E39 M5 with 3rd Party Warranty

[ak47mh]

Hi Guys

As with everyone else I am seriously tempted by an M5 with the prices they now are at. I know they are a big car with big running costs with the insurance, petrol, servicing & tyres etc.

Plus I have heard that the 2001/2002 models use less oil and the Vanos is not so much of an issue.

Yet my budget can only stretch to £14-£15k which is really a 99/00 model with 70K ish miles. Everytime I read an M5 post the Vanos issue gets mentioned and it is obviously worrying to spend that much on a car and think you may need to spend another £3-5K.

So I have come across this company http://www.warrantywise.co.uk/ who can do a 12 month cover, with a £5000 claim limit based on a 99/00 car with 70k miles for £545. Is this a good idea or am I missing something with how good it sounds???

Cheers,
Ant

[Egbert Nobacon]

Ask them how much they allow per hour for labour.

Most independant warranties seem to set their allowed labour rates well below what is actually charged by even an independant garage.

[ak47mh]

That is a good point. There is an option for this and they will pay out a maximum of £90 Inc VAT Per Hour for labour charges at a Main dealer which works out as an additional £106.20. Should be about the labour rates for a BMW Cardiff dealer where I would take it.

Anyone else used this company or similar before?

[Seesure]

Check the small print and make sure it INCLUDES the Vanos specifically. Otherwise they'll try and wriggle out of it if you had to make a claim.

I've had mine now for 3 years and have never found a company that will cover the dual Vanos on an E39 M5 to my satisfaction, namely they wouldn't cover the Vanos or they specified a limit per claim that wouldn't cover a full dual vanos replacement.

All I can say is buyer beware with after market warranties.