-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
X-Care Extended Warranty for Model 3
- Thread starter EarlyM3Owner
- Start date
Would you mind providing some more information about your company for those of us who are not familiar with it.
Thank you.
Sure thing! We have been around since 2014 and have been working directly with Tesla as a 3rd party lessor for commercial leasing clients and fleet management for EV's. We saw the need for a warranty product with little to no limitations on who can purchase; vehicles purchased from dealers, older vehicles already outside of warranty, commercial vehicle use, etc. So we went about to create it.
We knew in order to create a confident and viable product, we needed industry leaders to back it. We partnered with Endurance Dealer Services and AmTrust financial to build the contract, administer the claims, and guarantee the contract (underwrite). We had the knowledge base on Tesla's, intimately knew how Tesla works with service and we were joined by a Tesla Global Manager to help drive it to the finish line.
Ourselves and our partners had to create everything from scratch; develop a contract specific to EV's and not have "ICE" terminology, develop a unique claims process that works around Tesla's service process, and really build approach everything with a new mindset to overcome existing stigma against "3rd party" warranties.
After a year of development, we launched the product earlier this year, expanded state by state, and partnering with dealers who are trying to have success with selling Tesla's/EVs. We view this as a significant step of maturity for the Used EV space and function with 100% transparency to build confidence within the community.
To directly answer your question - even if we weren't around (which obviously we are not planning on lol) the contract is backed/underwritten by AmTrust financial - a global & publicly traded insurance bank that is A.M. Best rated.
Hopefully this helps!
Thank you, very helpful!
Can you give us a little more insight into the extended warranty business. Specifically how long have you been issuing these warranties, and how many have you signed on so far? And if you would be willing, could you give us a breakdown of the number of warranties you have issued for the S/X vehicles and the Model 3 vehicles, since most of us are concerned specifically about the Model 3 on this forum.
I cannot give you specific sales numbers but we launched X-Care in February of this year. We also have a partnered up with couple dozen dealers around the country that sell X-Care with their Tesla inventory.
I can say that Model S and Model 3 are head to head with most purchased. There are a lot more Used Model S's in the market that are being sold by dealers so X-Care is the only option to get those covered (cannot buy Tesla's ESA if you purchased from a 3rd party), but with Used Model 3 on the rise and the fact that X-Care is the only extended warranty option, we get a significant amount of Model 3 owners purchasing.
To try and give a little confidence in numbers, our partner, Endurance, has sold close to 500,000 warranty contracts and has paid out over $60 million in claims (historically). They have partnered with 3,500 dealers that sell their products and are the leaders in this industry.
I looked it over and had my lawyer look it over (can never be too safe) and all was good. Nothing seemed abnormal.
Thank you!
Could you give us any insight into what percentage of owners end up incurring repair costs greater than the cost of the warranty?
Still too early to say. Many people ordering are still within their factory warranty so they won't start making claims until they exit their factory warranty window. Once we have more data, then we will start sharing those types of insights for everyone.
seems reasonable. But I'm biased considering the fact that I already bought it for mine lol
Really appreciate you answering our questions! I noticed in the exclusion of coverage section, item B lists structural parts, subframes, brackets, water intrusion, shock absorbers, etc.
So I am guessing this would not cover leaky pano roofs for Model S or leaky tail light housings, etc due to the water intrusion clause? What about suspension components? Control arms, half shafts, etc? It sounds like the S air shocks would not be covered based on Paragraph B in the exclusions section.
I know we don’t know what fails yet on the 3, so trying to gauge the sorts of things it might not cover by issues I have had with our S’s.
Yes its transferrable. This was a major point for me - i might sell my car within the next 8 years and itll be a lot easier to sell with coverage than without.
Leaky pano roofs can be caused from various ways which we do cover. What we have seen are pano roofs not closing all the way - that is covered. Motor issues, etc. To date, we have covered all pano roof issues.
Leaky Tail lights is not covered but Tesla now has an easy way to fix that does not cause much money - or you can live with it. I have yet to see that lead towards a component failure.
Suspension is covered with the exception of the Shock absorber specifically. Air suspension is covered all the way through (no shock absorber component on air suspension). For coil suspension, the knuckle, camber, control arms, half shafts, etc is all covered. Just not specifically the shock absorber.
C141medic
Active Member
@X-Care EV Can you please provide information regarding the deductible? Is the $100 deductible per component or per visit to the service center? In other words, if I have 5 items needing repair and I have all of them repaired in one visit, what would my deductible be?
Is there also a fee to transfer the warranty to a new owner?
What is the cost of your tire/wheel warranty coverage?
Thanks.
Is there also a fee to transfer the warranty to a new owner?
What is the cost of your tire/wheel warranty coverage?
Thanks.
Its $100 per visit. in your example, you would only pay $100.
$50
If you purchase an X-Care warranty term, then we can add a 4 year wheel and tire protection plan for $800 ($1,100 value)
X-Care Wheel and Tire (All Tesla Models):
1 Year: $850
2 Year: $1,037
3 Year: $1,073
4 Year: $1,134
5 Year: $1,201
6 Year: $1,297
7 Year: $1,408
Just wanted to give everyone here an update on my experience. I ended up buying two warranties - one for my mother who has an early 2015 Model S, and my own car which is a P3D but still under warranty - bought the 8 year term so I have coverage well after my warranty expires.
Unfortunately, my mother's MCU went out so we went through the process together. Here is my feedback of the experience.
We called our X-Care number, let the person know that our screen went out and scheduled service. For some reason the car was still drivable (is this always the case?) but nonetheless, she had another car so she just drove that one instead until they got the part.
Once our appointment came through, dropped the car off, got an estimate, gave them approval to begin, and sent the estimate over to our X-Care rep we were dealing with. We got the MCU replaced, and when we went to pick up the car we had our service rep call the same X-Care number. They were a little confused but I just told them that these people will pay for the bill - there was someone else at the Chicago service center that knew about it already. They called, our rep sent them the credit card info, and we just paid $100.
Overall it was pretty easy and only paid $100 for a bill that was a little north of $3k. I only expect this to be the same scenario for any future repairs. My mother was definitely glad we bought it, to say the least.
Unfortunately, my mother's MCU went out so we went through the process together. Here is my feedback of the experience.
We called our X-Care number, let the person know that our screen went out and scheduled service. For some reason the car was still drivable (is this always the case?) but nonetheless, she had another car so she just drove that one instead until they got the part.
Once our appointment came through, dropped the car off, got an estimate, gave them approval to begin, and sent the estimate over to our X-Care rep we were dealing with. We got the MCU replaced, and when we went to pick up the car we had our service rep call the same X-Care number. They were a little confused but I just told them that these people will pay for the bill - there was someone else at the Chicago service center that knew about it already. They called, our rep sent them the credit card info, and we just paid $100.
Overall it was pretty easy and only paid $100 for a bill that was a little north of $3k. I only expect this to be the same scenario for any future repairs. My mother was definitely glad we bought it, to say the least.
boriszima
Member
What would be a reason/incentive to buy before Tesla warranty runs out [so far ahead of time]? Would end users make more sense base on their experience to buy towards end of 50k ?
joebruin77
Active Member
I believe the cost goes up over time. So the cheapest cost is when your Tesla is new. I would be curious to know the cost of purchasing it say right before the bumper to bumper manufacturer warranty expires.
The S has (had?) a special discount price the first 90 days. Then same until basic warranty expires. I think it was $300 discount but not sure.
Similar threads
