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      12-18-2018, 08:22 PM   #1
M_Thrizzle
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Aftermarket warranty

I'll soon be joining the 1M club! My credit union offers a mechanical protection plan that I'm currently evaluating. It is offered through Mercury Insurance.

I wanted to see what other companies other 1M owners have used for 3rd party warranties and whether you'd recommend them or run for the hills.

The plans from Mercury range from $2-6k with varying duration and coverage levels so I'm not totally convinced it is worth it. Any chronic issues I should know about and save up for? Thanks gents.
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      12-18-2018, 10:19 PM   #2
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Originally Posted by M_Thrizzle View Post
I'll soon be joining the 1M club! My credit union offers a mechanical protection plan that I'm currently evaluating. It is offered through Mercury Insurance.

I wanted to see what other companies other 1M owners have used for 3rd party warranties and whether you'd recommend them or run for the hills.

The plans from Mercury range from $2-6k with varying duration and coverage levels so I'm not totally convinced it is worth it. Any chronic issues I should know about and save up for? Thanks gents.
fantastic! congratulations!

i would skip on any aftermarket warranties. if you feel unsafe buying a 7 year old used car, i would take that $2-6k and toss it into the bank. you should be fine.....the 1M is a fairly reliable car besides some 'usual' issues but spending money on preventative issues and maintenance is a better bet than spending money on profit-making warranty services.
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      12-18-2018, 11:19 PM   #3
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In my experience, you can't go wrong with purchasing an aftermarket warranty that meets your needs and criteria.

I wrote an article that dispels many common misunderstandings here.

https://bimmerlife.com/2018/01/29/af...nty-may-worth/
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      12-19-2018, 12:03 AM   #4
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Welcome and congrats!

Your going to love it

Pics and details of your purchase???
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      12-19-2018, 06:26 AM   #5
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In my experience, you can't go wrong with purchasing an aftermarket warranty that meets your needs and criteria.

I wrote an article that dispels many common misunderstandings here.
FYI a CarMax warranty is not comparable to most other aftermarket warranties. The original poster is not buying from CarMax as far as I can tell. CarMax is more like a CPO warranty whereas standard aftermarket warranties are a whole different game.
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      12-19-2018, 01:46 PM   #6
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Originally Posted by 10" View Post
FYI a CarMax warranty is not comparable to most other aftermarket warranties. The original poster is not buying from CarMax as far as I can tell. CarMax is more like a CPO warranty whereas standard aftermarket warranties are a whole different game.
I’ve had both CPO warranties from BMW and aftermarket service contracts from CarMax and other firms that offer similar coverage. Aftermarket coverage, through CarMax or elsewhere, is actually much more comprehensive than the CPO warranty. The only difference between a CarMax MaxCare warranty and the aftermarket type you can purchase from a dealer’s finance department or your own bank or credit union is the name and cost. MaxCare coverage is typically less expensive because it is bundled with a higher priced car from CarMax. Otherwise, the contracts are nearly identical, no matter who they are coming from in terms of aftermarket providers, three of which sell coverage under the MaxCare name.

I actually addressed this in my article:

Quote:
The new warranty I just purchased for the other car isn’t from CarMax, but the company who underwrites the contract is very similar to the three firms that sell coverage under the MaxCare name. The contract I signed is nearly identical to the previous one I had from CarMax, which means that the coverage is exclusionary: If the failed part or system isn’t mentioned, it’s covered.
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      12-19-2018, 04:49 PM   #7
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Quote:
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Quote:
Originally Posted by 10" View Post
FYI a CarMax warranty is not comparable to most other aftermarket warranties. The original poster is not buying from CarMax as far as I can tell. CarMax is more like a CPO warranty whereas standard aftermarket warranties are a whole different game.
I've had both CPO warranties from BMW and aftermarket service contracts from CarMax and other firms that offer similar coverage. Aftermarket coverage, through CarMax or elsewhere, is actually much more comprehensive than the CPO warranty. The only difference between a CarMax MaxCare warranty and the aftermarket type you can purchase from a dealer's finance department or your own bank or credit union is the name and cost. MaxCare coverage is typically less expensive because it is bundled with a higher priced car from CarMax. Otherwise, the contracts are nearly identical, no matter who they are coming from in terms of aftermarket providers, three of which sell coverage under the MaxCare name.

I actually addressed this in my article:

Quote:
The new warranty I just purchased for the other car isn't from CarMax, but the company who underwrites the contract is very similar to the three firms that sell coverage under the MaxCare name. The contract I signed is nearly identical to the previous one I had from CarMax, which means that the coverage is exclusionary: If the failed part or system isn't mentioned, it's covered.
It's still not worth it for most 1M owners.

I have driven mine a lot and had no major issues that weren't covered by extended warranty (BMW service bulletins and company extended warranties)

A 1M aftermarket warranty is significantly more expensive than a NON-M car. All M cars are pricier to warranty...some even deemed non-warrantable by companies.

Most 1M owners don't put a lot of miles on their 1Ms
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      12-19-2018, 07:12 PM   #8
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Originally Posted by 10" View Post
It's still not worth it for most 1M owners.

I have driven mine a lot and had no major issues that weren't covered by extended warranty (BMW service bulletins and company extended warranties)

A 1M aftermarket warranty is significantly more expensive than a NON-M car. All M cars are pricier to warranty...some even deemed non-warrantable by companies.

Most 1M owners don't put a lot of miles on their 1Ms
You don't seem to understand how most aftermarket warranties work. Typically, if you don't use the contract during its coverage period, you're entitled to a full refund at the conclusion of the term. If you want to sell your car before the warranty has run out, you can transfer it to the next owner for a small fee, or get reimbursed for the unused portion of the contract if you simply cancel and have already used it to cover a repair. Because of this, there is very little risk in purchasing one for a seven-year-old German car.

None of what you wrote has any bearing on OP's decision to buy a warranty. The original author of this thread has already listed quoted prices for an aftermarket warranty, all of which are completely in line with my understanding of the market for a BMW as old as a 1M. Your concern about M cars not being covered by an aftermarket warranty is also out of left field--walk into any finance department of any BMW dealer and inquire about it. The companies that write these warranties will offer coverage for almost anything, but you must be willing to pay for it.

As I mentioned above, while referencing my article, which you do not seem to have read, all of this is clearly explained. There is very little risk in buying an aftermarket warranty with an exclusionary contract, as I discussed. If you don't use it, you get reimbursed for it. If you don't want it, you can transfer it to the next owner, or you can cancel and receive a pro rata refund of what's left, which is typically most of the original purchase price.

I don't put many miles on my 1 Series either, but the warranty for my 2011 paid for itself within 12 months by covering simple things like the starter, control arm bushings, the water pump and more--components, parts and items that are also used on the 1M in identical or similar forms. Things will always break, and the 2011 model year is continuing to shrink in the rearview mirror.
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