Questionnaire: Would you pay for an extended warranty?

Ste-robbo

Hi All,

My first post on here but I am on a couple of other forums. A friend of mine works within the insurance industry and is the go to guy for new ideas and projects. I approached him a while back about offering an extended warranty service on bikes and also a separate warranty scheme for used bikes so you can get those bargain second hand bikes and still have warranty to rely on. He seemed pretty interested in the basic concept if I can come up with some figures so here I am.. Basically I would really appreciate it if you could take a minute or two out of your time to answer the below.

Hopefully if I can get something going it would be a good idea for us bikers as I have seen numerous cases of frames getting seriously damaged out side of warranty or bought second hand. Anyway here we go:

Did you buy your bike brand new or second hand?
What did you pay?
What would you be happy to pay for an annual warranty policy if it covered all your criteria?
Would you prefer to pay annually or monthly?
Would you consider second hand if this was available?

As said hopefully this will come about as I think it will benefit a lot of riders and give us a little bit of extra peace of mind if your warranty has expired or you buy used.
I am trying to get the T&C's to be very close to the manufacturers so all reasonable grounds are covered.

Thankyou for you time.

cooldad

Extended warranties are, without exception, a con.

So I'm out.

Kowalski675

cooldad wrote:

Extended warranties are, without exception, a con.

So I'm out.

Agreed.

YeehaaMcgee

cooldad wrote:

Extended warranties are, without exception, a con.

So I'm out.

+potato.
And besides, Marin just sort things out without complaint, so I couldn't care less.

97th choice

Bought a new giant, frames have a lifetime warranty. So no thanks

YeehaaMcgee

97th choice wrote:

Bought a new giant, frames have a lifetime warranty. So no thanks

Well, Giant do that, until you actually need something.

rockmonkeysc

Giant sorted my Reign X frame under warranty three times, no questions.
Warranties are (with a few exceptions) pretty good so no.

97th choice

YeehaaMcgee wrote:

Well, Giant do that, until you actually need something.

I've heard the opposite, but unless I toast my frame I'm not really in a position to find out definitively.

YeehaaMcgee

Maybe it depends on the dealer then.

The Northern Monkey

cooldad wrote:

Extended warranties are, without exception, a con.

So I'm out.

/endthread

Ste-robbo

Good bit of input here, cheers guys.
I may go back to the drawing board and look in to it again, I think with good T&C's, none of the typical sh*t they put in then it could be a good option for SOME bikers or my friend mentioned the bicycle insurance route which I am not so keen on.

Thanks again.
End thread

lbalony

Even with a Warranty, if Evans are your dealer it's classed as wear & tear what ever it is. Would seem pointless in the hope of having an extended warranty when a warranty does not mean anything if your unfortunate to have dealt with evans cycles!!!

Ste-robbo

Correct, I have heard numerous stories or terrible warranty plus a lot of manufacturers will not honour it once the bike is sold. I was hoping to get some 'real world' T&C's on there which would actually benefit us rather than a way for them to dodge it..

njee20

Wouldn't do it, not worth it IMO.

I'd suggest your issue will be that you'll have to get the manufacturers on side in order to have access to the parts - frames and forks etc. There's no real reason for the manufacturers to get involved, so I suspect it'll be a bit of a brick wall.

97th choice

Only way I can see it working is if you engage with the bike shops so they offer it at time of purchase.

njee20

But they still won't have access to the parts necessary, unless you propose giving a new bike when the frame breaks on a £500 bike, the manufacturers won't supply them.

Maro

Doesn't really work with cars at present, won't work with bikes either.