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E60 M5 and E61 M5 Touring Discussion 2005- Advertiser's Forum

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post #21 of 389 Old 15th September 2012, 04:28 PM
Bruce M.
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Hi everyone, sorry I have not been spending much time on the board lately.

I can chime in with a few comments, I have over 200 M5/M6 cars under various plans and companies now, and hundreds more of AMG Benz, Jaguar, Porsche, etc.

1. You ONLY want exclusionary coverage for your Beast. If the contract names what IS covered, then it is NOT an exclusionary contract. An exclusionary contract only names what is NOT covered (excluded). Because of how many parts there are on an M-car, even the best inclusionary contract leaves a lot of holes. Of course, if your car due to mileage does not qualify for exclusionary coverage, then maybe consider a lesser plan, but if it does qualify, get the exclusionary plan. There is simply no point to saving $1200 on a lesser plan, and then over the life of the plan paying $3K out of pocket for stuff that was not covered. I will only sell you exclusionary coverage if your car qualifies, as I got tired of people hating me and saying "Why didn't you talk me into the more expensive coverage???" when uncovered claims arise.

2. The warranty company is probably the most important thing to consider. Look at it this way; the best plan, at the lowest price, for the longest term, is meaningless if the warranty company is shady and fights claims, goes out of business, or whatever. Lots of companies in this industry makes lots of claims; it's pretty much unregulated and they say what they want. My job is to do the legwork, reasearch, interviews, etc to make sure the company is properly run and insured, and provide coverage from Tier I companies. While I can't predict the future, I have never had a major problem with any of the companies I represent.

3. This industry is divided into three tiers of companies. Tier I is the big well-established players like Fidelity, AmTrust, Zurich, EasyCare, and a small handful of others. All are good companies, although there will be differences in coverage and price. Tier II is still decent companies, but ones that may be a little more aggressive in cost management, meaning they want to send in their own parts, have customers go to independent shops rather than dealers, etc. There are dozens in this group. Tier III you want to stay away from. Their contracts have giant loopholes allowing them to 'legally' avoid paying legitimate claims, they are not properly insured, etc. Direct Buy Warranty (DBW) is one of the biggest offenders, but there are even companies like Fidelity Automotive Solutions that try to mimic the name of the GOOD Fidelity company to fool people. Be VERY careful in this group, and check with me prior to buying something so I can tell you if the warranty company is good or bad. I may not sell you a plan, but I know not everyone will buy from me and I have no problem just giving free advice. I think there is a thread on here from a year or so ago when I saved a group of M5Board members from doing a group purchase with Direct Buy Warranty!! That would heave meant ten people each taking $3K+ and lighting it on fire.

4. No one covers the clutch components in a manual trans car, or the clutch components in an SMG car that are shared with the manual trans car. That means the pressure plate, flywheel, friction material, throwout bearing, etc. Some may goodwill it from time to time, but all companies exclude those parts in their contracts. What you want to make sure IS covered is the SMG pump in an SMG car; that's the big 'gotcha' with these cars.

5. The good ole' days of $3000 for a long term exclusionary contract on an M5 are over, at least from the companies that are any good and intend to pay claims. They've seen the claims history on these cars, and raised prices accordingly. Fidelity in particular has surcharged the M5 pretty hard, Zurich's and EasyCare's prices on higher mile M5's will give you a nosebleed, and NAC has dropped the M5 from eligibility completely. It's not getting any better, so if you plan to keep your car a while, get in while you still can.

6. I provide plans for the Beast from Fidelity and AmTrust. AmTrust is cool because if you don't drive a lot of miles, I can customize the plan. Meaning, if you tell me you plan to keep your Beast for 3.5 years, and drive 6K per year, I can get you a quote on a 42 month, 21K mile plan. This way you're not paying for time or mileage that you don't use. Both are Tier I companies, and have been selected by a manufacturer to run their extended warranty business (Fidelity by Audi, AmTrust by Volvo and Mazda) which is a very strong endorsement.

As always, feel free to call or email for quotes and general warranty information. I think you'll find my reputation here, on MBWorld, Quattroworld, ebay, and elsewhere is very good. I may not always be the cheapest, but in this business, beware of the cheapest company. And I am here AFTER you buy the warranty as my clients can verify. So if my plan costs $500 more than someone else's, but two years from now I intervene on a claim for $4000 and get it paid for you, that makes my plan a LOT cheaper.

Thanks.

Bruce M.
President
Becks Imports LLC
856-912-2600
brucem105@comcast.net

P.S. Let me apologize in advance if I am slow in returning quotes/calls/emails. I am a one-man operation and also am a licensed used car dealer (need a great used car, any make/model, carefully selected and inspected, for 5% over wholesale cost? Contact me for info), so I am always running around and not always in the office.

Last edited by Bruce M.; 15th September 2012 at 04:34 PM.
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post #22 of 389 Old 18th September 2012, 09:19 AM
SR71
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^well said Bruce. Thanks & Subscribed.

