Extended Warranty UK

[Oisters]

Just bought an I3S (2020) we were offered a 3 year warranty by the dealer (not a BMW franchise) for £999 for 3 years. We declined as I wanted to keep my options open. What owners opinions of this? Should we consider a warranty and who with, what cost?

 

[jeeringtowser]

Just bought an I3S (2020) we were offered a 3 year warranty by the dealer (not a BMW franchise) for £999 for 3 years. We declined as I wanted to keep my options open. What owners opinions of this? Should we consider a warranty and who with, what cost?

It would depend on what the warranty covers?
If you want the cover offered the price offered appears to be good value for money.
I am in the same position, my I3s' warranty expires in December. My only concern is the AC compressor issue.
if this warranty covers that I would buy it.

 

[alohart]

Just bought an I3S (2020) we were offered a 3 year warranty by the dealer (not a BMW franchise) for £999 for 3 years. We declined as I wanted to keep my options open. What owners opinions of this? Should we consider a warranty and who with, what cost?

Beware of extended warranty coverage and exclusions. Many seem focussed on ICE vehicles with insufficient coverage on EV's. Remember, insurers are making money on their insurance products, so if an insurance premium seems like a good deal, it probably doesn't cover much. Might be better to deposit "emergency repair" money monthly in an interest-bearing account.

 

[madasa fish]

Sub £1000 is far too cheap for ONE year let alone three.
A compressor failure would wipe out an insurer;s £1k premium .. three times over..
Worthless.

 

[Gonville]

Sub £1000 is far too cheap for ONE year let alone three.
A compressor failure would wipe out an insurer;s £1k premium .. three times over..
Worthless.

Not if they pay - which they have in the past for these failures. Not sure which one is backing this? So its value is worth it if you have that failure. That’s what insurance does. They take 20 premiums and pay out on 1. It’s a business. Been around a while. Yes indeed read the exclusions. One of the worst is to exclude HV cables. So not exactly worthless if it has value to the purchaser

Alohart is correct but if a repair bill is £10,000 then the premium may well be worth it for £999 I think that is a bargain for 3 years and I would buy it even if there are exclusions. Putting that much in a savings account is one way of doing it but that’s a big monthly £277. If it is a dealer they have to stand buy it too as well as the backing insurance company. .

Can I suggest MoneySuperMarket and get 3 quotes but they will be more than that I think. Again check the exclusions.

Or take a loan if it happens and pay off over time - probably still £277pm.

WarrantyWise, MotorEasy, AA, and ALA (I have used these guys for the i3)

 

[Clanduncan]

When I bought my i3 rex (4yrs old) I hit the extension warranty, about £300 at the time. In the first year they replaced the drivers side seat heater (£650), and in the second year replaced the main nav screen (£2250). So it was well worth the warranty cost to me.
On the latter screen replacement, the insurer turned down the chance for me to repair it myself for just £500.

 

[Wing Pang]

The official BMW warranty from Allianz is now £800 per year.

 

[LithiumKid]

Sub £1000 is far too cheap for ONE year let alone three.
A compressor failure would wipe out an insurer;s £1k premium .. three times over..
Worthless.

Statistically few compressors fail, so by your logic they've made £1000 profiton most vehicles. Obviously the real figure is somewhere in the middle.

I have run my '17 BEV since '18 with ZERO repair costs. So an insurer might have made £6000 from me. However I have never insured anything unless it mandatory or my home & contents.