Consumer Complaints and Reviews
I purchased a car from TSJ Auto brokers in Lakewood NJ on 8/26/16. On 8/27 after reading the Company reviews, I immediately cancelled the warranty. The car dealer said it would take a month for me to get my refund. it is now 10/3/16. NO CHECK YET!!
Be forewarned this company is no good as in complete garbage. Very dishonest and deceitful. They will never cover your claims and look for any excuse to weasel their way out. Not good! Save yourself the disappointment and never buy from them. If a dealer offers you this company run run run as fast as you can. It's all a fraud. Stay away. Bunch of story telling weasels.
BIGGEST WASTE OF MY MONEY. I guess I was spoiled by Ford's extended warranty. I have paid for most of the 3 repairs I've had done with this thief. Last repair was to replace the manifold gasket. They paid $211 and I paid $675. EXCLUSIONS...
From every claim getting denied I ended up paying out of pocket for every repair after they towed my car to the limited crappy car shops they work with. I sold my car even though I still had 2 years left on Their warranty plan because the repairs were adding up so much and I asked for a refund on what was left with my contract with them. They miraculously made up charges so they could keep what was left of what I paid when I signed up. Do not use them! Horrible sarcastic customer service. Lessons learned.
Trying to be brief, I bought a convertible, the motor that runs the convertible top is expensive to replace so I purchased coverage that specifically stated that it covered the motor. When purchasing the car, an older used car, the dealer said, "I don't promote these warranties, it's unlikely they will cover much, but if you want one I will sell it to you." That's the first red flag. But, I thought, it's one electric motor. How could they deny it if it fails? So I bought it. I initially had a warning light. Thought I might need to file a claim. Was sent to one of their preferred mechanics. First words out of his mouth - they will never cover a claim, just not going to happen. Turns out I was able to resolve the issue without filing a claim. That was the second red flag.
Last week the convertible top motor failed. I took it to a different preferred mechanic. First words to me were, "Yea, I've dealt with them. They will send an adjuster here who will just look at the car and say it's something else and that it isn't covered." What happened? They sent an adjuster, he said it was something else, not the motor, so it's not covered.
In the warranty company's defense, I realize it's in their financial best interest to be picky about what to cover and not to cover, however you, as a consumer have to realize that there are a million ways to simply say, oh, it's this or that or another thing, and simply deny a claim, even when there is only one replaceable part such as this electric motor. In fact what they would like us to do is tear the top down, an 8 hour job by the way, take the motor apart and just replace the pump mechanism, which isn't covered and has never been done before. It's all one part. Point is, buyer beware.
Resolution? I told them I wanted to cancel my policy. In North Carolina they have to refund the unused, prorated portion of the policy on demand. I've started that process and was referred back to the selling dealer. From what I've read, this too could be an extended process. Final analysis: Buyer beware. I'm sure they pay out many claims, just be aware that the "game" is that they will pull out the stops to find any possible way to deny a claim. Frankly, it's a crap shoot so if you are a gambler, buy an extended coverage policy. I was warned by the dealer and two certified BMW mechanics. Now you have been warned. All you have to ask yourself now is, do you feel lucky?
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We are a used car dealership in Hudson, NY. We previously provided our customers with Preferred Warranties Inc. warranties. Our customers are like family to us. This relationship with Preferred Warranties Inc. only last around a year because once our customers needed to call in a claim on their vehicle Preferred Warranties Inc. began giving our customers a run around and using loopholes to get out of paying claims and helping customers. Since these instances began we started looking for a better service for our beloved customers. We found a company that we wholeheartedly believe in and stand by. Since signing up with this new company we starting finding that customers with the new company were much happier with the claim process. Therefore Preferred Warranties Inc. received less and less new contracts from us.
Since we gave them less contracts they denied us access to our account to keep track of claims coming in. Now the worst part of this whole ordeal is our representative from Preferred Warranties, Inc.; who is losing accounts to this other warranty company, has started to go around to his still active accounts and is telling them and quite frankly almost bragging that he, himself dropped our dealership. This is not only degrading and disrespectful to our dealership it is also unbelievably unprofessional!
