My 2012 Mini Cooper S is about to dock in the next few days and need some guidance about all these warranty options. There are all these additional warranties and have no idea if any would be worth it. The options are Extended warranty, Gap protection, Tire n Wheel, Blemish & Blemish Plus. Any thoughts?? Many thanks!!
Extended Warranty - Great idea if you intend on keeping the car past 3 years and do not plan on modding it to the point that would void said warranty. But even with the extended warranty you should still perform between recommended oil changes. Gap Protection - That's rolling the dice, pretty much covers you for the depreciation for the first year in the event the car is totaled. At least that is what I think it is. I'd check with your insurance agent before getting the same from the Dealer. The rest, well I'd never get those but then again I change wheels and tires more often then some people change undies. Blemish and Blemish Plus, I don't know, depends on the cost and lots of other factors. Do you normally get dings in the car? If so them maybe a good idea. Otherwise I'd pass on those but also check with your insurance agent as you might have some of that coverage already. Be sure to read over the offerings and compare to current insurance.
Gap is very important for the cost. I think mine was 55 bucks. It pays off anything the insurance doesn't if the mini is in a wreck and is totaled. The insurance will only pay off market value unless you have extra insurance. Gap will pay anything above and beyond your insurance coverage. Very important if you traded in a rolled over $.
Having used gap insurrance ( I wreaked a car 22 days into ownership ) I highly reccomend it. Extended warranty on your MINI is a great idea you might have to shop around to get a great deal but make sure you check to see what they will actually cover be sure to read the fine print. I once had a company say that they would cover the window motor but not the regulator (they only came as 1 unit on that vehicle) so they would not cover it. But good thing to have.
Like all insurances, they're forms of gambling, and like casino gambling, the odds favor the house, but there are lucky players (or in these cases unlucky?) Most people lose though, the warranty seller's actuarials ensure that...they only offer the coverages in order to make money. Feeling (un)lucky? You've been told a million times NEVER BUY EXTENDED WARRANTIES. Best Buy's entire profit margin is equal to their extended warranty receipts, for practical purposes they sell all those computers, TV's, and washing machines at cost just to entice people to buy extended warranties. Goes as well for cars as for toaster ovens, but some how the psychology of a big ticket purchase makes people more fragile...
Check with your insurance on the gap coverage. I know my insurance includes gap coverage if I purchase a vehicle with less then 10,000 miles on it automatically at no extra charge.