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      03-04-2015, 06:22 AM   #1
nyjetfan
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2015 X3 Extended Warranty Cost/Questions

Hey everyone, new here and just purchased my first BMW - an X3 that is currently in production and as of now will complete on March 7th. I have searched the forums and don't see any recent extended warranty threads, so was hoping to get current information.

I wanted to see if anyone had any pricing information on the extended maintenance and/or extended warranty plans as far as what they list for and what is a reasonably fair price? I am not planning to purchase them at the time I pick up my vehicle as my understanding is that I can purchase from any BMW dealer.

My plan is to keep the car beyond the standard 4 year manufacturers warranty, but trying to decide if I should "roll the dice" and self-insure or if its worth the additional coverage. My car will need the platinum as I have the NAV system. Oh and if it matters I live in NC, so the car will rarely see snow/ice (probably just leave it in the garage those days) and roads are in pretty good shape because of little/no snow/icing.

Thanks for any input and advice.
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      03-04-2015, 08:02 AM   #2
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You can get the extended warranty until the new car warranty ends, so no rush. A lot of people buy it when the car is new so they can "roll it into the payment" but I don't buy into that because you're just carrying more debt for no reason.

My plan is to wait until the warranty is almost over, then consider:
- Have I had any problems with the car?
- What does consumer reports say is the likelihood that I will encounter problems in the next 3 years (years 5, 6 and 7).

In Canada, the 7-yr 160,000km (100k miles) warranty is about $5k. I don't have specifics, but I have been told that there is a good deal of room to negotiate. I would also price it against private warranties, although I'd only consider those from reputable companies that have been around a long time...

I play to own my car for at least 7 years, but $5k also pays for at least a couple of major repairs.
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      03-04-2015, 10:18 AM   #3
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There is no rush but you may want to check out Geico's insurance. For new vehicles they have a new coverage ($250 deduct.) for mechanical failures for $40/yr - 7yr/100,000mi
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      03-04-2015, 10:26 AM   #4
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Currently, a 3 year 100,000 miles BMW platinum plan cost around $4000 or little more in the US, you can probably negotiate it down $400 or $500. On the average, the BMW insurance goes up a couple of hundred dollar a year.
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      03-04-2015, 10:35 AM   #5
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I'm in Canada and I was actually at the dealer yesterday inquiring about the extended warranty for my wife 2012 X3l, she's now at 77,000km so we need to buy it before the 80k mark or traded in for something else. I was quote $3795. plus taxes looks like it's for 6-yr 160,000km and it's the same as 4-yr 80k except for the battery, it's not cover under the extended warranty.
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      03-04-2015, 02:29 PM   #6
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Quote:
Originally Posted by bev1888
I'm in Canada and I was actually at the dealer yesterday inquiring about the extended warranty for my wife 2012 X3l, she's now at 77,000km so we need to buy it before the 80k mark or traded in for something else. I was quote $3795. plus taxes looks like it's for 6-yr 160,000km and it's the same as 4-yr 80k except for the battery, it's not cover under the extended warranty.
We just picked up our new X3 a couple weeks ago in Alberta.

Here were the prices they gave us for extended warranty:

5yr/200,000 $2399
6yr/160,000 $3699
6yr/200,000 $3999
7yr/160,000 $5099
7yr/200,000 $5399
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      03-04-2015, 02:40 PM   #7
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Thanks everyone for the replies, just spoke to GEICO as well and it seems with the MBI my insurance would be close to what I'm paying now. Also, not sure if it has been mentioned here but by owning a share of BRKb (Berkshire Hathaway B stock - presently about $150/share), you can save 8% on auto insurance.

Anyone have any experience with the electronics such as the NAV and such as I'd believe those wouldn't be covered by the MBI. Also, any idea if the MBI would cover the driver assist options or any of those type of options or would I be self insuring against those?
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      03-04-2015, 02:44 PM   #8
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So I can buy GEICO MBI for $40 a year for 7 years and 100,000 miles or BMW extended warranty for $1800 a year
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      03-04-2015, 02:58 PM   #9
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Quote:
Originally Posted by breezygirl View Post
We just picked up our new X3 a couple weeks ago in Alberta.

