Any thoughts on whether the BMW Platinum Extended Warranty is worth it? Based on my knowledge I am thinking not. It only covers breakdowns, not maintenance. There are some exclusions and it's $3800 for an additional 50k miles of coverage.
There are a few extended warranty options: powertrain plus, gold, and platinum. Each covers more parts over the prior. Then each can be bought in different year/miles but it is total years and miles since bought. Those are: 5 years/100k, 6 years/100k, 7 years/70k, and 7 years/100k.
That is where we will have to disagree. Especially on transmissions that are filled with 'lifetime' fluid. Lifetime fluid is a fairy tale. With the d, my plan is to keep the car until it is costing me more than combined (operating plus acquisition) payments on a replacement car. An extended warranty (especially one that covers an additional 7 years or 120,000 miles from expiration of the factory warranty) seems like a reasonable way to extend the point where I have to replace the d.Most "real" insurance covers the type of loss that otherwise could not be financially absorbed by the individual or the enterprise. For example, your house burning completely down, or a massive oil refinery explosion. Auto warranties do not fit this very well - a $7,000 transmission replacement, while a painful expense, is manageable for most people driving a BMW (if not, perhaps one should consider a more economical ride). And to avoid this exposure, you have to pay about half that amount up front, even though you'll likely never have this size of a repair expense. I say you'd be better off taking the warranty premium and putting in your own "insurance" account from which to pay any future repair costs.
At the risk of taking this thread further off-topic, this is the problem with our health insurance system. It covers too much of the small stuff that people should be paying out of pocket. And when people are spending someone else's money....
But that's a discussion for a different forum.
I hope you bought from a reputable company. I personally will never buy an aftermarket extended warranty again as I was almost burned by the Warranty Gold debacle. Luckily I was paying for it over time with my credit card and was able to stop payments and only lost a few hundred bucks. Many lost thousands. I finally got my share of a class action lawsuit about 8 years later, I received $200. Many of the third party warranties are very difficult to deal with and make it difficult to submit claims. Some dealers will not honor them upfront. You have to pay for the repair and then hope you get reimbursed. Again, I wish you good luck. Personally, I would take my chances or if you are that concerned, sell or trade the car.I just bought mine. it says 5years 60k miles. platinum. warranty starts the day you purchase the warranty not the car. the price goes up based on milage on the car when you purchase the warranty, so the sooner you buy it the cheaper it will be. you have to pass a vehicle inspection to qualify for it.
ill get the brochure and post whats covered and what not.