I paid $875.00 for an extended warranty that appears to be worthless.
Consumer Complaints & Reviews
Warranty Gold failed to honor the extended warranty I purchased from them for my 1999 Pontac Montana. When the dealer called to have the warranty work authorized we learned that they are bankrupt and most likely will not honor any contracts purchased prior to 2003.
I purchased an auto warranty. I needed some warranty work done to my vehicle and was unable to get the repair bills paid, because the underwriter had filed for bankruptcy. and now I am stuck with a huge bill. I had to pay about $800 for the repair bill after already paying $1179 for the extended warranty.
They told me they were in the process of liquidation and the funds that were paid to them were tied up in court action. They said I have to get authorization from them to fix the car but I would have to pay for it upfront myself. If and when the funds were released I might get a refund. In the meantime there is no one to call for authorization and I really can't afford to have the car fixed as it is about a $500 job. I thought the company was insured and that is why I paid about $1300 at the time I bought the extended warranty from them.
There is something wrong with the electrical in my car, dash lights keep going out radio goes on and off, and was told by one of the mechanics at the Ford Dealer when this happpens sometimes the whole unit shuts down completely and you have no power at all. We only have one vehicle and don't know where to turn.
I have a diamond warranty plan purchased from Warranty Gold for coverage on my 2000 Saturn LS. I had a $519.62 claim approved by the warranty claims agent, but when the Saturn Dealer tried to collect the money for the performed repairs, they would not pay. All of Warranty Gold's assests were frozen because the insurance risk retention group they use, National Warranty Insurance Group (www.nwig.com) filed for provisional liquidation.
They did not manke any effort to inform their customers of the financal troubles that occured with their administrator, NWIG. Only people filing claims would know. The Warranty Gold webpage reports nothing unusual and they are still taking on new customers (albeit with a different administrator managing their new customers accounts).
The Warranty Gold web page claims the following: "Warranty Gold has put the processes into place to secure the investment that each of our customers make in our products. We have established a "Trust Reserve Account" ("TRA") which is managed by our administrator to pay your claims for the life of your contract. Our administrator is insured to adequately cover all claims today and tomorrow. The insurer and the reinsurer are rated by A.M. Best. Your Warranty Gold service contract is absolutely reliable and secure."
If this is the case, why cant my claim be paid by the second insurance group, "the reinsurer", Warranty Gold has? Also, why would they OK my claim before the work was done, when they knew they couldn't pay? In addition to this, on Sept.5, 2003, a court in Nebraska ordered that the accounts N.W.I.G. have for Warranty Gold be released. But Warranty Gold is still not accepting any claims at this time.
They did not manke any effort to inform their customers of the financal troubles that occured with their administrator, NWIG. Only people filing claims would know. The Warranty Gold webpage reports nothing unusual and they are still taking on new customers (albeit with a different administrator managing their new customers accounts).
The Warranty Gold web page claims the following: "Warranty Gold has put the processes into place to secure the investment that each of our customers make in our products. We have established a "Trust Reserve Account" ("TRA") which is managed by our administrator to pay your claims for the life of your contract. Our administrator is insured to adequately cover all claims today and tomorrow. The insurer and the reinsurer are rated by A.M. Best. Your Warranty Gold service contract is absolutely reliable and secure."
If this is the case, why cant my claim be paid by the second insurance group, "the reinsurer", Warranty Gold has? Also, why would they OK my claim before the work was done, when they knew they couldn't pay? In addition to this, on Sept.5, 2003, a court in Nebraska ordered that the accounts N.W.I.G. have for Warranty Gold be released. But Warranty Gold is still not accepting any claims at this time.
Damage Resulting: First of all, I paid the $519.62 bill from Saturn (the portion Warranty Gold agreed to pay then did NOT) to fix my vehicle. Also, Warranty Gold claims they do not know whether they will be able to honor our contract any longer for which I paid over $1000 for.
I purchased a 5-year, 150,000-mile extended warranty from Warranty Gold. Recently when I tried to use my Warranty I was told that Warranty Gold will not be honoring the contract for a uncertain amount of time. When you call the phone center they act like you are bothering them. THey have no defined way of keeping track of claims even if they were able to start paying on contracts, because they are letting their bankruptcy trustee take all the information. WHen you call their underwriter, if you could get through, they are the nastiest people you ever want to talk to.
They took my money after NWIG filed bankruptcy. I am out $2880 for my warranties and if I fix my car myself I'm out another $1200
I paid $1300.00 for a vehicle service issued by Warranty Gold. I presented a valid claim for transmission repairs. Warranty Gold will not pay the claim because their insurance company is in bankruptcy. Warranty Gold continues to market service contracts over the internet with no mention of this bankruptcy.
I purchased a Warranty Gold warranty on April 29, 2003. Yesterday I took my Jeep to the dealer and was told that the transfer case needed replaced ($3800). When they called for authorization for the repair they were told that the company was in liquidation and was not paying any claims. When I called Warranty Gold, I was also told that they were unable to issue a refund. If they filed bankrupty in June, why are they still charging my credit card?
I have shelled out $969 of $1749 contract. Luckily, I happen to work in a financial institute and under the Visa Regs, your card issuer can do a chargeback for services not rendered. I urge anyone who purchased one of these warranties using a credit card to contact the issuer.
I have shelled out $969 of $1749 contract. Luckily, I happen to work in a financial institute and under the Visa Regs, your card issuer can do a chargeback for services not rendered. I urge anyone who purchased one of these warranties using a credit card to contact the issuer.
Damage Resulting: So far I am out $969 and will have a $3800 repair bill.
I bought a $1520 diamond extended warranty, 7 years, 100,000-mi coverage for my 2000 ZR2 4x4. Contract was bought by check on 2-7-03. I was told in June that my contract was not valid and was no longer any good due to their administrator going bankrupt. I am out $1520. Warranty Gold was in breach of the legal contract that was agreed to, resulting in a repair bill for my truck well over $1000 at the chevy dealer.
I purchased an auto warranty from Warranty gold in October of 2002 for about $1200. In august 2003, I had an air conditioner problem (to be covered by warranty) and I left the car and warranty information with the repair shop. The shop called me to tell me that warranty Gold was not honoring their contract and that I would need to pay for the repairs myself. I contacted Warranty Gold and they told me that their admionistrator was in bankruptcy and that they could not authorize payment of a claim. Their website says that they and their administrator are insured but this did me no good. I lost $1200 in paying for a useless auto warranty.