To top it all off this representative from Preferred Warranties Inc. is not telling these people the whole truth. He is telling people that he dropped us due to a high claims ratio, when the truth is that we are no longer associated with his company due to inactivity. The reason this is so upsetting is because when he tells people his company dropped us for a high claims ratio it means that our vehicles break down and have issues. This is not the case by any means. Even though our dealership was not pleased with the Preferred Warranties Inc. product we did not go to other local dealers and put down their product. To all dealers and consumers buyer beware.
I bought my car in February of 2013. I have the 2nd level plan, therefore not the highest, but it covered all the things I felt it should. With that being said, I have had two breakdowns adding up to about $2000 worth all of which fit under my warranty plan and they won't cover jack squat. They are a worthless company, and their service people are idiots. They don't know anything when you call and try to play stupid. I wish I could get my money back on the warranty because I could have used it to pay for all these repairs instead of them and then them not covering it. Complete bullhockey, they shouldn't even be allowed to be a company anymore.
In our opinion, Preferred has the worst service we have ever experienced and is a scam. They will not cover any repair they deem is from "normal wear and tear" and is not a "breakdown. " This loophole allows Preferred to deny almost any repair! Getting a refund is even worse. After weeks of the run around, we had to get our attorney involved.
Worked for this company prior to being taken over by a very large finance company in the car industry and they had a great family appeal. Once they were purchased they became just another warranty company that sells a bill of goods and then creates excuses. They hired a Divisional Manager that knows one thing, the CEO of the company. He is a classic example of "it's not what you know it's who you know" - Biggest sarcastic individual you will ever meet. Bring him to an important meeting and listen to him say nothing. He has nothing to offer. Every other word out of the VP of Sales and Marketing is "right". Listen to him give a motivational speech and you will wonder who hired this person. The former owner and VP of Sales and Marketing are true salt of the earth people.
Years ago I had Preferred warranties on a Jaguar. When my engine broke down it was a failure that was covered under warranty. I went to the dealer I bought the car from who held my car for 3 weeks. After weeks of calling the dealer who sold me the car and Preferred Warranties and nothing happening by way of fixing my car, I had enough and got authorization to tow it to one of the best Indy Jaguar mechanics. He diagnosed the problem and reported to Preferred as something that was covered under the warranty.
For the next 3 weeks more runaround from Preferred happened - at one time the adjuster even insinuated the mechanic didn't know what he was talking about. Mind you he had been working on Jaguars for almost 30 years and handled repairs on some of the most rare classics and was trained by Jaguar. Well after 2 months of run around they refused to cover the issue stating what their adjuster thought happened and not what the mechanic found was correct. After all these years I cannot believe they are still in business and still using the same tactics on consumers.
I purchased the Plus warranty with the purchase of my vehicle, with the understanding that it would cover oil leaks, power motors, i.e., windows sunroof and mirror. It also included engine sensor information. BUYER BEWARE. It DOES NOT cover any gaskets of any type, i.e., Valve cover gaskets, engine gaskets of any kind. It only covers the valve cover (I have never replaced a valve cover, only the gaskets). It DOES NOT cover the sunroof if you have a European car because the name is not named within the contact by the name, and it will NOT cover Engine sensors because as with the sunroof, the names are not compatible to the American vehicle sensor/equipment names.
Preferred Warranties resolved the issues I was having to my satisfaction.
I purchased the PLUS extended warranty through PWI on 2/7/2014. My purchasing decision for the 2006 BMW was driven 70% by the fact I was purchasing the extended warranty with it. What a mistake. I bought the car AS-IS but walked away with comfort and ease because I paid a premium ($1800) for the extended warranty so if anything happened I had covered my bases. 6 weeks after, the car overheated (the engine overheat light popped up). I immediately stopped the vehicle and called PWI. The 1st hick-up - they told me I was unable to have the vehicle reviewed and fixed at the BMW service center and referred me to a PWI preferred repair shop. That shop diagnosed the issue as the thermostat and water pump and charged over $1000 for the repair which included aftermarket parts.
