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View Full Version : Ext. Warranty: 1sourceautowarranty.com


Ågent99
01-23-2006, 01:41 PM
Well this sucks.

If any of you have an extended warranty with the company, it is now closed and being liquidated. You won't see any money for a couple years if you are entitlted to any to begin with.

See here: www.1sourceautowarranty.com (http://www.1sourceautowarranty.com)

Click on the link to the Hawaiian website and read the first PDF (it is short).

What a pi$$er.... :mad:

SteveinBelAir
01-23-2006, 03:08 PM
Yup, just like Warranty Gold a year or two ago.

Ågent99
01-23-2006, 03:38 PM
Man, are these companies just charging too little money for their warranties?

I paid 2500 for a pretty much bumper to bumper coverage. I got about 800-900 out of it thus far and am now screwed.

This is making me wonder about owning a vehicle beyond the manufacturers warranty period....

tcoz
01-23-2006, 04:04 PM
Man, are these companies just charging too little money for their warranties?

I paid 2500 for a pretty much bumper to bumper coverage. I got about 800-900 out of it thus far and am now screwed.

This is making me wonder about owning a vehicle beyond the manufacturers warranty period....

Pay a little more and buy the manufacturer's extended warranty.

Ågent99
01-23-2006, 04:22 PM
Yep, hindsight is 20/20! :)

Pinecone
01-23-2006, 04:27 PM
Hingsight nothing, most of the people on this board recommend the factory extended warranty over third party warranties. You just need to listen. :)

Ågent99
01-23-2006, 05:02 PM
Well, I bought it over 2 years ago and it served me well until the end of this year.... :(

Sheepdg
01-23-2006, 09:54 PM
Most of the 3rd party Warranties seem to be glorified Ponzi schemes. :yikes: They make their money, and pay their commissions and overheads with the continuing sales of policies. They only way to control their costs is to minimize payouts. BMW isn't depending solely on their Extended Warranty policies to pay the bills. And if BMW goes away, your Warranty is the least of your problems. :thumbup:

P.S. BMW's not going away and they wouldn't be selling Extended Warranties if they weren't turning a healthy buck on them. The Extended Warranties, however, are limited to original owners. To do otherwise would shot their CPO Program in the foot or a far more painful anatomical area. :eek:

Ågent99
01-24-2006, 10:22 AM
Well, live and learn...live and learn....

Not much sympathy found on here! :rofl:

kpytoi9
01-26-2006, 10:09 AM
you should still be able to use your 1sourceautowarranty.com because it is reinsured by some other insurance company. So unless they are also going out of business, you can still use it.

Sheepdg
01-26-2006, 01:10 PM
you should still be able to use your 1sourceautowarranty.com because it is reinsured by some other insurance company. So unless they are also going out of business, you can still use it.


In your dreams. :tsk:

LmtdSlip
01-26-2006, 01:46 PM
you should still be able to use your 1sourceautowarranty.com because it is reinsured by some other insurance company. So unless they are also going out of business, you can still use it.
Not necessarily.

If the auto warranty company wasn't paying the ins. premiums than the insurance company has no obligation.

Additionally, the terms and conditions would need to feature a "cut through" provision where a customer could make a claim directly to the Ins. company. This is not likely the case.

Third assuming the premiums were forwarded to the insurance company they would only be on the hook for the remaining period of time on your contract or possibly a prorated value of the warranty and probably not exceeding the ins premium paid.

I would do two things immediately if I held one of their warranties. First contact the insurance underwriter and make a claim for the unused portion of your warranty.

Secondly, file a complaint with your states DOI and get on any list they may be compiling for refunds of the unused portion of the warranty once they investigate the situation.

Most likely you have learned an expensive lesson. Unfortunately it is very difficult to compare and evaluate the soundness of these third party warranty companies so you aren't alone in this.

kpytoi9
01-28-2006, 11:35 AM
All i know is that when warranty gold went bankrupt, my warranty was and still is in effect. I had the radiator replaced less than a month ago without any hassles or problems...Just my personal experience.

1Dreamer
01-31-2006, 09:34 PM
Well this sucks.

If any of you have an extended warranty with the company, it is now closed and being liquidated. You won't see any money for a couple years if you are entitlted to any to begin withWow, I can't believe that! Carbuyingtips.com highly recommended them based partly on their alleged financial strength. They've removed all that (without explaining) but at least they've posted info on how to make a claim. You might want to take a look at the bottom of this page for the latest update as of today. http://www.carbuyingtips.com/warranty.htm#1Source

RodneyORourke
02-08-2006, 09:04 AM
Ouch!!

Well I have never worked for a dealer that did not honor an extended service contract they sold? Who did not honor one for you?

Pinecone
02-08-2006, 12:56 PM
I have heard stories, but I have never bought an thrid party warranty.

But considering some of the dealer stories in general, I can see believe them not honoring the warranty even if they sold it.