Cost of continuing warranty on M2

[nickfrog]

If you own a near 3 year old M2 the warranty of which is about to expire, how much have you been quoted to keep it going through Mondial ?

I understand that you get a letter from them with an invitation to get a quote online and that it's quite a lot cheaper than to buy say a 4 year old M2 and then get a quote from Mondial.

Any truth in that ?

Thx.

Nick

[contractor]

Can't advise on first question but you are correct on the second.

My car is now on a private plate but Mondial renewal letter is on original plate. Comparing their quote to a self-generated one shows a circa 40% difference

[nickfrog]

Thank you so much.

[xjay1337]

nickfrog said:

If you own a near 3 year old M2 the warranty of which is about to expire, how much have you been quoted to keep it going through Mondial ?

I understand that you get a letter from them with an invitation to get a quote online and that it's quite a lot cheaper than to buy say a 4 year old M2 and then get a quote from Mondial.

Any truth in that ?

Thx.

Nick

That's the BMW Insured warranty, right?

You can get a quote online.
The prices are the same for every car, IE if I had an M2 and you had an M2 the prices would be the same. But it's banded on miles.
My first year with an M135i cost £350 with a £250 excess.
My second year, with a claim made, was £320 on my renewal , which I thought odd - so maybe they will give you a cheaper price if you sign up via their leter

However as my car was approaching 60k miles, I took it out on a pay monthly, as the premium stays the same irrespective of mileage at this point up until I believe 100k where you drop the comprehensive and it goes to named component?

[contractor]

i also noticed that doing a warranty quote for a car not already in the system (ie not with a renewal letter) does not allow you to get a quote for zero excess. It only gives choices for 100 and 250.

[nickfrog]

xjay1337 said:

That's the BMW Insured warranty, right?

You can get a quote online.
The prices are the same for every car, IE if I had an M2 and you had an M2 the prices would be the same. But it's banded on miles.
My first year with an M135i cost £350 with a £250 excess.
My second year, with a claim made, was £320 on my renewal , which I thought odd - so maybe they will give you a cheaper price if you sign up via their leter

However as my car was approaching 60k miles, I took it out on a pay monthly, as the premium stays the same irrespective of mileage at this point up until I believe 100k where you drop the comprehensive and it goes to named component?

Yes I have used the product itself in the past too but my question was around the premium differential between getting a quote on a car that has fallen out of the original warranty and getting a quote following the letter that owners of cars about to be over 3 years receive to continue the warranty uninterrupted. It seems significant, as confirmed by contractor. Which means that buying a 34 month old car may yield quite a saving compared to buying a 37 month old car if you intend to buy the Mondial/BMW cover and particularly if you lock the price by paying monthly.

[chrisABP]

nickfrog said:

xjay1337 said:

That's the BMW Insured warranty, right?

You can get a quote online.
The prices are the same for every car, IE if I had an M2 and you had an M2 the prices would be the same. But it's banded on miles.
My first year with an M135i cost £350 with a £250 excess.
My second year, with a claim made, was £320 on my renewal , which I thought odd - so maybe they will give you a cheaper price if you sign up via their leter

However as my car was approaching 60k miles, I took it out on a pay monthly, as the premium stays the same irrespective of mileage at this point up until I believe 100k where you drop the comprehensive and it goes to named component?

Yes I have used the product itself in the past too but my question was around the premium differential between getting a quote on a car that has fallen out of the original warranty and getting a quote following the letter that owners of cars about to be over 3 years receive to continue the warranty uninterrupted. It seems significant, as confirmed by contractor. Which means that buying a 34 month old car may yield quite a saving compared to buying a 37 month old car if you intend to buy the Mondial/BMW cover and particularly if you lock the price by paying monthly.

You are correct. Taking out an extended BMW warranty on a car that is still under warranty (either manufacturers 3 year or extended) is significantly cheaper than taking out the same policy on a car that has lapsed out of warranty.

When I bought my V8 M3 Comp I was looking at private cars and BMW approved used and the warranty situation played a significant party in my decision making and comparing car prices. I seem to recall buying an extended warranty on a car that had no existing warranty in place so around 30% more expensive.

