Portfolio Protection products are designed to make your ownership experience with your vehicle a happy one. By providing vehicle service contracts to cover the high cost of repairs, and Guaranteed Asset Protection (GAP) to help you financially if your vehicle is totaled, or our wide range of other protection products, we help you manage your budget, keep your vehicle the way you want it, and give you peace of mind.
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The product was sold to us by Hyundai Genesis dealer as a warranty that will cover wear and tear issues at the end of the car lease. The dealer told us that after we return the leased car, they will send me a bill which I will submit to LR3. However, after I returned the car, Hyundai send a bill for dent repair but LR 3 refused to pay, under the pretext that the claim has to be opened 30 days before the end of lease. Now I see that this a rip off and they are using the 30-day condition as a way to get out of paying for the repairs.
I find it VERY odd that almost every positive review on this site ends up with a "Thanks Portfolio!" ...almost as if they were written by one person... Just my observation. I just bought a new plan through Portfolio and have had either any Positive or Negative experience but I do wish I would have read these review BEFORE I bought the warranty.
Having purchased one of Portfolio's service plans in 2017 with the purchase of a new vehicle, I thought doing so was prudent, primarily due to the complexity of new cars these days. Just a shade over two years however, I traded in that vehicle for a newer model, which negated the need to maintain the remaining unused portion of my protection plan (five years). After all, a $1700.00 investment for a seven year plan is quite a bit for a plan which I had not exercised at all and no longer needed to retain.
After calling Portfolio, an associate asked that I submit various documents to confirm that I was requesting a refund, that I provide a certificate of mileage and lien holder information. Seemed reasonable enough. After faxing the information, I followed up to confirm that the associate had received what I faxed, but had to leave a message (reportedly, he was 'out to lunch'). No call back. I followed up several hours later (and after supposedly going through various PDF documents, as the associate referred to them), the associate acknowledged receipt. The associate seemed to tap dance however, around my primary concerns as to how much would be returned and when I might expect it. The best I could elicit was that Portfolio would process my request.
While I certainly don't wish to rush to judgment too quickly, I have to admit that I wasn't too terribly impressed or inspired as I felt as if I was simply dealing with a call in center, where one customer call was no more important than another. From my perspective, an uncomplicated refund request should be a relatively simple, straightforward process (especially since there was no lien holder involved and that I had not exercised any portion of my seven year plan at all). Yet, just over seven weeks later, still have no refund in hand. Perhaps I should feel fortunate that I wasn't filing an actual repair claim.
Having read various customer reviews about Portfolio, here and elsewhere, my initial impression of Portfolio (based upon my telephone conversation with one of their associates), hasn't been exactly great. Let's face it - getting refunds can sometimes be a bit more difficult than one might anticipate. While purchasing these extended protection plans seems like a wise investment, since each of us want to feel 'protected' from 'unforeseeable' repair issues, I'd wager that a respectable number of customers end up being disappointed along the way with these plans (home appliance plans, auto plans, etc. ), when they discover that they weren't as 'protected' as they believed when a claim is denied, for any number of a hundred reasons. One thing that I must confess to is that I didn't truly take into account (at the time of plan purchase), is that the administrators of these plans can deny claims using virtually any rationale that they choose to apply.
At the time or purchase of these plans, do any of us actually bother to read through all the pages of extremely fine print contained within these protection plan contracts? I didn't. There's so much fine print that one almost needs a magnifying glass to wade through each and every paragraph (presuming that we can fully comprehend all of the fine print (gobbly-gook, in my opinion), contained within). Even the wording about how refunds are calculated, in my situation, seems rather difficult to absorb.
Portfolio describes itself as the plan administrator (as do several other companies I've seen offering similar services in television ads), where they and their 'providers' are different entities (which may not anything particularly unusual). In my case however, the provider is "Express Systems" out of California. So the question becomes, just who is the customer (or the repair shop) supposed to be dealing with directly, when it comes to addressing an issue, getting work approvals, payment decisions or determining whether a claim is approved or not? One might logically presume it to be the plan administrator.
If you stop and think about it, the "administrator" and/or "provider" could theoretically, run a customer (or the repair shop) through all kinds of endless hoops as to whether or not a particular claim will be honored - after all, it's their interpretation of the plan which prevails, irrespective of what you paid for the plan. So just what position does this put the customer in when a claim is denied and they thought they were fully protected? Imagine the delays and disconnects (and potential disappointments) which could occur along the way when you're depending upon a timely responses and a claim is denied or you're having to deal with multiple entities?
Even though you've paid good money for your protection plan, it's almost as if it's a 50-50 proposition as to whether you're as fully covered as you believed. As complicated as cars have become these days, I would speculate that the list of excluded parts is probably quite large. Personally, I fail to understand (at least in part), why these protection plans absolutely must commence on the date your new vehicle is acquired, when the manufacturers warranty provides bumper to bumper protection for x number of miles/years, roadside assistance, etc.. Maybe I'm not seeing the entire picture.
In hindsight, I find myself asking when it comes to repairs, how many of us have actually taken into account that repairs may make use of 'used', 'like new' or re-manufactured parts? I'm guessing that most of us probably 'assume' that 1) we're fully covered and 2) that repairs, when needed, would consist of new or OEM parts -- ah, one should never 'assume'. If used or like new parts are used, just how long would those parts actually last and will your protection plan cover failures of those? In other words, the 'peace of mind' that we thought we purchased can (potentially) disappear quite quickly when the plan is put to the test - again, a 50-50 proposition in my opinion. If one's peace of mind is shattered (in the event the plan administrator decides that a certain repair, service or part isn't covered), just what recourse does the plan holder have? Probably, not much.