I called the BMW service center and inquired what the cost of replacement for the exact parts and they quoted $630 which included OEM parts. I called PWI and told them I would rather have my car repaired at BMW since they were less expensive and BMW would be servicing and replacing w/ original parts vs. aftermarket. Dawn, the PWI claim specialist, told me she thought she was helping me out with the more expensive repair and sub-par parts. Ended up when I told their preferred repair shop BMW was cheaper and faxed him a copy of their quote. He told me he didn't want to repair my vehicle and to have it off his lot by 5pm that day or he would charge a $75 per day fee for storage. I ended up having to pay for the tow to the next shop because PWI wouldn't cover it after they referred me to a scam repair center.
2nd issue - The next repair center replaced the water pump and the thermostat but sad the engine was ticking and the valve's needed replacing (suppose to be covered by PWI) - PWI told them they had to know exactly what valve in the cylinder head caused the failure. The repair center stated it would take 26 hours to break the cylinder head down and identify what valve was causing the failure. When they tore down the cylinder head, PWI sent a inspector out and the inspector stated he saw sludge so ended up PWI used the oil sludge as a way to say they would not cover the $3600 cylinder head replacement (suppose to be covered). PWI said the oil sludge indicates pre-exisiting conditions and it showed lack of oil change maintenance so therefore they were not going to cover it.
I called BMW and got all of the service records. My car had 2 previous owners. I bought at 59000 miles on it and it was covered under BMW's maintenance plan through 50,000 miles. I called PWI and told them I could have BMW forward them all service maintenance records to show the car had been maintained according to manufacturer recommendations and oil changes had been done as scheduled. PWI told me it was nothing they could do; wasn't interested in getting the maintenance records and it was out of their hands. The underwriter had made the decision to not cover the repair.
Now Dawn will not return any of my calls. Her boss Tim and/or Colette ** will not return my calls either. My car has been in the shop for 3 weeks now and PWI won't do anything. The bill is $3710 - I would never put my car in the shop if I would have known PWI was not going to adhere to their service contract. I would have waited until I had the money for the repair. I found out the underwriting company is Amtrust Company. PWI is a scam. They will do any and everything to get out of upholding their service contracts. What a shame and a scam. This company should not be allowed to do business. If anyone has any suggestions or would like to file a class action lawsuit, please contact me. I also found out PWI was recently bought out by Karauto Options.
Preferred Warranties is not worth buying. I have had my 07 Dodge Ram in several different shops over a 6-day period. Preferred Warranties will not cover what they say. I have been sitting at a shop for 4 half hour still getting the runaround. These men are trying to do their jobs and can't move Forward because Preferred Warranties tells them something different every time they call. So I'm out over $2000 and they still have not done a dang thing. This is a worthless company... Don't purchase this warranty. Axles, differential, tie rod wheel bearings and more on my Dodge, all items that will cause an accident but they will not fix. They want the shop to put used parts under the truck. I do not think this is very professional because the shop can be held accountable for an accident.
Lack of good faith warranty claim handling: I am paying out of pocket for repairs that should be covered.
On July 13, 2010, I purchased an extended protection warranty from Preferred Warranties Inc. for the used vehicle that I purchased. My vehicle is a 2007 Jeep Grand Cherokee 4x4. The extended warranty cost me $1,500, and was to cover a wide variety of items if the car broke down or needed repairs over the next 48 months or 60,000 miles.
So far, I have needed to use the extended warranty twice. The first time I tried to get Preferred to cover what is specifically supposed to be covered under the warranty, they told me that I had not followed their precise rules on pursuing a claim and that they would not honor any warranty for the repair. The second time, I was particularly careful to follow the procedures so that the repair would be covered. I thought that I did everything needed, including having the repair shop call Preferred to make sure everything was done correctly.
Once again, Preferred found some small procedure that they claim was not followed and refused to pay for the repair. So far, I have paid close to a $1,000 for repairs that are specifically designated as being covered under the extended warranty from Preferred. From the instant I was on the phone with the Preferred representative, I got the run-around. Before I could barely state what I was calling for, I received an adversarial challenge that I had not followed some minute procedure so the repair would not be covered. This was followed in later calls with Preferred substantially negotiating down what they would pay for a covered repair because their procedure was not followed to the "nth" degree, even though I did everything possible to follow these procedures.
I have been around long enough to know when I see a scam and this is it. Preferred is happy to take your money and give the impression that any major repair for your used vehicle will be covered under their warranty. But then, they actively seek to find a loophole or super-technical item to not pay, or to negotiate down the amount that they will pay. This is a total rip-off and an expensive one at that. So far, I have paid for an extended warranty, and I have also paid for the repairs that were supposed to be covered by that warranty.
