My wife and I recently traveled to a regional Honda dealer to examine a used, pre-certified, 2009 Honda Fit Sport. The car has a clean CarFax, had one owner, only 36,775 miles, and appears to be in excellent shape. We purchased it.

When we returned to pick up the vehicle that weekend, the dealer told us that it came with a 1-year, 12,000 miles warranty. (This appears to be in harmony with what the Honda Certified Used Cars - Program Benefits page states.) The dealer then promoted an extended warranty provided by Fidelity Warranty Services--specifically, that company's 'Platinum Vehicle Protection Plan'. The price is $1298 and covers 7 years / 100,000 miles (63,225 miles, in our case); it seemed to include many items (but excluded consumables, of course). The dealer also promoted Fidelity's "Road Hazard Tire & Wheel Protection Plan". The price is $495 and covers 7 years. The dealer said we could cancel either/both plans within 90 days (for $35.) ... but that we wouldn't be able to purchase the warranties later. Figuring we would research the benefits and decide to keep or cancel later, we purchased both warranties.

(Back in 2007, we purchased a new 2007 Honda Fit Sport. When we bought that vehicle, we also purchased an extended warranty that, among other things, covered damaged tires and wheels. As we seem to have a propensity to get nails and screws in our tires, it seemed like a wise investment; that turned out to be the case: nails and screws ruined two tires, and these were replaced, at no additional charge to us. We did not have any problems with the vehicle otherwise. We owned that Fit for five years before trading it for another vehicle.)

Prior to posting this, I read a number of 'extended warranty' threads on this forum. Many say it's a waste of money; others say it promotes 'peace of mind'. Of course, every situation (model year, condition, etc.) and owner is different. That being the case, however, I'd appreciate any insights from forum members as to whether these particular extended warranties, for this particular model year, are worthwhile or not.

 

I got my 120k warranty for $500. It promotes piece of mind for me and for the price why not. I haggled a deal though.

FWIW I haven't used it once in 75k miles.

 

Rather than soliciting opinions in this forum, I'd recommend reading the policies thoroughly and research the specific policies that you purchased, i.e. whether the policy has actually covers the expenses and repairs that you foresee. Also look to see whether their has been litigation filed against the company by policy holders.

Considering most tire chains sell road hazard policies for approximately $15 per tire, the "Road Hazard Tire & Wheel Protection Plan" seems quite expensive. The link does not include the actual policy, so I can't comment on its actual terms, conditions and limitations.

 

You didn't say how much you paid for that extended warranty for the 2007 Fit. Still bet replacing 2 tires at your expense would have been cheaper than what you paid for that extended warranty.

 

Years ago I purchased a extended warranty on a new 81 Toyota Tercel. A few years later I had an oil leak from the transmission. "Dealer said oil leaks weren't covered, read your warranty."

I canceled the warranty, got a small refund and haven't purchased a extended warranty since. I do my own maintenance and repairs. I cannot recall any problem that would have been covered by an extended warranty.

Consider this instead of a extended warranty. Determine the cost of the warranty per month and pay yourself that amount in a car repair fund. In most
cases you will have money in you maintenance fund to pay for the repairs you may need.

Clifton

 

Consumer Reports:

Is it worth buying an extended car warranty?

Consumer Reports News: July 11, 2013 06:08 PM






After dedicating an afternoon (or more) to test driving, negotiating, and completing a pile of paperwork for your shiny new car, the bubble-bursting finance manager gives a compelling pitch for an extended warranty. It is for your peace of mind, right? Well, not really.
The last-ditch effort to sell you a warranty, or various other unnecessary services, is the dealership's final assault on your checkbook before you tuck it securely away and drive off. Sure, the pitch is convincing: Should an expensive repair be necessary after the factory warranty ends, you'd be protected. No one wants a big, financial surprise, nor wishes to be stranded roadside. (Read: "Watch for these dealer sales pitches.")
But breathe deep and think this through. The sale of the warranty is a profit item, with the dealership serving as the middle man. The premise is that the customer will not need repairs in excess of the warranty cost, minus profit to the dealership and the warranty plan provider. Since extended service contract pricing is not regulated, dealers charge whatever the market will bear, and a 50-percent cut for sales commissions is not unusual. By contrast, our past research has shown that only 17 percent of your annual premium for auto insurance goes to commissions and other selling expenses. In other words, an extended warranty is usually not in the customer's interest.
Visit our new car buying guide for quick access to the latest advice, Ratings, road tests, and videos. If that isn't enough to dissuade you, hear me out. A few years ago, Consumer Reports proved the dubiousness of this pitch by surveying 8,000 owners of five- and six-year-old vehicles that had been covered by extended service plans. Sixty-five percent of those surveyed said they spent significantly more for the contract than they got back in repair-cost savings. Respondents said their extended warranty cost them $1,000 on average while providing an average benefit of $700. That means the average loss was $300. A big reason: 42 percent of extended warranties in our survey were never used, in most cases because the vehicle didn't need repairs or the standard manufacturer's warranty sufficed.
Another reason people were dissatisfied was because the repair was not covered. Clichés about reading the fine print are especially appropriate when talking about extended warranties. The brochure may present the service plan as "comprehensive," but the contract will likely have numerous limitations, such as requiring documented service at in-network shops and covering only certain parts, rather than whole systems.
Rather than invest in an extended warranty, we recommend buying the most reliable car that suits your needs, budget, and taste and taking good care of it. Sometimes, this can mean spending more upfront, but the reward is typically lower ownership costs and even better resale value. But, if you're heart is set on a model known to be unreliable, an extended warranty can provide some protection. Just approach with caution, negotiate the price, and be aware that if you roll the cost into your financing, you'll be paying interest on it for years to come.

 

I have dealt directly with aftermarket warrnty companies at the shop many times. Some of them are more willing to pay claims than others. Some policies have so many exclusions they hardly pay at all.

I suggest you do as others here have already said and read the contract before you decide. Take it to your repair shop to get help understanding how strict the exclusions are if its too technical for you or you dont understand what all of the parts excluded are for.

From the customer perspective i have seen many satisfied and disatisfied. It always came down to how much the warranty cost them and if they got to use it.

 

In 39 years of motoring, I've never had a repair approaching $500 when the car was under 100K miles.

Above 150K it's different story.

$500 for a tire warranty? please. Your comprehensive insurance should cover wheel and tire damage.

The reason you're buying a Honda (and paying a premium) is it's a reliable car.