12-22-2017, 08:49 AM | #1 |
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Is Tire & Wheel Protection plan worth it
Hi Guys
I just picked up my M550 yesterday and for the first time, I bought the tire & wheel protection plan. I have owned 12 cars before and never once I bought the plan. Now I am having 2nd thought. 1. because I plan on getting all season tires from a 3rd party shop, which they offer 3 year protection plan for only $25/tire. 2. I originally thought the dealer/BMW protection plan will cover any cosmetic damage to the wheels, but not the case. No curb rash, no cosmetic. Only structural damage. So, taking away those 2 things above, the plan is only good for when I hit something big and dented/broke the wheel. Is it really worth $1900? Also, do I have a grace period that I can think about and cancel the plan? |
12-22-2017, 09:24 AM | #2 |
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It is like every insurance issue. How big is your risk quotient? If the unexpected happened, and you had banked the $1900 for "just in case" could you cover another couple of thousand if you had to (unlikely as damage would likely only come to one wheel). I just picked up my 530e with 664 wheels and 19" tires (Pirelli) and I passed on the wheel insurance.
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12-22-2017, 09:36 AM | #3 | |
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12-24-2017, 08:55 PM | #4 | |
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12-25-2017, 11:28 AM | #5 |
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I always opted out on those.
Because for that price, I can get another set or two of beater wheels that will last or don't care about. It is insurance afterall, you better read those small prints carefully. There always be a catch benefiting the insurance company.
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12-26-2017, 07:17 PM | #6 |
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It's not worth it. You will need at least 3 wheel replacements just to break even. I'd rather self-insure the wheels and buy the cheap tire certificates from discount tires.
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12-28-2017, 11:06 AM | #7 | |
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12-28-2017, 06:14 PM | #8 | |
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12-28-2017, 06:20 PM | #9 | ||
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01-02-2018, 02:43 PM | #10 |
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I think I am going to cancel it. I got the tire protection plan with the shop that I got the all-seasons from. I can't imagine breaking 3 wheels in 3 years.
Worst case, I will just get a aftermarket replica that cost much less. Thank you guys for all your suggestions. |
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01-02-2018, 02:53 PM | #12 | |
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01-03-2018, 12:27 PM | #14 |
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I got suckered into by the finance manager. I was able to cancel mine right away with Easy Care and getting that check takes forever.
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01-03-2018, 01:37 PM | #15 |
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I was told by the finance manager at the dealer that the check will just go to BMW financial services since they are the one that provided the auto loan. No check for me.
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01-03-2018, 09:12 PM | #16 |
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Yes but since it was financed into your loan/lease it will now reduce your payoff, so make sure that they give you credit for it.
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01-04-2018, 09:16 AM | #17 |
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I told the finance manager two days ago to send me the paper work for cancellation. Still no email. I will be picking up my car this Saturday at the dealer. Will make sure it gets done. By the way, since I got my car on 12/21. I have only driven it two times, total of 90 miles. I has been at the dealer since 12/27 for some minor repair. I hope I don't see 200 miles on the odometer when I pick it up.
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01-09-2018, 07:23 PM | #18 |
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I'm guessing you have only 30 days to cancel the insurance, correct?
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01-09-2018, 11:11 PM | #19 | |
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01-10-2018, 08:13 AM | #20 | |
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I have sent a cancellation request. |
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