Is a BMW extended warranty worthwhile?
If you want assurance that a range of repairs are covered because they can be expensive, especially later on, it may be worthwhile to purchase a BMW extended warranty. By choosing a third-party plan, you can also save money.
For a three-year Platinum plan, an extended warranty straight from BMW can cost up to $7,000. Third-party providers may offer less expensive alternatives with comparable coverage.
Until the factory warranty expires at 4 years/50,000 miles, you can purchase a BMW extended warranty at any time. Following that, BMW won’t allow you to purchase a car protection package. Third-party suppliers do still offer coverage, though.
Depending on the terms and coverage options you choose, an extended BMW X5 warranty might cost anywhere between $2,000 and $7,000. Get in touch with your neighborhood dealership for a precise price.
Depending on the finance manager you contact with at the dealership, a BMW extended warranty may be attainable. The price flexibility of a BMW dealership is not guaranteed, though.
With its restricted coverage on interior and exterior components, BMW’s Platinum extended warranty provides comprehensive coverage for 12 of the car’s systems.
In This Article...
The BMW Extended Warranty: What Is It?
BMW extended warranties are an excellent method to defray the cost of major repairs. They start the moment your factory or manufacturer warranty expires. For new, used, or pre-owned BMWs, you can purchase an extended warranty via the dealership or from independent auto warranty providers like CARCHEX.
If you bought a new BMW, you probably paid significantly more than $35,000 for your luxury car. In addition to that cost, BMW owners may wind up shelling out hundreds or even thousands of dollars for upkeep and repairs. According to RepairPal, the average annual repair cost for a BMW is $968.
Overview of the BMW extended warranty
All three levels of BMW’s extended warranty protection must be acquired prior to the end of your vehicle’s original factory warranty. Here is a list of the car service agreements that BMW customers can choose from:
Any extended vehicle warranty option may be extended for a total of seven years or 100,000 miles from the time it was first put into service. As a result, you will only receive an additional 3 years/50,000 miles of coverage after the factory warranty expires. This period also covers the new car limited warranty.
The $50 deductible for each of the three levels of coverage for BMW extended vehicle protection must be paid at the time of the covered repair. At authorized BMW repair facilities, only authentic BMW parts are used in all repairs. BMW extended warranty protection can be transferred by drivers, however certified pre-owned (CPO) car owners must pay a $200 transfer charge.
Can you get an extended warranty later on?
Although waiting until the original factory coverage has ended will typically result in paying a higher premium rate, you can get an extended auto warranty at any time. Near the conclusion of the initial warranty period might be the best time to buy. You can then start looking around to see what kinds of coverage and prices are offered for the year and model of your car. This will enable you to compare different policies on the basis of one another. However, it’s crucial that you make a thoughtful decision about where to get an extended warranty policy. Despite the wide range of options, many won’t likely satisfy your needs for a dependable warranty provider. The standard fine language in these contracts ensures that your policy isn’t worth more than the paper it’s printed on. Avoid these businesses at all costs and choose one that is reputable and reliable instead!
The things that fall within each third-party provider’s guarantee for repair will vary. Make sure the type of coverage you select will meet the needs of your vehicle and your budget because there are many different levels of coverage available. A hefty repair bill could occur from purchasing insufficient coverage, which could leave out certain components and parts. If something were to happen, you want to know that you would be completely protected. On the other hand, purchasing excessive insurance may not be the best course of action. Verify the policy’s inclusions to be sure. Ask your vehicle protection specialist if there are any other coverage plans that would better suit your needs if you see that the majority of the parts or components listed do not even pertain to your car.
Check out the list of excluded items, which are things that are not covered. The finest protection, often referred to as a “bumper-to-bumper auto warranty,” is fully comprehensive coverage, but we want to make sure you know that it is also the most expensive. The majority of drivers are aware, however, from their auto insurance bills that the more coverage you add to your car, the more it will cost you. But even the most complete coverage is useless if you purchase it from a shady business. Your insurance won’t be legitimate if the warranty is being covered by a business that might cease operations in a month or a year, costing you a sizable sum of money. Any firm you are thinking about should have a solid financial history and a good reputation for settling claims. Additionally, inquire about the company’s BBB rating and Vehicle Protection Association certification while you’re there. When selecting a protection plan from one of the top extended auto warranty providers, keep these two things in mind.
What should the price of a BMW extended warranty be?
The primary concern you could have when choosing BMW extended warranty protection is whether the price is reasonable.
