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Discussion Starter · #1 ·
I brought a new Hyundai Ioniq 5 LTD yesterday. The dealer in Chantilly.
As per him, the Hyundai manufacturer warranty covers only defects.
VA advised me to buy Platinum coverage for 10 years for the new car. It costs around 3000 $.
This Platinum coverage is from Assurant. Should I but this additional coverage as this is an electric car.
On the other hand, this car is new and Hyundai has the best warranty in the business.
Please advise
 

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2020 Ioniq EV Limited, White
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I brought a new Hyundai Ioniq 5 LTD yesterday. The dealer in Chantilly.
As per him, the Hyundai manufacturer warranty covers only defects.
VA advised me to buy Platinum coverage for 10 years for the new car. It costs around 3000 $.
This Platinum coverage is from Assurant. Should I but this additional coverage as this is an electric car.
On the other hand, this car is new and Hyundai has the best warranty in the business.
Please advise
As you stated in your message, Hyundai already has the best warranty in the business. The dealer may just be looking for more profit. Be cautious.
 

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Very curious exactly what Assurant covers besides defects. Have you read the exact wording of the policy?

Also $3000 seems very high but it's difficult to comment without a full understanding of what the policy covers.

Finally, who is Assurant? Never heard of them before. Are they going to be in business for the next 10 years? Plenty of examples of third party warranty companies going bankrupt.
 

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IONIQ 5 SEL AWD, 2021 Ioniq Electric Limited, 2004 Subaru Forester XT
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You may want to confirm that's the official Hyundai warranty and not some third-party warranty they're trying to steer you toward. Also, you may want to call around to different Hyundai dealerships to get pricing on the extended warranty. Prices will vary from dealer to dealer (for the same warranty). You can purchase the extended warranty from another dealership after you buy the car, but in doing so, you won't be able to finance it (include it in your monthly payment).
 

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IONIQ 5 SEL AWD, 2021 Ioniq Electric Limited, 2004 Subaru Forester XT
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I recently purchased the 10 year/100K Hyundai extended warranty for my Ioniq 5 for $1,900. It took some calling around to find the lowest price in my area. Other dealerships near me were charging quite a bit more.
 
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IONIQ 5 SEL AWD, 2021 Ioniq Electric Limited, 2004 Subaru Forester XT
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Interesting. How do you ask for a warranty from a place/dealer you don't buy from? Is this a hyundai warranty?
Yes. It's the Hyundai extended warranty/service plan. You don't have to buy it when you're purchasing the car and you can purchase it from any Hyundai dealer. And you don't have to have your car serviced by the dealer from which you purchase the warranty.
 

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Yes. It's the Hyundai extended warranty/service plan. You don't have to buy it when you're purchasing the car and you can purchase it from any Hyundai dealer. And you don't have to have your car serviced by the dealer from which you purchase the warranty.
So... Do I just call up a dealership and ask for the warranty? Not sure what my next step should be aside from canceling the one i just bought
 

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IONIQ 5 SEL AWD, 2021 Ioniq Electric Limited, 2004 Subaru Forester XT
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That's what I did. I had purchased a third-party warranty offered by the dealer from which I bought my Ioniq 5. I later learned of the 10 year/100K Hyundai warranty, which is much better than the one I bought. So, I checked the terms of the warranty I bought and found I could cancel it and get a refund less a $50 administrative fee. Since I included the extended warranty in my financing, the refund will be sent to the finance company and applied to my loan (rather than giving me the cash).

Once I know I could cancel my existing warranty, I called around to various Hyundai dealerships to get their price on the Hyundai extended warranty. Once I found the best deal, I purchased it and then contacted my original dealership to start the process of cancelling the original warranty I bought.
 

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2022 IONIQ 5 Limited AWD Atlas White
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Like people said, hyundai's warranty coverage is excellent already. You get 10 year powertrain, 10 year battery, 7 year rust protection, and 5 year bumper-to-bumper. That additional warranty is giving you very little on top of that. Extended warranties are huge moneymakers for them (and they will give you a big spiel about it for at least 10 minutes in person) for this reason: they won't need to cover you at all even if you do cash out, since your manufacturer warranty overlaps in most all cases.

If it's me, I'd rather put the extra funds into comprehensive insurance on the car. The warranty isn't going to cover accidents/random acts being done to your car.
 

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2022 I5 SEL Lucid Blue
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Read what your Hyundai warranty actually covers and then you can decide if you want an extended warranty. My Kia warranty was 100k but after 35k it stopped covering any of the multimedia systems, even though it said 60k basic warranty. The platinum warranty covers nearly everything but the batteries and your average consumables.
 

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So you pay $2k today for the chance they pay $2k over 3 years from now? These are mostly profit. No wonder we all get calls about extended warranties. Are they even EV specific or does it cover ICE and an automatic transmission too?
 

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So you pay $2k today for the chance they pay $2k over 3 years from now? These are mostly profit. No wonder we all get calls about extended warranties. Are they even EV specific or does it cover ICE and an automatic transmission too?
Not sure where the 3 years came from, especially how you don't mention anything after that... It's a first year model car and there's a high chance things could go wrong. If you sell the car in a year, you get money back so it's not all wasted. "mostly profit" is your opinion. I'm still in the green after 5 cars with just one repair that was done. It's up to the buyer and if they want to pay $2k for leave of mind. $2k isn't even a lot of money, let alone spread out over 10 years or 120k miles. It covers your electrical systems, which ends up being a lot more costly than ICE vehicles. Just read the coverages, it's not all that hard and pretty easy verbage if you're worried about that.
 

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Not sure where the 3 years came from, especially how you don't mention anything after that... It's a first year model car and there's a high chance things could go wrong. If you sell the car in a year, you get money back so it's not all wasted. "mostly profit" is your opinion. I'm still in the green after 5 cars with just one repair that was done. It's up to the buyer and if they want to pay $2k for leave of mind. $2k isn't even a lot of money, let alone spread out over 10 years or 120k miles. It covers your electrical systems, which ends up being a lot more costly than ICE vehicles. Just read the coverages, it's not all that hard and pretty easy verbage if you're worried about that.
3 years is the first exception cited in the manufacturer's warranty. If you have issues in the first years, you'll use the Hyundai warranty.
 

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I brought a new Hyundai Ioniq 5 LTD yesterday. The dealer in Chantilly.
As per him, the Hyundai manufacturer warranty covers only defects.
VA advised me to buy Platinum coverage for 10 years for the new car. It costs around 3000 $.
This Platinum coverage is from Assurant. Should I but this additional coverage as this is an electric car.
On the other hand, this car is new and Hyundai has the best warranty in the business.
Please advise
@Venky, you asked us to please advise, so here's mine: don't do it.

When I bought my Palisade from Fairfax Hyundai back in January 2020, the whole process was great... then they sent me to the "finance" person in the back. They proceeded to try and hard sell me on prepaid maintenance plans, prepaid tire replacement packages, extended warranties, lifetime air fresheners, you name it. Then they pulled numbers out of their backside to try and convince me I was dumb for not taking their "deals". They will pull out a piece of paper and write all over it in huge, sweeping letters and lots of circles; I don't know why they do that, but all swindlers do it. The discussion did not go well. This is the bad guy. Buy nothing from them. Demand that they do the basic finance paperwork and leave. Ask them if this is what they wanted to do when they were a child. Pity their existence.
 
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