The e60 M5:
"It is an idiosyncratic, hyperactive, twitchy, pent up bull in a china shop. It takes attention to drive it, whether you are trying to drive smoothly or hard."

When the E60 came out, it blew away supercars..... When the F10 comes out, it will be middle of the pack even in a straight line.

-T Bone
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post #23 of 389 Old 19th September 2012, 02:00 PM
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Angry current experinece

I'm in the middle of a real life experience. I had a connector rod bearing failure in an 07 M5 with 84M miles that I bought in April. I purchased an additional 24m of warranty from the dealer for about $3000. The dealer advises me that the car will need a new engine which should be around $33000. The engine is now out of the car and I'm waiting to find out the exact cause of the connecting rod bearing failure and if the problem will be covered by the warranty from CNA. I paid $32m for the car, so if I'm liable for the repair I think it will be time to get legal representation against the dealer.
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post #24 of 389 Old 19th September 2012, 02:31 PM
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If the engine costs more than the car's value according to the warranty company's book, you will have to pay the delta. If that's the case, why not consider a used engine from a lower mile M5? IT'll be half the price at most, and still covered by your warranty.

Also, not to take the dealer's side, but I don't see how you have any legal recourse against the dealer (assuming the warranty company pays the claim and you have to pay a balance). I doubt very much after driving the car for 5 months that you can show trhe dealer is liable for a mechanical problem? Or am I missing something?

Now if the warranty company does NOT pay, and the dealer told you this type of thing would be covered, then you might have the basis for a legal claim.

Bruce
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post #25 of 389 Old 19th September 2012, 02:46 PM
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M5Engine problem

Thanks for the input. I didn't think about the repair being more than the cost of the car. I will keep that in mind when dealing with this issue. Since I am somewhat ignorant where would one find a used M5 engine. Thanks for your help.
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post #26 of 389 Old 19th September 2012, 03:01 PM
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I just wanted to add some input regarding the warranty program offered through USAA. I looked into this for my soon to be '06 M5 and with 60k miles, they wanted $4200 for a 3year/36k mile "exclusionary" (in their words) policy. All sounded good until I read the exclusions and it specifically states "Manual and Hydraulic clutch assembly, including but not limited to; Manual clutch pedal, clutch disc, pressure plate and throw-out bearing;".

After careful consideration, I can see them weaseling out of an SMG pump replacement when the time came using those words.

So, not a personal bad experience, but enough legalise for me to shop elsewhere. Has anyone with their warranty had an SMG pump covered?
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post #27 of 389 Old 19th September 2012, 04:22 PM
Bruce M.
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In an interesting update with NAC, they are now taking the position that the SMG pump is part of the clutch system and is not a covered item.

Before you need to go and change your underwear, though, keep reading.

Because the head of claims told me when I was selling their plans that the SMG pump WAS a covered item, they will cover it for anyone that bought a warranty from me until those plans expire.

Fidelity and AmTrust both cover the SMG pump. I can't speak to the others as I have no direct experience.

I can tell you that the warranty companies are adding language to contracts to exclude "manual and hydraulic clutches" so they can be off the hook for liability with SMG and other similar clutch units.

As far as used M5 engines, I would look to popular BMW recycling yards, ebay, and elsewhere.

Bruce
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post #28 of 389 Old 23rd September 2012, 01:55 AM
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Quote:
Originally Posted by Bruce M. View Post
In an interesting update with NAC, they are now taking the position that the SMG pump is part of the clutch system and is not a covered item.

Before you need to go and change your underwear, though, keep reading.

Because the head of claims told me when I was selling their plans that the SMG pump WAS a covered item, they will cover it for anyone that bought a warranty from me until those plans expire.

Fidelity and AmTrust both cover the SMG pump. I can't speak to the others as I have no direct experience.

I can tell you that the warranty companies are adding language to contracts to exclude "manual and hydraulic clutches" so they can be off the hook for liability with SMG and other similar clutch units.

As far as used M5 engines, I would look to popular BMW recycling yards, ebay, and elsewhere.

Bruce

Bruce I'll be contacting you in a few months to help source a e60M5 in a manual. Having said that, do you recommend purchasing an extended warranty for 6-speed manual m5's?
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post #29 of 389 Old 23rd September 2012, 02:25 AM
Bruce M.
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Quote:
Originally Posted by v10 symphony View Post
Bruce I'll be contacting you in a few months to help source a e60M5 in a manual. Having said that, do you recommend purchasing an extended warranty for 6-speed manual m5's?
Sounds good.

We'll just look at cost based on how many miles the car has to see if it makes sense. Personally, I see a lot of significant claims with these cars, and that's true of both SMG and 6-speed cars. I would not own one without a warranty, but everything has a price.

Bruce
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post #30 of 389 Old 27th September 2012, 11:00 PM
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Bruce - I shot you a quick note over email. Look forward to chatting with you about alternatives.

Similar to many on the Board, happy to hear other peoples' experiences in regards to warranty plans and in particular, the SMG pump coverage.
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