Here were the prices they gave us for extended warranty:

5yr/200,000 $2399
6yr/160,000 $3699
6yr/200,000 $3999
7yr/160,000 $5099
7yr/200,000 $5399
Hi breezygirl - do you know if this was the platinum (covers NAV, etc) or the gold warranty?

And per GEICO today the MBI is $1075 for 7 years ($76.80/6 months or 153.60/yr).
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      03-04-2015, 03:22 PM   #10
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Quote:
Originally Posted by nyjetfan View Post
Hi breezygirl - do you know if this was the platinum (covers NAV, etc) or the gold warranty?

And per GEICO today the MBI is $1075 for 7 years ($76.80/6 months or 153.60/yr).
You cannot really count the 1st 4 years since its still under factory warranty. The remaining 3 years at $1075 is still a dealer too good to be true. GEICO at $360 a year and BMW at $4000 for 3 years after factory warranty, $1333 a year.
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      03-05-2015, 05:54 AM   #11
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Quote:
Originally Posted by The X Men View Post
You cannot really count the 1st 4 years since its still under factory warranty. The remaining 3 years at $1075 is still a dealer too good to be true. GEICO at $360 a year and BMW at $4000 for 3 years after factory warranty, $1333 a year.
Agreed X Men, I was just calculating total cost as that is how the extended warranty is quoted, but you are correct in how you have to look at it on an "actual usage" basis since it really only adds 3 years to your warranty.

Thanks again everyone for the input, looks like I might be switching to GEICO when I take delivery of the new X3.
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      03-05-2015, 08:30 AM   #12
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Can someone explain this Geico protection to me? I'm not from the US so I know it's not an option for me, but it seems crazy that they'd be willing to offer to cover a 4 year old BMW for $360/yr versus $1650/yr through BMW (assuming you got the 7/100 warranty).

Is it really the same thing?
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      03-05-2015, 08:33 AM   #13
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Quote:
Originally Posted by Jordster View Post
Can someone explain this Geico protection to me? I'm not from the US so I know it's not an option for me, but it seems crazy that they'd be willing to offer to cover a 4 year old BMW for $360/yr versus $1650/yr through BMW (assuming you got the 7/100 warranty).

Is it really the same thing?
Here's the geico page on it (not sure if I can post links)
https://www.geico.com/getaquote/auto...own-insurance/

Or you can google mechanical breakdown insurance geico to find more information. I've found many positive reviews in this.
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      03-05-2015, 04:16 PM   #14
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It's not that they're willing to cover a 4yr old vehicle, but more that they're covering a new vehicle for up to 7yrs - this means in order to keep this coverage, you'd have to maintain yourself as a Geico customer for an uninterrupted 7yrs. It's kind of a way to keep you in the fold. If you stay for 7yrs, they've a customer for 7yrs. If you trade it in before a claim, free money (most folks probably would trade their BMW in by year 3-5) for Geico.

It was this coverage that kept me from switching to another carrier who quoted me $300/6mo.
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      03-05-2015, 04:36 PM   #15
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Quote:
Originally Posted by tekgk View Post
It's not that they're willing to cover a 4yr old vehicle, but more that they're covering a new vehicle for up to 7yrs - this means in order to keep this coverage, you'd have to maintain yourself as a Geico customer for an uninterrupted 7yrs. It's kind of a way to keep you in the fold. If you stay for 7yrs, they've a customer for 7yrs. If you trade it in before a claim, free money (most folks probably would trade their BMW in by year 3-5) for Geico.

It was this coverage that kept me from switching to another carrier who quoted me $300/6mo.
Yes, there is the "lock in" with Geico, but I plan to keep the car for at least 7 years. Also, at least in my case Geico is $30/6 month period cheaper ($47 more per 6 months if I include the MBI), so at least in the short term I'll be doing alright as they are very competitive on car insurance rates for me, although nobody can predict what it will be in the future.
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      03-06-2015, 01:18 AM   #16
tekgk
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You're preaching to the choir. I've the same coverage. MBI all the way.
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      03-06-2015, 06:23 AM   #17
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Quote:
Originally Posted by tekgk View Post
You're preaching to the choir. I've the same coverage. MBI all the way.
I was told that MBI does not cover items such as Navigation? Has anyone used this at their dealership and does it cover the same as the Platinum Warranty BMW sells? I find it hard to believe that it covers the SAME items or a fraction of the cost?
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      03-06-2015, 06:32 AM   #18
tekgk
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Looks like this discussion has been had before by others:
http://www.e90post.com/forums/showthread.php?t=425896

