I am looking at possibly buying this coverage through Endurance since my current coverage just expired and cannot be renewed with the current company (Assurant) due to the vehicle being over 15 years old. My previous coverage was a good investment as detailed below. But here are some details about the Endurance offer:

1. Price is $7500, deductible is $100.
* Perks included are:
* $50 off oil changes (up to 3 per year)
* Brake pads and shoes (up to $140 covered)
* Battery - up to $100 towards failed battery replacement
* Cooling System Maintenance - up to $55 cooling system maintenance and lube services
* Annual services - (1) Up to forty-five ($45) dollars towards Hand-Held Computer Engine Diagnostic exam; (2) Up to twenty-five
($25) dollars towards Alignment Check, and; (3) Up to fifty-five ($55) dollars towards State Safety Inspection where required by state (limited
to one-time per year per service).
* Annual Tire Rotation: Provides up to thirty-five ($35) dollars towards Tire Rotation with air pressure check (limited to one-time per year).
* Wiper Blades: Provides up to twenty ($20) dollars towards the replacement of one (1) set of front windshield Wiper Blades when
deterioration is beyond the OEM’s specified tolerance (one-time use per life of Contract).
* Three (3) Manufacturer’s Recommended Service Intervals: Provides: (1) Up to twenty-five ($25) dollars towards first recommended
service visit; (2) Up to forty-five ($45) dollars towards second recommended service visit, and; (3) Up to sixty-five ($65) dollars towards third
2. Coverage term is 5 years or 100000 miles
3. Endurance will not offer this coverage after 2024 because my car will then be 19 years old but if I buy the coverage now it will stay in force for the full 5 years (or 100K miles).
4. I drive about 5000 miles per year

I am wondering if $7500 is worth spending for 5 years of coverage. Clearly I know it is a gamble and I have had similar contracts on all of my vehicles which have all been worth having but still $7500 is a lot of money.

Big ticket items or items that could fail and have not yet failed:
Engine
Transmission
Air Conditioning
Brakes
Fuel System
Alternator
Window motor mechanisms
Axle
Etc.



Repairs covered on my 2005 Corvette by 4 year Assurant Contract (March 2020 to March 2024)

5/19/2021 - $3590.51 - Rearview mirror, Body Control Module, Trunk release switch, sun visor (Both replaced), oil pan gasket,

7/19/2022 - $407.07 - TCM (Transmission Control Module)

11/1/2022 - $970.79 - Window regulator for drivers side

6/29/2023 - $2363.47 - Harmonic Balancer and all related work such as alignment, Battery cable assembly

2/20/2024 - $4931.98 - Torque Tube, Front Leaf Spring Pair, Steering Rack, Steering Pumps and Hoses, Full Vehicle alignment (required after steering rack replacement and rear cradle removal for drivetrain repairs, Pressure Hose, Starter

Total -------- $12263.82

Paid for contract - $3134.42

Paid deductibles - $1250.00

Total realized profit - $7879.40 after cost of contract and the $250 deductibles

 

Do a quick Google search on "Assurant is a huge scam", and should pretty much answer your question on if you should get it or not.
Also, the up to amounts that you list, are only about 1/10 the cost off the actual services by a repair shop using oem parts.

 

You'd be better off putting that money into an interest-bearing account for the five years. We've had our 2001 Corvette for 22 years now, and the only things I've ever had to do to it are the transmission linkage (common on all auto trans C5/C6s), the driver's window regulator (did it myself because it was just stuck and needed to be unfrozen), the e-brake twice (first time was just removing and attempting to repair the spring, second time bought a replacement off E-Bay, and both times did it myself), and tires. It still has the original engine, transmission, torque tube and driveshaft, alternator, fuel system, air conditioning (that was only recently recharged), axles, etc. Basically, tires and fluids were the primary regular maintenance items. The rest were just age related.

The chances of you needing an engine or transmission are slim and none unless it's an unmolested LS7 or you're just flat out abusing the car. Of course, your mileage may vary, but in 22 years and six Corvettes so far, the only problem child I had was my 2008 Z06 that I admittedly beat the hell out of.

 

I agree that putting the money into a savings account or an investment account is a better option that a extended warranty. At the end of the day you still have the money. Extended warrantys are not for me.

