Are Ford Protect Plans worth it?

[Lightman]

Think about it. Warranties are one of the most profitable things dealers sell. What does that tell you about whether it's worth it for the buyer? Depends on your personal situation but I think you'd be better off taking the $1-2K the warranty costs and putting it into a savings account or even mutual fund and if car breaks, use that $$ to fix. Maybe the repair costs more, maybe not. If not, you come out ahead. The probability is you win otherwise dealers would be losing money and would stop selling them or raise the prices.

With this logic, one should not get insurance of any kind either.

The reality of the extended warranty is you are basically betting the $1500 or so it costs that your truck will break. If it doesn't, you're out the 1500. Most likely it won't have a major mechanical breakdown, which is why they charge as little as they do (note Mercury wanted $7k per motor for three years of extended coverage on my 300hp Verado outboards), however - if you're one of the few that against the odds does have a major mechanical breakdown, it's likely going to cost way more than the $1500 warranty. For most people, it's about peace of mind...a little out of pocket will prevent a LOT out of pocket later. I def plan on picking up an extended warranty... being a new vehicle with a 10spd trans that people will undoubtedly tow with, I think the odds are sliding a bit in our favor sadly

 

[armyturtle]

With this logic, one should not get insurance of any kind either.

The reality of the extended warranty is you are basically betting the $1500 or so it costs that your truck will break. If it doesn't, you're out the 1500. Most likely it won't have a major mechanical breakdown, which is why they charge as little as they do (note Mercury wanted $7k per motor for three years of extended coverage on my 300hp Verado outboards), however - if you're one of the few that against the odds does have a major mechanical breakdown, it's likely going to cost way more than the $1500 warranty. For most people, it's about peace of mind...a little out of pocket will prevent a LOT out of pocket later. I def plan on picking up an extended warranty... being a new vehicle with a 10spd trans that people will undoubtedly tow with, I think the odds are sliding a bit in our favor sadly

Loving this discussion and the experiences people are sharing. This is my first truck ever. I'm now leaning more on the "piece of mind" side. I'm going to evaluate the dealer extended warranty now based on what they WON'T cover in the "extended warranty." If that answer is that they'll cover just about "everything + the labor involved" then I just might jump for it. Given the alternative for me is to switch to Geico and pay A LOT more on my premium just to get the MBI (Mechanical Breakdown Insurance), it might be close enough in cost to just stay with Ameriprise and pay the dealer extended warranty. Plus, there's the added advantage that I don't have to buy it right away. I can get it almost 3 years later from the dealer (hoping that doesn't increase the cost though).

 

[WyoStorm]

I compared with Flood Ford first as they are way cheaper than what most Ford dealers will try and get you to pay. I showed my dealer what Flood would do and they matched it and went even a little lower. Saved more than 50%! You can go to floodfordesp.com and compare options. There are a few other dealers that others have used. It's good at all Ford dealers as you'll see in their info.

 

[armyturtle]

I compared with Flood Ford first as they are way cheaper than what most Ford dealers will try and get you to pay. I showed my dealer what Flood would do and they matched it and went even a little lower. Saved more than 50%! You can go to floodfordesp.com and compare options. There are a few other dealers that others have used. It's good at all Ford dealers as you'll see in their info.

Daaaamn! You guys are making it really hard for me to keep $6k more in my pocket (combined FloodESP & Premium care plans for 8yr/125k miles / 25 visits). Thinking through the potential logistics of it, I kind of like the idea of just paying for extended warranty + all possible maintenance services up front, & having an immediate rental available to me for up to $60/day for 10 days.

Walk in, hand keys, say please fix it, drive away and wait for call. Very very tempting.

 

[Deleted member 12951]

Daaaamn! You guys are making it really hard for me to keep $6k more in my pocket (combined FloodESP & Premium care plans for 8yr/125k miles / 25 visits). Thinking through the potential logistics of it, I kind of like the idea of just paying for extended warranty + all possible maintenance services up front, & having an immediate rental available to me for up to $60/day for 10 days.

Walk in, hand keys, say please fix it, drive away and wait for call. Very very tempting.

I would pass on the maintenance plans. For one thing, they are going to do oil changes shown in the book which might be 7,500 or 10,000 miles. And not when perhaps you would like to do it. I've been sticking with 5,000 oil changes and getting the tires rotated at the same time since tires need to be rotated at 5k mile intervals anyways. I am one that did get the PremiumCare through Flood for 125k/7yr

 

[armyturtle]

I would pass on the maintenance plans. For one thing, they are going to do oil changes shown in the book which might be 7,500 or 10,000 miles. And not when perhaps you would like to do it. I've been sticking with 5,000 oil changes and getting the tires rotated at the same time since tires need to be rotated at 5k mile intervals anyways. I am one that did get the PremiumCare through Flood for 125k/7yr

The Premium Care Plan I was looking at specifically says "at 5000 mi. intervals"

 

[Deleted member 12951]

The Premium Care Plan I was looking at specifically says "at 5000 mi. intervals"

True, you can opt for that coverage/number of visits, but a more costly option of course. Maintenance doesn't really have too many variables or "what if" as an ESP will cover. You can pretty much calculate out what maintenance is going to cost you over the life you expect to have ownership. Take that number against what they offer it. You might be better off putting that lump sum in something of your own and earn something off it but use it to pay your maintenance. This gives you the flexibility of going where you want. Maintenance at dealerships are not the same, some really suck. What if you move and the new local dealership is terrible.

Ultimately its up to you, just do your homework.

 

[jz1]

With this logic, one should not get insurance of any kind either.

Not really. This is one kind of insurance where the ratio of likely loss to premium is much lower than say home owners, auto etc. insurance. In those cases, putting aside requirements to have the insurance for liability/mortgage etc., you would likely still purchase it given the larger downside relative to the premium. Here, it is more of a coin toss. If you are stretching to buy the truck and couldn't handle the potential repair cost, then lowering your exposure by buying the insurance makes sense. If you can afford to take the risk, the odds are in your favor of coming out ahead by "self insuring". Buying the insurance isn't always a bad decision but on average you generally will come out behind by doing so.

 

[03Cobraraptor]

I just had to make a decision last month on this!

I chose NOT to extend the factory bumper to bumper warranty.

I came to the realization of what's the point of a warranty if the dealers can't fix the problem.
Such as my shaking driver's side mirror.
Also, my leather seats peeled on passenger side and claim was denied saying someone tampered or tried to dye the seat so Ford denied it.
Are you f'en kidding me?

Nope, no thanks to Ford ESP plans.
Warranties are worthless if Ford doesn't think there is a problem!

 

[Wfo]

What's the deal with the ford esp overlapping the factory warranty!? The 6yr plan only really gives you 3 yrs coverage. That's if you buy near the end factory warranty. Total ********!