Thanks to both Ken and Dennis.

Class acts in the Corvette enthusiast world.

 

Thank you for this info! As an owner of an '09, I am waiting on the appropriate time to buy GMPP. You have provided me with the info I need to make the decision and I appreciate it! When I buy, it'll be from Fichtner.

 

Yep, I'll buy my GMPP for my new Silverado from Ken right before it's one year old

 

Thanks Ken. Bought and never had to use it but glad I have it. As for when to buy, get it before the 1st 12 months and 12,000 miles.

 

Ken I sent you an email last night to get a price on the warranty. Please let me know when you ahve time...

 

vettenorlando,
To which address did you send your email?
kenfichtner@fichtnerchevrolet.com
or
gmpp@fichtnerchevrolet.com
Either should work! I haven't seen the email yet but promise that Dennis will reply as soon as it arrives.
Ken Fichtner

 

Forgive me for being the naysayer here. My thoughts on the actual usefulness of an aftermarket service contract (and I thank the OP for not calling it an "extended warranty," which it is NOT) is well know, and I'm not going to belabor the point here. My question/concern on this thread is as follows: The OP's original post is shown above. In it, it is clearly stated that GMAC owns GMPP and the the "insurance" utilized by GMAC in allegedly covering the contracts written under GMPP comes from its own subsidiary. Forgive me, but while that particular subsidiary MAY be solvent at the moment, GMAC as a whole isn't. There is a reason why it had to, in emergency fashion, turn itself into a bank holding company (against federal regulations, I might add) so as to tap the bailout money the fed is handing out to banks left and right. And, since GMAC is majority owned by a private company (Cerberus), we may never fully know the extent of the financial problems going on there. My point is this - if GMAC goes under, as it probably will, I highly doubt that its insurance subsidiary is solvent enough to cover ALL of its outstanding obligations. The result would be people's contacts being worthless. It has happened with numerous after-market "extended warranty" companies, even those claiming to be "fully insured" against such a meltdown. Given the financial problems of GM, GMAC, and Cerberus (Chrysler), I do not believe that GMAC's assurances are worth anything. If others feel differently, fine. But, remember this, there is also a reason why the OP felt compelled to publish GMAC's little press release in an effort to reassure the public.

 

A friend, who has a GMPP SERVICE CONTRACT, expressed the same concerns that many are discussing here. He and I reviewed his contract. The following paragraph is something, maybe, of concern......


The following paragraph appears in my GMPP contract (page 7):

The obligations of the provider under this Agreement are covered by a policy of insurance issued by MIC Property and Casualty Insurance Corporation, Executive/Administrative Offices: 300 Galleria Officentre, Suite 200, Southfield, MI 48034. In the event the provider does not pay any CLAIM or make any refund or consideration due, including the return of any unearned provider fee, within thirty (30) days after proof of loss has been filed or the provider ceases to do business or goes bankrupt, YOU may apply directly to MIC Property and Casualty Insurance Corporation for the protection afforded by this agreement.

 

MNVette,
Thank you for your post and for your opinion. We all know that everyone has an opinion, just like every has an a... You get the picture.
I personally believe that malpractice insurance for some industries is not of value either.
Products are offered and available in any number of forms. It all comes down to what the customer decides.
We have sold thousands of plans to thousands of very satisfied customers.
I know not what you do for a living and I am not going to post to any of your posts in an inflammatory fashion.
I don't believe that this forum exists for the purpose of negative posts.
I would ask the moderators to take a close look at this type of activity and to ban members for inappropriate posts.

 

Unless a member here is more capable than A.M. Best in determining the financial strength and claim paying ability of GMAC Insurance, I would think an A- rating should provide relief to some folks here that were worried about losing their GMPP coverage.

And if you can't show a reason why their A- rating is not correct, then you might be just blowin' smoke out your a*s.

Sorry Ken, I didn't mean to interrupt your post. By the way you do a great job. I bought 2 GMPPs from you, and have referred many more your way. Thank you.

 

Maybe. I had bought a GMPP from Fichtner too, good folks that they are. Though I did not find much relief with this GM promo piece. While GMAC's current credit status was recently raised by Standard & Poor's Ratings Services to 'CCC/C' junk bond from selective default, S&P's outlook on its ratings remain negative. I always thought the condition of an insurance subsidiary was only as good as the financial condition of the company who owned it. For a prime example, one only needs to look at AIG and its insurance subsidiaries.

 

 

 

Last week I took my C5 in for HVAC module replacement. Total cost $0. I can't even imagine what it would have cost without the GMPP I bought from Ken. I wouldn't own one of these cars without an extended warranty.

 

Good to know

 

I bought my GMPP from Fichtner about a week before my car was a year old and I'm glad I did. I picked up an extra seven years of coverage for a great price.That carries me through to the 2015 model year and I plan on keeping my car at least that long so it's nice to have the piece of mind. If I use it once, it will pay for itself.

 

Google MIC Property and Casualty Insurance Corporation and you will find it is GMAC Insurance. So, if GMAC goes belly up. where does that leave MIC Property and Casualty Insurance Corporation?

On scc.virgininia.gov, when you look up MIC it gives you the web site www.gmacinsurance.com and MIC furnishes that website link to the state of Viriginia.

 

Check this AMBest for GMAC=MIC

http://www.insurancenewsnet.com/arti...bf00e019a2e43d

 

Sounds somewhat like a veiled threat.

At this time I own an 06 whose factory warranty will soon expire. I have considered a GMPP plan but have not as yet acted. Any posts regarding the solvency or lack of with regards to GMPP, are very relevant to me in helping to make this decision.

I am grateful for all inputs on the subject. However, the second sentence of your post does not enhance the credibility of yours.

 

Are you saying you get a better price for GMPP if you have, let's say, 1 year on the factory warranty left versus the pricing for it if you only have a month left on factory?