 

No way! Although you’ve spent a lot on repairs what else is likely to happen. You just had bad luck with your car.

 

Hmm, must be a different Assurant. My coverage more than paid for itself. That being said, It is Endurance I am considering now since Assurant is no longer available due to the age of my car.

 

I can see the wisdom in that. $7500 invested at 5% for 5 years would gain about $2000.

 

I got one of those car insurance policies as well. I did it because I just got a Z06 and I’m unsure if the heads have been addressed and I wanted instant protection.
I’m going through Empire because the various other popular ones are not available in California. I’m only paying about $2784 for four years. $116 per month for the first two years, and the remaining two years are free with the complete bumper to bumper package they offer. $7500 seems way extreme for the same coverage. I would maybe look into another company. If Empire is available in Florida, I would give them a call if that’s the route you want to take.

 

and none of the listed "perks" are really perks. Oil changes are cheap, wiper blades are cheap, etc.

With everything that already went wrong and was repaired, what else do you think is going to go wrong that you need to spend $7,500 for "protection"?

Looking at the repair prices above, I also think those were inflated.

 

What an epic waste of money

 

So if you put the monthly payments in an account every month and go 3 months and then the car breaks you will have less than $1000 to fix it. But if you had the plan it would pay for the repair. So putting money away isn't the best. It would take awhile to put away any kind of money for repairs.

 

True, the monthly payments are about $210 for 36 months so it would take a while to accumulate much for repairs. I would need to use other savings or funds if repairs are needed. But, after five years of gaining with a 5% interest rate, I would have the $7500 plus about $2000 or basically close to $10000. I am thinking I will not need $10000 over five years for repairs. Maybe I can find a lower cost power train type coverage or just ride it out.

 

I am in agreement with most here - stop this plan and invest the money!

 

Wow!!.....just wow!! $7500 plus more every time you get something fixed.

For your lemon I say go for it....but scrutinize the Endurance fine print.

If my C6 incurred over $13,000 in repairs in less than 3 years, I would be more concerned in getting rid of the car.

My 07 has cost me $1,600 in unplanned repairs in 17 years and 110,000 miles.

$11k for 8 years of maintenance contracts would have made my bunghole pucker.

 

Haha, I do not see my car as a lemon and I felt like I made out well with the breakdown coverage and the repairs. Keep in mind that many of the repair breakdown items were discovered when I took my car in for other service. And that the deductible was per visit and not per repair. I only paid $3300 for the 4 year contract.

But that being said, Endurance seems like a rip off at $7500 for 5 years of coverage. And I suspect that they will be harder to get approvals from than my Assurant coverage was.

 

Your car has probably the most repairs on a C6 I've seen that wasn't wrecked. You're either REALLY hard on cars, bought the absolute worst maintained and treated car on the planet, or you got yourself an old lemon.

Personally there's no way I'd buy a $7500 breakdown insurance on an 05. I'd trade the lemon for a newer car for that money.

 

That's precisely what I ended up doing. I spent so much time and money maintaining, fixing, upgrading my (abused - not going to lie) 2008 Z06 only to get it to perform like a ZR1 albeit with horrible street manners in comparison. That's the reason it got sold in 2015, and the next C6 I bought in 2019 was a 2010 ZR1. I'm not making that mistake again (i.e. milking a problem child). Perfect case in point, this thread showing the EXACT same problem I ran into with my LS7 subsequent to heads/cam/intake/headers, except they went the extra mile and boosted it on top of all that. Never again for me. I'm quite content (for now) putting around in my bone stock Grand Sport.

At some point it's time to cut your losses.

 

OP, How many miles on your 2005?
I have a 2011 convertible with 90k on it and only have done fluids so far other than wear items like brake pads and tires.
My 2002 coupe has 213k miles on it and has not had more than about $5k in repairs (ABS module, oil leaks from front and rear seals and oil pan, water pump, alternator rebuild and other minor items). Though I do all my own work on both cars.

That to say, I agree with others that the mechanical breakdown insurance is not needed. Save the money.

Gary

 

Reads: "let's take advantage of this owner and his service contract to make a lot of $$". Like Fauee said, that's the most repairs I've seen on a C6.

 

Na, it reads ... owner wanted to get the most bang for his buck