Unless Geico updated their policy, this post says they cover navi and uses OEM parts. A host of other goodies. Of course I should call them and verify. Even get it in writing just in case the rep was wrong.
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      03-06-2015, 07:54 AM   #19
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Here is a good post about GEICO MBI:

"So to piggy back on Jim.. I thought this deserves it's own thread. Well to sum this all up, On saturday I sell this guy a VSC, maint, RHT, and some accesories. When I was explaining it all to him on my menu he was exited to say yes to my package and take all this coverage. He plans on keeping this car until it dies so he felt it was a great investment. Happier than a pig in poop! Well, a few hours later I get the phone call.. "Geico is covering all of the same stuff you are but for only $8 a month instead of the $40/month i'm paying you, so I want to cancel!" Well I explained to him that there is no way in hell they're covering his rims and tires from road hazards, I also told him they're not covering his maintenance either. I told him what they have is called "Mechanical Breakdown Insurance". And i went into my long winded pitch on the differences. He came in again yesterday and I went through it all with him again. Well I got the road hazard to stick, but the VSC and Maint is now cancelled. So I decided to jump on here today and put together everything i've learned about MBI and how to try to outsell it.

First off, I've already started to wage a war against Geico, and I hope you all will join me, and educate all the FIM's we know. Geico, has a tendency to just pack in the MBI without letting the client know what it is, and since it's so cheap people rarely bother to remove it from their policy. This is my first step in the war. Since I do a lot of leases in my store.. every single ins. binder I see that has MBI on it, and the customer is leasing, I make sure to let the customer know what it is, and why they don't need it, and make a hint of geico trying to pull something funny hoping to get the client mad at geico. "There's no point in paying for insurance you're never going to use! Your lease is covered under full warranty unless you exceed 50,000 miles, what are they trying to pull over there??? they must think you're stupid!". I know i'd barely get to scrape the surface by doing this, but I hope all of you take the same or similar approach.

CONS OF MBI:
1) Paying for a product that you cannot use until your factory warranty is up
2) Insurance based products increase in price as risk gets higher
3) $250 deductible per claim
4) Change your insurance company and you forfeit what you've paid.
5) Not transferrable to the next owner
6) No refunds on premiums paid if your car is totalled or traded in
7) Insurance based products increase in price in conjuntion with a claim
8) Can be cancelled for excessive claims by Geico
9) Can be cancelled for ANY reason by Geico (Not a contract)
10) Claims may need to be authorized by an adjuster which may delay repairs (they said an adjuster usally will go out within 48 hours)
11) premiums can increase at ANY time due to losses paid by geico that you weren't involved in. Such as hurricane insurance in florida after the hurricanes a few years ago wiped out many insurance companies.
12) Since your deductible is so high, you may be paying for all or most of your own repair.
13) Since your deductible is so high, and you are unsure about what the repairs will actually cost, you may decide to have the car "checked out" first, as a quote before you claim. This wastes more of your valuable time.
14) Non-factory authorized repairs. I know on a daily basis, when we handle accident repairs with Geico and other insurance companies, they're always fighting us on our labor rates. They'd much rather you go through an independant repair facility than a factory authorized repair facility and will do their best to persuade someone not to use the dealership. This may result in non-factory approved parts, fluids, filters and techniques to be used in your vehicle. This may also cause more claims due to improper worksmanship, and more deductibles to pay.
15) Fluids are not covered in conjunction with a covered repair

edit:
16) only available on cars less than 15 mos old and fewer than 15,000 miles.
17) only available to the first title holder

That's all I can think of right now. And just to elaborate on their increase in premiums as the car gets older, here's is what they gave me over the phone for a 2008 Jetta. Keep in mind they said the VW was on the lower end of price increases compared to other brands, either way, the increases are still a lot and get to be more expensive than my VSC.

