[JEBar]

Moderators .... didn't know where else to post this, if it is in the wrong area please move it as you see fit .... I just received the following notice

:


"National Warranty Insurance Risk Retention Group, the administrator and insurer of Warranty Gold extended service contracts purchased prior to June 6, 2003, was recently declared insolvent. National Warranty is responsible for paying claims from monies deposited by Warranty Gold on behalf of our customers, and if those funds prove insufficient, to pay all additional claims from the insurance paid for by Warranty Gold. A court has frozen National Warranty's assets for liquidation, and this has resulted in a delay of payment for repairs performed under many companies including Warranty Gold service contracts purchased prior to June 6, 2003."



Last year I, along with many others who I have seen post on this and other forums, bought a 150,000 mile warranty on my '02 3500 D/A. According to the information provided on http://www.warrantynews.com/ my warranty currently isn't worth the paper it is printed on.

My truck currently has over 45,000 so no additional coverage can be purchased through GM. I'm afraid this leaves a bunch of us tough shape if we need repairs ... JimEdited by: Diesel Power

 

[GMC-2002-Dmax]

JEBar,


Sorry to hear that, up until just this week they have been sending me e-mails to buy one.


I posted this as an announcement, I have seen the news lately, just did not know which companies they were.


Thanks for the update,


T

NY

 

[hoot]

JEBar,

Thanks for giving us a heads up. Fortunately I went with 100,000 mile from WarrantyBuyNet. When I saw the Warranty Gold 150,000 one I was mad that I didn't research better.

 

[TX-DMAX]

I had been bitten before on one of the after market warranty programs for vehicles, the same thing happen to me, the company went under and so did my warranty. From that time to now I have bought nothing but the GM warranty's. Pay a little more, but I know they are not going bankrupt.


Sorry to hear you are in that boat now JEBar, hopefully you will get some of your money back in the liquidation settlement.

 

[Ray403Dmax]

Very interesting. I too was receiving Warranty Gold emails and debated about it. The advertised deals always seemed like a great deal. But in the last few months had heard rumors about possible default. Hope things work out for those that got bit!

This is one hard lesson to learn about insurance companies, especially those longer term, life insurance companies. It may be worthwhile to pay a little bit more to have some peace of mind. But then again, this only lessons the risk, as there is no guarantee a company will not be bought out by another less reputable company.

 

[Tom Cobb]

GM warranties can be different prices depending the dealer. I received a letter from the dealer I purchased the truck from offering the extended warranty before the 36,000 miles 3 years was up. I called and for the 100,000 mile 5 years he quoted me $1485. I was in Amarillo at the time so I shopped it at the two dealers there and they wanted $2700.00. They said that what the price I had was what it costs him. I also checked Allstate whom I had a policy from once before and they were $2800. So I went back to the dealer naturally.


Tom

 

[dmaxalliTech]

Mike Tomac has Warr Gold and is having slow time of getting his claims paid also...

 

[Micheal Tomac]

I'm still waiting for them to reimburse me for repairs when the tranny temp gauge wigged out.

 

[Moose]

hmmm... now I'm confused. I just bought a used 2002 chevy D/A and the Gm dealer sold me a 100,000 mile, 5 year warranty. Cost $1,895. The name of company is National Warranty Corp. Would this be the same company? If GM sells it, I would think they would have to stand behind it. I hope......! maybe we are talking about two different warranty Companys. If this is the same outfit please post. I just wrote the check Monday and still have time to stop payment on the check.


Dave

 

[JEBar]

Understand that many GM dealers sell warranties other than standard GM. Check with Dealer (quick) to see what you have ... Jim

 

[Moose]

I checked the link you posted JEBar and it sounds as if all is well with the warranty I have. I also called my dealer and he told me this would have no effect on my coverage. Thanks for posting the info! Isn't this a great web site??!!


Dave

 

[TheChevyHDMan]

Nah their was just a big article in the WSJ on alot of warranty companies going down the tubes. I think other warranty companies are taking over a few of them. It was in a WSJ this week.....If I were to get one Id just get the GMPP one(General Motors)


Bill

 

[hoot]

Anybody getting emails from Extended Warranty Sales? I noticed I'm getting 1 or 2 a day where I rarely got them before.

