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Warranty Gold - Stuck With Big Bills |
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Warranty Gold failed to honor the extended warranty I purchased from them for my 1999 Pontac Montana. When the dealer called to have the warranty work authorized we learned that they are bankrupt and most likely will not honor any contracts purchased prior to 2003. I paid $875.00 for an extended warranty that appears to be worthless. Rick of Wood River IL (10/8/03):
Michael of Punta Gorda FL (10/3/03):
There is something wrong with the electrical in my car, dash lights keep going out radio goes on and off, and was told by one of the mechanics at the Ford Dealer when this happpens sometimes the whole unit shuts down completely and you have no power at all. We only have one vehicle and don't know where to turn. Barton of Palmerton PA (9/16/03):
They did not manke any effort to inform their customers of the financal troubles that occured with their administrator, NWIG. Only people filing claims would know. The Warranty Gold webpage reports nothing unusual and they are still taking on new customers (albeit with a different administrator managing their new customers accounts). The Warranty Gold web page claims the following: "Warranty Gold has put the processes into place to secure the investment that each of our customers make in our products. We have established a "Trust Reserve Account" ("TRA") which is managed by our administrator to pay your claims for the life of your contract. Our administrator is insured to adequately cover all claims today and tomorrow. The insurer and the reinsurer are rated by A.M. Best. Your Warranty Gold service contract is absolutely reliable and secure." If this is the case, why cant my claim be paid by the second insurance group, "the reinsurer", Warranty Gold has? Also, why would they OK my claim before the work was done, when they knew they couldn't pay? In addition to this, on Sept.5, 2003, a court in Nebraska ordered that the accounts N.W.I.G. have for Warranty Gold be released. But Warranty Gold is still not accepting any claims at this time. Damage Resulting: First of all, I paid the $519.62 bill from Saturn (the portion Warranty Gold agreed to pay then did NOT) to fix my vehicle. Also, Warranty Gold claims they do not know whether they will be able to honor our contract any longer for which I paid over $1000 for. John of West Chester PA (9/6/03):
JoAnn of Round Lake Beach IL (9/2/03):
Michael of Ballwin MO (8/29/03):
Shelly of Aberdeen MD (8/28/03):
I have shelled out $969 of $1749 contract. Luckily, I happen to work in a financial institute and under the Visa Regs, your card issuer can do a chargeback for services not rendered. I urge anyone who purchased one of these warranties using a credit card to contact the issuer. Damage Resulting: So far I am out $969 and will have a $3800 repair bill. Alex of Lakeland FL (8/27/03):
Mark of Richmond Hill GA (8/19/03):
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