[contractor]

just an fyi on the actual cost part. Looking at my last 3 renewal offers, they have all been the same price, against mileages of between 39 and 55k miles.

The trick is to go monthly when the next annual renewal would put you over 60k.

[nickfrog]

Thanks guys, really helpful stuff. For clarity, if a BMW dealer sells an approved M2, it will then qualify for the lower rate through a invitation to extend the AUC warranty before the end of the AUC warranty ? Would that still apply if the dealer has restarted cover because he bought a car with an elapsed orignal warranty that wasn't extended ?
I am slitting hair here and it's perhaps difficult to know for sure.

[xjay1337]

nickfrog said:

Thanks guys, really helpful stuff. For clarity, if a BMW dealer sells an approved M2, it will then qualify for the lower rate through a invitation to extend the AUC warranty before the end of the AUC warranty ? Would that still apply if the dealer has restarted cover because he bought a car with an elapsed orignal warranty that wasn't extended ?
I am slitting hair here and it's perhaps difficult to know for sure.

I guess it would be a question worth asking.

I would also ask "Does the price premium you get from buying from a dealer vs a private sale, offset the cost of the extra price of the warranty for the first year (Presuming second year it drops, as per mine I had a 10% reduction from the first year paid upfront).

[nickfrog]

xjay1337 said:

I guess it would be a question worth asking.

I would also ask "Does the price premium you get from buying from a dealer vs a private sale, offset the cost of the extra price of the warranty for the first year (Presuming second year it drops, as per mine I had a 10% reduction from the first year paid upfront).

It still has little to do with private vs dealer but with interrupted vs non interrupted.

Your cost difference is likely to be due to an underwriting correction based on claim experience.

[xjay1337]

nickfrog said:

xjay1337 said:

I guess it would be a question worth asking.

I would also ask "Does the price premium you get from buying from a dealer vs a private sale, offset the cost of the extra price of the warranty for the first year (Presuming second year it drops, as per mine I had a 10% reduction from the first year paid upfront).

It still has little to do with private vs dealer but with interrupted vs non interrupted.

Your cost difference is likely to be due to an underwriting correction based on claim experience.

You're not understanding

I'm saying that if a BMW M2 from a dealer costs say £32k , and your private purchase costs say £28k, are you going to be better off having bought it from BMW and then subsequently getting savings on the warranty?

I would think it's cheaper to buy an M2 privately and then just buy the warranty irrespective of the cost.

[nickfrog]

xjay1337 said:

You're not understanding

I'm saying that if a BMW M2 from a dealer costs say £32k , and your private purchase costs say £28k, are you going to be better off having bought it from BMW and then subsequently getting savings on the warranty?

I would think it's cheaper to buy an M2 privately and then just buy the warranty irrespective of the cost.

Hiya Captain Obvious.
I am totally understanding that but that's not what I am asking as I am assessing the delta between interrupted vs uninterrupted (again) irrespective of whether I buy AUC or private. I may well want to buy private and uninterrupted.

[Abarth595turismo]

Are you chopping in the new Renault?

[nickfrog]

Abarth595turismo said:

Are you chopping in the new Renault?

Yes and that's the problem. Way too early and part ex offers understandably low. Might have to wait a bit or sell privately.

[Abarth595turismo]

nickfrog said:

Abarth595turismo said:

Are you chopping in the new Renault?

Yes and that's the problem. Way too early and part ex offers understandably low. Might have to wait a bit or sell privately.

Is it a CP car your after?

[nickfrog]

Abarth595turismo said:

Is it a CP car your after?

Sorry, what's CP ? Competition ?

I am after a manual M2 365hp, not in blue though.

[Snowyark]

From memory it starts around £800 per year.

Cheers

[AW10]

I'm seeing £1392/year with 0 excess and £875/year with £250 excess for the fully comp policy with roadside assistance. Seems high? This is for an M2 that's about to have its third birthday so is still under the new new car warranty; the quote use the login and PIN received in the post.

[Steve Rance]

My M2 is just out of warranty. I was quoted £795 for renewal by BMW but I probably won’t take the option because I’m intending to change several chassis components including the dampers, brake callipers, disks etc. while will probably invalidate it anyway - although not the engine.

I’ll ask the question and see what they say. Will report back if anyone is interested