Any experience with third-party warranties in Canada?

[Donkey]

Story about a third party warranty in Canada covering more items: ball joints, control arms, bushings and link kits.

CBI & Finance offers a third party extended warranty program for Tesla owners in Ontario, Quebec, New Brunswick and Nova Scotia. Recently, the company has updated its coverage items to include more suspension parts that are known to often require replacing.

CBI & Finance launched their extended warranty program last year, offering extensive coverage for vehicles less than 10 model years old and with less than 200,000 km on the odometer. As is typical with any extended warranty program, there are some limitations in what is covered under the terms of the agreement.

However, instead of further limiting the coverage, the company has implemented a major upgrade as it now includes ball joints, control arms, bushings and link kits.

Does anyone have any experience with CBI & Finance's third-party warranty?

 

[Jgdixon]

https://ontario.teslaownersclub.ca has many members who have signed up and started to use this. I am the president of the club and we deliberated for some time before accepting them as a sponsor. The same success has been with Tesla Quebec.

 

[SilverGS]

https://ontario.teslaownersclub.ca has many members who have signed up and started to use this. I am the president of the club and we deliberated for some time before accepting them as a sponsor. The same success has been with Tesla Quebec.

I just tried to inquire about the warranty on their website and the form errors out - "Sorry, the application is experiencing technical difficulties. Please start again another time".

I wonder how many potential customers are lost because their form does not always work...

 

[Jgdixon]

I passed on the info.
You can call them at (514) 916-8030 ask for Serge

 

[FrugalS]

You can call them at (514) 916-8030 ask for Serge

I have been looking at buying a classic Model S. I have called Serge twice now and he has answered all my questions.

I am looking still on the hunt and seriously considering it, as it covers the below notable expensive components

1. LDU (with regards to replacement Tesla Parts Catalog only shows the U revision) Should not fail again. RDU/LDU coolant bypass innovation
2. (Air) Suspension
3. MCU

For what is covered or not - Coverage offered at CBI & Finance

In addition it is transferable to the next owner as long as it is a private sale. What really makes it a no brainer is if at the end of the warranty period :

1. You are still the owner
2. Made no claims under the warranty

You get your money back (less the tax).
And at $2900 for 5 years of unlimited km's, not a bad deal at all.

Negatives seem to be that battery coverage is minimal, and after talking to Serge I understood that you had to pay Tesla and then you got reimbursed.

Also @Jgdixon your link directs to https://ontario.teslaownersclb.ca/, just FYI.

Do we know if

"Collision avoidance system - parking assistance front and / or rear cameras and / or sonar sensors. Navigation display system and panel console assembly"

covers of for autopilot?

 

[Jgdixon]

Only CBI can answer those questions. But I can tell you members of my club and Tesla Quebec seem quite happy so far.
Try this link for the club

Tesla Owners Club – Ontario

Tesla Owners Club of Ontario

ontario.teslaownersclub.ca

 

[SilverGS]

I have been looking at buying a classic Model S. I have called Serge twice now and he has answered all my questions.

I am looking still on the hunt and seriously considering it, as it covers the below notable expensive components

1. LDU (with regards to replacement Tesla Parts Catalog only shows the U revision) Should not fail again. RDU/LDU coolant bypass innovation
2. (Air) Suspension
3. MCU

For what is covered or not - Coverage offered at CBI & Finance

In addition it is transferable to the next owner as long as it is a private sale. What really makes it a no brainer is if at the end of the warranty period :

1. You are still the owner
2. Made no claims under the warranty

You get your money back (less the tax).
And at $2900 for 5 years of unlimited km's, not a bad deal at all.

Negatives seem to be that battery coverage is minimal, and after talking to Serge I understood that you had to pay Tesla and then you got reimbursed.

This is helpful, thanks!

I'm still on the fence about signing up. My battery warranty is expiring soon.

 

[SilverGS]

@FrugalS This does not make sense now.

'In addition it is transferable to the next owner as long as it is a private sale. What really makes it a no brainer is if at the end of the warranty period :
You are still the owner
Made no claims under the warranty
You get your money back (less the tax)."

How do they make money?

 

[FrugalS]

@SilverGS

I confirmed with Serge, also see relevant portion below.

Premium reimbursement option: At the end of the term of the warranty contract chosen, the Vehicle Owner will be eligible for a refund of the premium paid for the contract at the time of sale. The following terms and conditions will apply.
The refund will not exceed the amount, before tax, paid for the warranty indicated on the contract.
The refund must be requested by the Vehicle Owner and not by any third party within thirty (30) days before the warranty expires.
The Vehicle Owner will receive no refund if any Covered Components have been paid by the Administrator.
The Vehicle Owner will receive no refund if the warranty has been transferred to a new owner.
The Vehicle Owner will not receive any refund if the vehicle has been declared a total loss, reported stolen or seized by a bank or other financial institution.

Hope that helps. Also only avalible in New Brunswick, Nova Scotia, Ontario and Québec.

 

[recluce]

Appears to be limited to Eastern Canada, quote not available for anything west of Ontario. Company appears to be brain-dead if they ignore the strongest EV market in Canada, which is Vancover & Victoria

 

[orangem]

@FrugalS This does not make sense now.

'In addition it is transferable to the next owner as long as it is a private sale. What really makes it a no brainer is if at the end of the warranty period :
You are still the owner
Made no claims under the warranty
You get your money back (less the tax)."

How do they make money?

I think that is an option. So they make money with that option. Doubtful they will refund that option price. Plus interest in the bank.