Consumers absolutely must do what I neglected to do prior to purchasing a plan. Do some online research beforehand (using various search engines), to seek out both positive and negative reviews of the company offering the plan. As I understand things, on a new vehicle purchase, you have a grace period in which you can opt into purchasing an extended protection plan and don't necessarily need to purchase a plan at that very moment. And reportedly, there's also a grace period in which one can cancel a protection plan without penalty (you should be able to cancel a plan at any time however, but will likely pay some sort of administrative fee in addition to a pro-rated calculated refund). Grace periods however, may vary.
Reputation, trustworthiness and credibility, one would think, would be of paramount importance to companies, where success hinges upon these qualities .. but, I have to wonder about where Portfolio stands, given the difficulties I have experienced in obtaining a simple refund.
Absolutely a wonderful a professional company! I got a flat tire on a Saturday night, I went Sunday as I need brand new tire, Monday Morning I went to the dealership to find out how to get reimbursed. They told me just to call the number on my paperwork. I did that Tuesday Morning, got the paperwork faxed then faxed it back, I was told 7-10 business days I would receive my check for $170. Well it was on the 4th day I received a check $170! Thank ya'll for the fast & easy work. So worth the money I pay for the extended warranty! Ya'll are doing a great job!!
After being denied any service related to a broken transmission, dealing with rude service personnel on the phone, finding out that the implied warranty was way different than what is actually covered in the contract I requested a refund, still waiting after two months for my refund.
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Difficult to reach, poor customer service. A waste of money, I'd look for a different company. It doesn't cover most of the things I was told it would. The claims department is useless, doesn't return calls, and is short on follow through. An expensive lesson for me. You would be wise to go with a different company.
My husband got me a 2016 Chevy Cruze in July 2018. He thought he was doing the right thing by purchasing an extended warranty recommended by the dealership. He paid $2000 for the top coverage, road side assistance and theft protection for four years. This was a certified pre-owned vehicle. May 2019 we noticed that the car engine was missing and surging, so we took it to the dealer, who said there was a problem, but we had to take it to a Chevy dealer for warranty work. Made an appointment and took it in on June 7, 2019. Turns out the head gaskets are bad and then the service engine light came on.
Dealership contact warranty company, they ask for service records, which I got, they were emailed to them but for some reason, they didn't receive them. I called in, got customer service who gave me the email address to send them to again. I wait a week, nothing, I call back in and was told they never got them, I said yes you did, I emailed it with a read receipt and you got them and downloaded them. Well he suddenly found them, all nice and good. He is very polite and he says he will send them to the adjustor.
Adjustor waits 2 weeks, calls the dealership, states he will be there on Wednesday and that he is coming from a long way and for us not to be late. Appointment takes 15 minutes, wait another week, contact the dealership and he tells me the warranty company is still deciding. This is a month and a half wasted and I still don't know if they will cover it. I'm so frustrated, how can so many people get taken across and nothing happens to the company? This is a scam company.
Terrible service. Terrible phone skills. Leave on hold for 45 min twice, RV repair company could not get approval for a covered problem. Told required “committee approval“ that takes 48 hrs. And they will not call you back with results. The client has to call back for determination. RV repair shop stated they never have problems like this with other insurance companies.! I get the feeling they’re doing all they can to make filing a claim a real headache and trying to avoid any payouts.
Part 1. This company is living up to its 2 star rating. I wish I had been aware of their reviews on this page. Dealing with them is like is like walking through sand wearing 10 lb shoes made of molasses. Making personal contact is difficult, their reply to the dealership runs at the speed of the pony express. They want to use shoddy OEM parts. How shoddy? The first that was sent by Meridian (Portfolio’s version of Harbor Freight) didn’t work, not a bit of compression out of this compressor. I hope the next one, if and when it arrives, makes it beyond a few months.
They purposely take so long to do things that you are wary of actually trusting them to pay for your rental, which will only be for five days (when Portfolio knows good and well they will draw out this process for at least two weeks. It took days just to get permission to look into my ac problem. Then they drag their feet on parts (which ended up defective). Now rather than letting Nissan use their compressor, we are stuck waiting on Portfolio and Meridian to make the next grueling, begrudging move. My Nissan Pathfinder has now been in for just shy of two weeks. Hope I get her back before the conclusion of summer break. I really miss her banging sound system. Stay tuned for Part 2 of How the World of Portfolio Turns.
Keep away, I work for a RV repair facility and every time a customer brings one from Portfolio we want to run away. Extremely hard to get approvals, they will stall you for days or weeks hoping you get frustrated and give up. Both the repair shop and the policy owner have to be very consistent and diligent to get any repairs covered. Once they told us that the repairs were not authorized after the repairs were completed. We had a claim number and the amount. It took some time to resolve the issue. The excuse was the person who authorized the work didn't make a note in the computers. It's a joke of a company. DO NOT BUY!
Portfolio Protection Vehicles & Services Company Information
- Company Name:
- Portfolio Protection Vehicle Protection Products
- Company Type:
- Ticker Symbol:
- Year Founded:
- Formerly Named:
- Portfolio Protection Vehicles & Services
- 25541 Commercentre Drive, Suite 100
- Lake Forest
- Postal Code:
- United States
- (877) 705-4001
- (949) 727-0393