Warranty Gold in Chapter 11

[6X]

I just got an email from Warranty Gold saying that they filed for chapter 11. I bought their policy after reading recommendations from fellow Diesel Page members. Does anyone know if this makes our policies totally worthless?

[FisHn2DMax]

Ironically, Warranty Gold is still being allowed to sell new Warrantys under a new underwriter? :confused:

So far, the Chapter 11 only effects those whom bought policies on or before early July 2003. Warranty Gold's underwritter "national auto warranty" underwrote all W.G. policies before early July 2003 time frame. When National declared bankruptcy (last summer) W.G. claims they didn't have the reserves to cover all potential liabilities of the contracts written, so they've now filed for protection. I too have an extended "warranty" with W.G. and I also got the notice today that W.G. has filed for and will probably recieve Chapter 11 protection.

There are two possible ways to get something back when the court decides to act:
1, If you have had any work done on your vehicle that would have normally qualified for reimbursement under your W.G contract, you should send in a claim with all documentation ASAP. All unpaid claims will get first consideration by the court under the "first to trough" rule.
2, If you don't have any vehicle warranty claims, send in a written request for contract cancellation before the Dec 23rd Date. Under W.G.'s contract, you are entitled to a prorated refund for the remaining months of the contract.

In either case, the key is to have claim filed or a request for cancellation filed and on record so you won't be the "last to trough". Realistically, we're all probably screwed, but at least you'll a chance of consideration by placing a file of claim and/ or cancellation of contract before the final court ruling date.

In W.G.'s defense and others here that may have recommended W.G., before National went under, I had great experiences with W.G. paying for over $3000 in repairs. In fact, my contract has more than paid for itself. I do feel for those that will probably lose all if not most of what they paid for W.G. warranty contract. Extended warranties are like gambling, once in a while you come out ahead, but most of the time you'll lose.

Good Luck :D

[sonofagun]

6x and fisH,

Go to their website if you haven't yet done so. There is a link to the bankruptcy court in Austin.
There are two forms you need to file with the court before Mar 2004 to become a claimant. You may or may not get a rebate but you must file or you lose.
http://www.warrantynews.com/beforejune6.asp


Good luck,
Bob

[ 11-17-2003, 12:27 PM: Message edited by: son of a gun ]