in a hurricane or tornado, or get swallowed up by an earthquake, all those premiums you are paying is money lost.
But "do you feel lucky?"
Last edited by '06 Quicksilver Z06; May 30, 2007 at 04:56 PM.
Race Director
Joined: Oct 2004
Posts: 10,089
Likes: 14
What if your brake booster or your ABS quits?
What if your BCM quits?
What if your windshield wipers quit?
What if your BCM quits?
What if your windshield wipers quit?
Really, the best use of $114 of that money you would have paid for a service contract would be to buy a set of shop manuals and learn how to repair your own car. It isn't hard, and it'll save you a ton of money over your lifetime.
Race Director
Joined: Oct 2004
Posts: 10,089
Likes: 14
I see.
Do you insure your house and car the same way? Have you taken the collision insurance off your Vette yet? If you don't hit anyone or run into anything, then its just money wasted.
If your house should burn to the ground, do you have enough disposable cash on hand to replace the house, all of it's contents, and your car should it go up with the house?
If so, would you rather use the insurance company's money to replace the above, minus the premiums you paid, or would you prefer to use the money you "socked away" and collected interest on, while you were "saving" on not having to pay the relatively inexpensive homeowners insurance premiums?
I mean, after all, if your house doesn't burn to the ground or get swept away in a hurricane or tornado, or get swallowed up by an earthquake, all those premiums you are paying is money lost.
But "do you feel lucky?"
Do you insure your house and car the same way? Have you taken the collision insurance off your Vette yet? If you don't hit anyone or run into anything, then its just money wasted.
If your house should burn to the ground, do you have enough disposable cash on hand to replace the house, all of it's contents, and your car should it go up with the house?
If so, would you rather use the insurance company's money to replace the above, minus the premiums you paid, or would you prefer to use the money you "socked away" and collected interest on, while you were "saving" on not having to pay the relatively inexpensive homeowners insurance premiums?
I mean, after all, if your house doesn't burn to the ground or get swept away in a hurricane or tornado, or get swallowed up by an earthquake, all those premiums you are paying is money lost.
But "do you feel lucky?"
Race Director
Joined: Dec 2006
Posts: 11,762
Likes: 2
What if your power seat quits in a position other than yours, or a second driver's, driving position?
What if your brake booster or your ABS quits?
What if your BCM quits?
What if your windshield wipers quit?
What if your HVAC quits? What, wear a sweater in winter, or drive with the top down. How about if it rains? But what if your windshield wipers don't work?
What if your fuel pump quits?
What if your fuel gauge quits?
What if your power steering quits?
What if your alternator quits?
What if the LCD readout on your radio or climate control quits?
What if your HUD quits if you have it?
What if your MSRC quits?
To the original poster.....get the warranty and remove any potential worry about any of the above and others aside from the drivetrain.
Race Director
Joined: Dec 2006
Posts: 11,762
Likes: 2
It doesn't cover convertible tops either, so vert owners should keep that in mind.
I am trying to figure out how the "refund" works if you don't use it. I did read their site and it does mention a prorated refund would be given based on time/miles. Has anyone done this and is it a simple calculation?
I am seriously considering trading to an '08 because I don't want my '05 out of warranty. I am currently at 35,500 miles and I drive 90-miles per day. If I do go for an '08, it will obviously take many months to get it which places me around August or even September. I am trying to figure out how much I could get refunded if I do get something else later this year or why not early next. Again is this a simple calculation? Have people here done this before and found it an easy process?
I am trying to figure out how the "refund" works if you don't use it. I did read their site and it does mention a prorated refund would be given based on time/miles. Has anyone done this and is it a simple calculation?
I am seriously considering trading to an '08 because I don't want my '05 out of warranty. I am currently at 35,500 miles and I drive 90-miles per day. If I do go for an '08, it will obviously take many months to get it which places me around August or even September. I am trying to figure out how much I could get refunded if I do get something else later this year or why not early next. Again is this a simple calculation? Have people here done this before and found it an easy process?
Melting Slicks
Joined: Mar 2004
Posts: 2,130
Likes: 5
From: Seattle WA
I got a refund on the unused portion of the POS third party policy my selling dealer sold me during the sale (which will never happen again). Of course they never even offered me a GMPP. I got 90% back after about 5 months. But I learned my lesson, got a GMPP with better coverage, and still saved some money. Isn't it a legal requirement for them to offer the remaining portion? You should have no trouble getting your money back.
Team Owner
Joined: Aug 2003
Posts: 38,314
Likes: 35
I'm sorry, but I totally disagree with your approach on this matter.
Last edited by '06 Quicksilver Z06; May 30, 2007 at 07:19 PM.
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