Excess wear and tear insurance

[ohliumliu]

Hello,
After reading some posts on this topic, I am still debating whether I should get excess wear and tear insurance.
One dealer told me it's not that critical for normal commute, but could be important for places like San Francisco. Another dealer didn't even mention it if I hadn't asked. What should be price range for this insurance?
Thank you very much!

 

[egolfinator]

I paid 500 for a 2016. Decided it was worth it for the tires, let alone any dings.
I'm in Marin, seeing fewer dings than my 20 years in SF. But it seemed like a decent bet.

One thing: the dealer charged me sales tax for it, and I'm still wondering if it is genuinely taxable. Anyone else in CA pay tax on their policy?

 

[bizzle]

We weren't charged tax for our excessive wear policy. I'd contact the board of equalization if you're concerned about it.

 

[golfsok]

One of the features of "Excess wear and tear insurance" as it stays in the brochure - is to be able to return the car 6 month earlier or after the lease termination day. While purchasing the insurance I was told that my payments would stop as well after 2.5 years if I decide to terminate 6 months earlier. Today I called VW credit and they told me that I still have to pay for three years. So I actually don't really understand the benefit of this feature.

Anybody has idea ?

 

[miimura]

The main point of the Excess Wear and Tear insurance is to restore the car to salable condition with no out of pocket expense to you. When you return a leased car with door dings or other damage, they will ask you to pay for that damage that is not normal wear and tear. With the Excess Wear and Tear policy, if any single item is over $1,000, they will ask you to use your regular insurance to fix it. Any other items will be waived up to a total of $10,000. At least that is how it was explained to me when I got our e-Golf.

I've never seen the early return language before.

 

[golfsok]

Here is the brochure. See the second page.
https://www.vw.com/content/dam/vwcom/PDFs/G52815_LEWP_Brochure.pdf

 

[ohliumliu]

Thanks everyone for the extra information.

Anyway, it is probably too late to consider it. When we picked up the car yesterday, they didn't try to sell any add-on options to my wife who was signing all the paperwork. I guess I will just be extra careful and keep my finger crossed ...

 

[bizzle]

Thanks everyone for the extra information.

Anyway, it is probably too late to consider it. When we picked up the car yesterday, they didn't try to sell any add-on options to my wife who was signing all the paperwork. I guess I will just be extra careful and keep my finger crossed ...

Call them up, I'm sure they'd love to sell you some extra insurance. I'm not even badmouthing it, but it is one of the ways they make their money. But $600 dollars for 3 years total piece of mind regarding things that are outside my control is a lot easier to stomach than crossing my fingers for those years.

 

[bizzle]

One of the features of "Excess wear and tear insurance" as it stays in the brochure - is to be able to return the car 6 month earlier or after the lease termination day. While purchasing the insurance I was told that my payments would stop as well after 2.5 years if I decide to terminate 6 months earlier. Today I called VW credit and they told me that I still have to pay for three years. So I actually don't really understand the benefit of this feature.

Anybody has idea ?

If you didn't have that feature and you tried to turn your lease in too early or too late you'd have to pay additional fees and penalties over and above the lease payments. You still have to pay the lease payments regardless, so I don't know why anyone would turn in a leased car early. Keeping it for a few months might be worthwhile if you're going to lease or buy and you're near a peak sale period (like a major holiday or end of the year).

 

[miimura]

One of the features of "Excess wear and tear insurance" as it stays in the brochure - is to be able to return the car 6 month earlier or after the lease termination day. While purchasing the insurance I was told that my payments would stop as well after 2.5 years if I decide to terminate 6 months earlier. Today I called VW credit and they told me that I still have to pay for three years. So I actually don't really understand the benefit of this feature.

Anybody has idea ?

After reading the brochure posted above, I read it to mean that the Excess Wear Protection applies "at any time prior to or within 180 days after the original scheduled lease termination date". In other words, if you extend the lease, you can only extend it 180 days and still take advantage of the Excess Wear Policy. If you end the lease early, by any amount, you can take advantage of this policy.