Preferred is running a scam. I would like my $1,500 back that I paid for the warranty. Clearly, Preferred has no intention of ever paying anything under it. I still have 41 out of 48 months left on the extended warranty, but with no real hope that Preferred will ever honor it and pay what it is supposed to pay. I also note that I am just the latest victim of these same business practices of Preferred. Preferred is the subject of numerous similar complaints as can be found at the following website locations, among others: **, **, **, ** and **.
About one year ago, I bought a used truck and two weeks ago, the motor broke. I took it to the mechanic, showed him my warranty and he said that it was covered. The warranty called me and said it wasn’t covered.
I purchased an Isuzu Rodeo from a dealer in Plano, TX and drove the car for 1100 miles and the engine had to be rebuilt. The cost of rebuilding the engine was more than $2900. The warranty paid nothing.
Purchased a vehicle and the extended warranty through this company. The truck had a few minor issues after purchase and the service needed was not under warranty. Just last week a major problem with the truck, a spark plug shot out of the motor, resulting in a new head needed for the motor. A $2,800.00 problem. My bumper to bumper warranty would not cover the repairs, due to crafty lawyer's writing this policy with many hidden loopholes to get them out of almost every repair imaginable.
6/23/2008, Four months ago I bought a house along with a one year appliance agreement. My appliances were inspected and in very good working condition fairly new. The refrigerator has started to leak from the insides to the point where bowl are put in to caught the water, and their is a bad smell from the water. I first had my husband call the warranty company because I was on my way to work, but could not leave. He seem to be having a hard time communicating with the lady on the other end. He told her four months ago we brought the house and two weeks ago the leak in the refrigerator begin. She then precede to use some form of word not to his understanding then strayed playing this game of confusion. He said she said. However she said she will not fulfilled the contract agreement and to write a letter of dispute. In the mean time food has gone bad and more money spent on eating out.
I purchased a used 1996 Mitsubishi Eclipse, for my son, from Royal Imports in Roanoke, Va. Included in the purchase of the car was a three month, 4000 mile warranty through Preferred Warranties which covered engine, power train, etc. This was a selling point for Royal Imports and put my mind at ease in should anything major go wrong with the car. My son an I checked the car out and noticed nothing out of the ordinary and decided to go ahead and purchase. After about a two week period I was checking the car over and found that the oil level was low.
I then kept a closer check on the oil and over the next two week period I noticed the oil level to continue to drop. I followed my son to work one day and as I drove behind him I noticed an abnormal amount of smoke coming from the exhaust as the car was setting at stop lights and a big puff of smoke when he eccelerated from a stop. I then became very concerned as the problem seemed to be getting progressively worse.
I decided to call Preferred Warranties and talk to them about the problem. Preferred agreed that I should go ahead and process a claim so I proceeded to take the car in to my regular mechanic at Coyner Springs Service Center in Blue Ridge, VA. This was agreeable to Preferred.
I proceeded to follow the Warranty Companies instructions and kept in contact with them throughout the repair of the vehicle. The car was checked out by an independant Automotive Consultant along with the part owner/mechanic at Coyner Springs. As it tuned out when the engine was torn down and the report from the consultant was turned in to Preferred for review so they could make sure the wording was correct, Preferred refused to honor the contract. They stated that the reason they would not pay for the repair was that my situation fell under an exclusion in the contract. Preferred stated that the smoking problem was caused by the engine piston rings freezing up and allowig oil to pass by the rings and burning in the exhaust system. They stated specifically that the condition of stuck rings ocurred over a period of time and miles and not during the 942 miles I had personally put on the car.
As a result of Preferred Warranties refusal to pay, I paid the repair bill in full to Coyner Springs. The total was $2,532.73 for a used vehicle that my
son had driven for less than a month.
My contention is that it can't be determined exactly when the problem started and in that the smoking problem was not detected by either Royal Imports or by myself at the time of purchase it cannot be proven that this problem exsistated in its full blown state at the time. Preferred is resting their case fully on conjecture and what they think may have happened.
Preferred Warranties Company Profile
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