 

[flhrciblueice]

Anybody getting emails from Extended Warranty Sales? I noticed I'm getting 1 or 2 a day where I rarely got them before.

I receive 4 or 5 a week from different extended warranty services.

 

[cmadmaxman]

Here is some info that I recived from Warranty Gold:


We are contacting you today regarding an
unfortunate situation that affects a portion of
Warranty Golds customers.

National Warranty Insurance Risk Retention Group,
the administrator and insurer of your Warranty
Gold extended service contract, was recently
declared insolvent. National Warranty is
responsible for paying claims from monies
deposited by Warranty Gold on behalf of our
customers, and if those funds prove insufficient,
to pay all additional claims from the insurance
paid for by Warranty Gold. As you may already
know, a court has frozen National Warrantys
assets for liquidation, and this has resulted
in a delay of payment for repairs performed
under Warranty Gold service contracts purchased
prior to June 6, 2003.

This may not be the first youve heard about this
issue. If that is the case, please allow us to
apologize - you should have heard the news from
Warranty Gold first. For the past several weeks,
we have been focused on exploring all available
options, legal and otherwise, for sustaining the
value in your service contract and honoring
Warranty Golds commitment to you.

Warranty Gold has a long history of faithfully
serving our customers, and that commitment will
not waiver as we seek to resolve this situation.
Please know that we are working for you. We are
determined to get the maximum contract value for
each contract, for each of our contract holders.

At Warranty Gold, we know our business is about
keeping promises. And we are making three
promises to you today:

(1) Warranty Gold will make you aware of your
options, so you can make the best decision
possible for how you wish to handle your
relationship with our company.

(2) Warranty Gold will communicate with you
regularly so you are informed about the
situation affecting your extended service
agreement with our company. In fact, we have
launched WarrantyNews.com as a resource to
keep you up-to-date and to provide you
options as our customer. We encourage you to
check the site regularly as we will post new
information there first.

(3) We are determined to recover National
Warranty funds that were dedicated to paying
claims for our customers. Our legal team is
working to recover the maximum contract value
for each of our customers.

However, this is a complex issue and you should know the reasons why:
* Two different courts have jurisdiction over this case.

* One of the courts has frozen accounts National
Warranty holds in trust for paying Warranty
Gold customer claims. These are funds Warranty
Gold has already paid National Warranty on
your behalf for paying any claims you may
have. We are working to recover these funds.

* Gaining access to these funds will be only
the first of several steps toward being able
to pay claims.

* Claims cannot be paid until the courts rule
on the liquidation of National Warranty, and
even then, National Warrantys liquidation
proceeding may not yield the full amount of
funds Warranty Gold has already deposited on
behalf of our customers.

* Depending on how much money we can recover
from National Warrantys liquidation,
Warranty Gold customers could receive only
partial payment of claims and contract
refunds. Our first priority for any recovered
funds will be returning money owed to our
customers in the form of outstanding claims
payment and pro-rated contract refunds.

It is important for you to know that Warranty
Gold remains in business. It is necessary for us
to stay in business in order to work for you and
be able to honor any repair claims that must be
resolved. We also remain in business to work for
our customers, to stand behind our reputation and
to provide the level of service Warranty

 

[Son of a gun]

Just bought a 6 yr 72000 mile extended GM warranty for my new '04 3500 for $1365.


Bob

 

[ISurvivedNMU]

Just bought a 6 yr 72000 mile extended GM warranty for my new '04 3500 for $1365.


Bob

Did you have to negotiate down to that price....... Or was it presented as that amount?





Thanks


ISNMU

 

[Roegs]

There was someone over on the dieselpage that was offering GM warrenties for slightly over cost. You could email the person, and they would provide a quote. Does anyone know who that was?

 

[Joe Pool]

Blake is the one you are referring to. On the other site he goes by TXDMAX.


Give Blake Huddleston at Classic Chevrolet in Texas a call, his number is 1-800-259-1200. He is easy to work with. I bought a GMPP warranty from him for my 2002 2500HD.

JoeEdited by: Joe Pool

 

[Son of a gun]

Isurvive,


I bot it from Blake and that was his quoted price. Joe has it right, give Blake a call and you'll have a GM warranty.


Bob