2013 Hyundai Elantra extended warranty purchase. Cancel? (Car Warranties Extended Warranties Hyundai Elantra)

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Question Details Asked:Feb 16, 2013 - 09:27 PMStatus:Closed

cars736	2013 Hyundai Elantra extended warranty purchase. Cancel? Bought a 2013 Elantra Limited. For $1,700 more I purchased extended 10yr/100k warranty that covers all of the electrical/electronic parts/devices in the car. For $700 more I also bought a rim and tire hazard warranty that's good for five years. I have ten days to cancel if I change my mind. Feedback please. Thank you.
	In Buying & Selling > Car Warranties > Extended Warranties In Makes & Models > Hyundai > Elantra 4 answers - 96 days ago
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Answers

steve_ 02/17/13 9:30 am PST

That's a lot of "insurance" to pay on a $21,000 car (even loaded up with the technology package and other options it's hard to top out $24,000).

Electronics are expensive to fix but I'd rather put that $2,400 in the bank and earmark it for potential repairs. Then if you don't use it, it'll be there for applying to the next car purchase.

Too much can happen in ten years. Some kid may steal your keys and destroy your car next week and you won't get the extended warranty money back. And the warranty companies seem to always find a way to find all kinds of exclusions to avoid having to pay any claims.

So I'd cancel if it were me. Some people like having "peace of mind" though.

And try to avoid curbs and potholes. :-)

Enjoy the new ride!

Source:

knowledgepower 02/17/13 7:07 pm PST

I'd cancel every warranty you just bought but do it now and read your paperwork on cancellation to see if your money will be refunded to you as cash or used to lower to ending balance. If you get no money in cash and the cancelling of the warranties lowers your payoff then do it, they probably didn't tell you the payment won't change unless they contract you again. The one warranty you should have gotten for $500 is GAP insurance, call your insurance company to see if they sell it.

texases 02/17/13 7:28 pm PST

Here's a third vote to cancel. Dealers sell these warranties becuase they are BIG moneymakers for the dealer. If you put that money in a savings account, you'll likely have most of it left at the time you sell the car.

And Hyundais come with a pretty good warranty, anyway.

morin2 02/18/13 9:55 am PST

Here's your 4th vote to cancel those ridiculous warranties. Be very persistent. When you have been ripped-off like this, they will not make it easy to get your money back and will count on a run-around so that you eventually give up. It might require certified mail, etc. Keep copies of all correspondence and names of everyone.

I wouldn't give 5 cents for that $2400 of phony warranty.

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Rank	Leader	Points
1.	steve_	500
2.	knowledgepower	390
3.	morin2	265
4.	karjunkie	220
5.	mr_shiftright	165
6.	texases	140
7.	canddmeyer	110