From a post by @3453Hackr
TL:DR - are excessive wear coverages good or bad deals? Chevy offered an excessive wear option for $498 which would cover up to $7,500 of excessive wear. I took it because my previous owned vehicle got a lot of damage in a city environment… It seems like one bad luck thing could cost more than $500. Wondering what the Hackrs think of these policies?
Thank you for the quick replies. My daughters a freshly minted driver and I’m hoping she takes care of it but $500 will be around $13/mo peace of mind. Her lease and car insurance is worth more than my 15 year old WRX.
It depends on both the car and the driver imo. The way I look at it, if it’s a major type of a fender bender 7500 may or may not cover it, so I got the protection for my wife’s Fusion hybrid. Finance manager was selling me on it with the price of tires, but to me if you are driving for the last few miles with balding tires you are already endangering yourself and others, so it’s not a selling point to me at all. I actually replaced her previous leases’ tires at 15k they were so bad. Both of my Sparkie’s don’t have this protection (also had to replace front tires on both) and I am hoping it’s ok. From what I hear it very much depends on the person inspecting the car. Since we now don’t even have an idea of who that is, it could be a good peace of mind type of investment, hoping you will never need it, like insurance.
You definitely want to read the fine print on these programs. In my personal experience, the programs will cover up to a certain total amount, but will only cover say $500/$1000 per “issue”. AKA, if you have a dent/ding that requires say $2000 worth of repair, the program will pay $1000 and you will pay the other $1000, even though you have coverage up to $7500. Admittedly, I am not familiar with the GM program, but I have known people that have been burned by these programs in the past.
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Also they are not like insurance in a way that they cover only at the end of the lease so if you need something taken care of you have to use your insurance or pay out of pocket. You cannot change your tires after 15k with them. They only cover the penalty after you return.
This article from Jalopnik came out a couple of days ago, just another view …
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From what I understand its even worse.
If something is $2000 to repair the program won’t pay anything, not even the $1000 per issue.
It assumes that any damage above the $1000 will be handled by your regular car insurance.
Ouch! Another reason to avoid these…they get you in the fine print.
In my experience, the only way to teach responsibility for the new car (i.e. ‘she takes care of it’) is to introduce (and not defer) accountability. The excess wear & tear package defers responsibility. If anything it introduces moral hazard (i.e. why bother being careful when the consequences are minimal)
Also, as hackrs we also don’t think about extra costs as ‘just X per month’ – that’s how the sales and finance people get you to spend more and sign up for things you may or may not need.
PS: Ive said the same thing before and someone got a little sensitive. This is all in context of whether to sign up for excess wear & tear, or not. Not parenting advice or judgement.
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It’s cool, me personally i would not get it and as much as I want them to be responsible which they are, some things happen (it did to me).
GM Daughter Program free of excess wear and tear worries
https://www.carstory.com/cars/make-chevrolet/model-tahoe?trim=police
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Can you please post the picture of your XS wear and tear protection invoice as my dealer has been asking me $698 for a coverage of $5000 however he is ok to price match if I get him a proof. Would really appreciate your help. Thanks
If folks have the fine print, do please share! A friend only has on-street parking, and the potential for excess wear and tear charges from bumper scuffs, etc, is a concern he has with leasing.
Was out of access for awhile, I will post when i get a chance.
I got mine for $250 for the $7500 coverage but i honestly didnt read the fine print, what I care there is the tires when i return it. damn, let me take a look at the fine print. I have a copy.
Didnt wanted in the first place as it sounded waste of money. The finance guy came down to $105, so took it
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Hi - do I have to get excess wear and tear from the dealer or are there independent companies that sell it? or another dealer? My dealer was charging exorbitant.
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-Hi @bingoo
You can check out the lease protect on our site or give me a call when time permits. 949-485-3002. All of our pricing is posted on our site.
thanks,