yrs 1-3 expect price increases of 1-2% per year
yr 4 is a 10% increase on previous year
yr 5 is a 50% increase on previous year
yr 6 is a 25% increase on previous year
yr 7+ is a 30% increase per year on previous year.

do the math! "
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      03-06-2015, 08:13 AM   #20
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Originally Posted by The X Men View Post

do the math! "
X Men - Thanks for the informative post, it seems like this has caught the dealerships by surprise. Unfortunately, as an engineer when someone tells me to "do the math" I do it. So here's what I see:

Year Increase % $ Increase Rate
1 0 0 154.00
2 7 10.78 164.78
3 7 11.53 176.31
4 15 26.45 202.76
5 55 111.52 314.28
6 30 94.28 408.57
7 35 143.00 551.56

1972.26

Edit: Can't seem to get formatting to look good, but the far right column is the cost of each year from years 1-7 and the 1972.26 is the total paid over 7 years, so I might just ask the dealership to match that and we've got a deal :-)

Reminds me of when I was shopping, I looked at a Cadillac SRX (comparable to X3) and the salesman was going off on a dialogue about how they use regular gasoline, so I would save so much $$ on gas. Should have seen his face when I told him to prove it - his story was regular is cheaper than premium, however when I pointed out to him that the X3 is much more fuel efficient, the cost of gas per mile was actually less using premium in the X3.

He didn't want to believe it, but he couldn't disprove my numbers (and I liked the X3 better anyway). Reminds me of the Upton Sinclair quote - "It is difficult to get a man to understand something, when his salary depends upon his not understanding it!"

Again, appreciate all the great information and pointers to other threads, as it has been very beneficial for me preparing to pick up my X3 later this month.

Last edited by nyjetfan; 03-06-2015 at 08:21 AM.. Reason: Trying to fix table layout
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      03-06-2015, 10:02 AM   #21
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I guess my problem with the GIECO MBI is not so much the total cost, but the fact that they can cancel you at anytime. $250 deductible is also way too high. Paying from day 1 means that for the first 4 years, you are prepaying for year 5 to year 7 which you may or may not use, lets face it, no one can predict what happens in 5 years from now.
If GIECO double your insurance rate and you decide to change insurance company, you lose every penny of the MBI. Like most low cost insurance polices, GIECO will fight you on the dealer's hourly rate. The last thing I would want is to have my car sitting at the dealership while the dealer and GIECO fight over how much should the repair and parts cost.
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      03-06-2015, 10:29 AM   #22
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Quote:
Originally Posted by The X Men View Post
I guess my problem with the GIECO MBI is not so much the total cost, but the fact that they can cancel you at anytime. $250 deductible is also way too high. Paying from day 1 means that for the first 4 years, you are prepaying for year 5 to year 7 which you may or may not use, lets face it, no one can predict what happens in 5 years from now.
If GIECO double your insurance rate and you decide to change insurance company, you lose every penny of the MBI. Like most low cost insurance polices, GIECO will fight you on the dealer's hourly rate. The last thing I would want is to have my car sitting at the dealership while the dealer and GIECO fight over how much should the repair and parts cost.
Fair points, but you can run into similar problems with a manufacturer's warranty about what they will/won't cover. End of the day, most people who purchase these types of coverage end up losing money - if they didn't the dealers/insurance companies wouldn't have these plans available.

So there are definitely pluses and minuses with any type of warranty (manufacturer or insurance), and I'm weighing the pros and cons of each. Honestly, the best kind of insurance is the one you don't have to use (especially when talking about life insurnance

I did just come across this site as well which might be of interest to folks, might be worth checking into some other options for their costs and ratings:

http://extended-car-warranty-service...enreviews.com/

I still have a couple of weeks until my delivery, so I'm using this time to educate myself on the pros/cons of all the different options and then making the decision based upon having a better picture, so I appreciate any pros/cons of any plan and also any suggestions others might be able to offer.
Based on what I've seen for costs of manufacturer warranty, that would cover several deductibles on the GEICO side, but unfortunately you never know how good/bad your insurance company/warranty is until you need them, and then its too late.
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