According to what we learned through our investigation, BMW Extended Service Contracts are somewhat pricey. A BMW extended warranty will cost you between $1,000 and $8,000 on average.
We located a BMW M4 owner who received a price for a five-year, 100,000-mile Platinum Plan for $6,500. The costs for the others were comparable.
We utilized the cost calculator for Cadillac’s Platinum Protection Plan to make a comparison. For a 2016 Cadillac ATS that is out of warranty, a five-year/60,000-mile contract would cost $3,750.60. As you could anticipate, the cost went up for older vehicles with more mileage.
Brakes are covered by the BMW extended warranty?
Brake pads, brake rotors, and wiper blade inserts are a few other particular items that require replacement due to normal wear and tear but are not covered by the original New Vehicle Limited Warranty, provided that wear and tear exceeds BMW wear restrictions.
Does the extended warranty for BMW include oil changes?
Factory Warranty for BMW It also includes factory-recommended services like spark plug replacements, brake fluid changes, oil changes, and more, in addition to the BMW warranty coverage.
Can I get a warranty for my current vehicle?
Yes, you may get an auto warranty after buying a car. It’s crucial to keep in mind, though, that the coverage can vary from what it would if you had purchased the warranty at the time you bought the vehicle.
What does the BMW warranty not cover?
The new BMW guarantee does not cover components like brake pads and filters that experience typical wear and tear. Additionally, it won’t cover damages brought on by inappropriate use or sun damage.
Can I use my extended warranty right away?
The standard waiting (or validation) period for extended warranties and car protection plans is 30 days and 1,000 miles. This is being done to help screen out issues that already exist.
Is an extended warranty on a new car worth it?
Extended warranties are ideal if you need extra protection or can’t afford the cost of unforeseen repairs, regardless of whether you drive a new or old automobile. Without an extended warranty, it could be challenging to cover the cost of necessary repairs, replacement parts, and labor after a manufacturing guarantee ends.
Getting an extended auto warranty, like one from market leader CARCHEX, takes care of this worry and guards against pricey repairs. Additionally, it takes the effort out of doing tedious paperwork and haggling with technicians to get a fair price.
What nullifies the BMW warranty?
I want to change a couple things with my BMW. It is still covered under warranty at the moment, but I don’t want to unintentionally void it by performing any of these changes. Do certain modifications or other actions nullify a BMW warranty?
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A modification that results in mistakes or issues with components of the automobile covered by the initial BMW warranty is the only thing that could void the warranty. For instance, if replacing the exhaust system or changing a turbocharger for a supercharger results in the failure of a covered component, the warranty may be nullified.
The guarantee wouldn’t be nullified, though, if you switched to larger wheels or tires, tinted your windows, or covered your taillights in black. The Magnuson-Moss Warranty Act of 1975 provides federal protection for warranties, so as long as you don’t harm other components, you should be fine to go.
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Is the extended service contract for a BMW worth it?
If your automobile is dependable and maintenance costs are reasonable, a BMW extended warranty might not be worthwhile even after the manufacturer guarantee ends. But as every owner of a BMW knows, maintaining a BMW is exceptionally expensive. Because BMWs are luxury vehicles, repairs can be pricey.
Do extended warranties merit the cost?
Extended warranties are often “a lousy value” when it comes to the overall cost of your car, according to Gillis. 55% of consumers who bought an extended warranty in a Consumer Reports poll never used it. Most people who used the guarantee ended up spending more on repairs than they had originally saved.
Additional negatives include:
- Overlap: If you already have coverage from the manufacturer’s warranty or a mechanical breakdown insurance policy, you may not need the extended warranty. In that situation, according to Gillis, “the extra coverage is not worth the premium.”
- Exclusions: The fine language in every contract outlines how the warranty may be applied. For instance, the provider can refuse to pay for issues brought on by regular wear and tear or lower the claim settlement in light of your car’s depreciation.
- A percentage of the repair expense may be covered by some extended warranties. The remainder, along with a deductible, is your responsibility.
- Limitations: You might need to bring your automobile to a repair facility that has been approved by the warranty instead of choosing your own technician.
- A Consumer Reports poll found that 55% of those who purchased extended warranties never used them.
Is engine repair covered by an extended warranty?
For the main parts of your car, an extended warranty functions as insurance. Your warranty provider will cover any necessary repairs if something breaks down and has to be fixed. There will only be a set deductible that you must pay.
Depending on the type of warranty you select, an extended warranty may or may not cover specific items. The engine, transmission, axles, and gaskets are among the essential mechanical components of your car that are typically covered by extended warranties.