 

[jmonkfish]

They finance guy tried his hardest to get me to get this. Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..." It was 870+ dollars for the Excess wear and tear protection, and that just seemed too close to my 1,000 insurance deductible.

Honestly, if it were cheaper, like $500, I probably would have got it. He said there's no way to add it after you drive it off the lot...

 

[ohliumliu]

I don't know why my dealer didn't try to see it at all. Maybe they've made enough money from the lease deal. The overall cost is about $4522 over 3 years after all kinds of rebate/incentives/tax/fees ... which is kind of higher than what other people got.

They finance guy tried his hardest to get me to get this. Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..." It was 870+ dollars for the Excess wear and tear protection, and that just seemed too close to my 1,000 insurance deductible.

Honestly, if it were cheaper, like $500, I probably would have got it. He said there's no way to add it after you drive it off the lot...

 

[kirby]

Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..."

Was this the finance manager at Sunnyvale VW? It sounds almost exactly what he said to me about the extended warranty (I bought instead of leased).

 

[jmonkfish]

Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..."

Was this the finance manager at Sunnyvale VW? It sounds almost exactly what he said to me about the extended warranty (I bought instead of leased).

No, it was Elk Grove VW. They said he wasn't the normal finance guy. He had a few too many cups of coffee to do any better I think.

 

[miimura]

They finance guy tried his hardest to get me to get this. Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..." It was 870+ dollars for the Excess wear and tear protection, and that just seemed too close to my 1,000 insurance deductible.

Honestly, if it were cheaper, like $500, I probably would have got it. He said there's no way to add it after you drive it off the lot...

I got screwed on the Excess Wear policy. I'm frankly embarrassed to say how much we paid for it. I had never considered it before since this was our first lease and the finance guy was very good at selling this to my wife and I. Let's just say $870 is a very good price from where I'm sitting. I wish I knew it was a negotiable item. Live and learn I guess.

 

[jmonkfish]

They finance guy tried his hardest to get me to get this. Made me feel stupid for not. "I'm just saying, everybody get's this thing, so I don't understand what's holding you back..." It was 870+ dollars for the Excess wear and tear protection, and that just seemed too close to my 1,000 insurance deductible.

Honestly, if it were cheaper, like $500, I probably would have got it. He said there's no way to add it after you drive it off the lot...

I got screwed on the Excess Wear policy. I'm frankly embarrassed to say how much we paid for it. I had never considered it before since this was our first lease and the finance guy was very good at selling this to my wife and I. Let's just say $870 is a very good price from where I'm sitting. I wish I knew it was a negotiable item. Live and learn I guess.

I actually asked him if it was negotiable and he said no. For what it's worth, you may have actually purchased a maintenance package which includes the wear and tear. My wife regretted I didn't purchase the wear and tear (which matters a magnitude greater than this forum ) because if one of us scuffs a wheel and we have to replace a tire at some point, then 870 would have covered that cost and I wouldn't have to worry about it. I drive a little more cautiously, now! haha

 

[egolfinator]

Re-igniting an old topic.
How much are people paying these days for the excess wear and tear protection?


As noted above, in 2016, I paid $500 for it.
Today, at Sonnen, after a very amicable conversation where the dealer was more than happy to match Sunnyvale's SE advertised lease pricing, came back with "the finance manager does not go lower than $1500".

Of course, if the market is now 1500 for what was 500 3 years ago, I'd love to know.
What are people being quoted/ultimately paying?

Thanks

 

[cctop]

Re-igniting an old topic.
How much are people paying these days for the excess wear and tear protection?


As noted above, in 2016, I paid $500 for it.
Today, at Sonnen, after a very amicable conversation where the dealer was more than happy to match Sunnyvale's SE advertised lease pricing, came back with "the finance manager does not go lower than $1500".
Thanks

In January 2016 I paid something like $720 for it at Serramonte VW.

I did have $120 of damage upon lease return that was covered by the insurance.

It was my first time leasing a car so buying the insurance made me more comfortable. I probably won't get it for my next lease, and certainly not for $1500.

 

[JoulesThief]

When I bought my 2015 e-Golf SEL, the finance guy tried to up sell me an extended warranty. I got up from the desk and started to walk away. When he asked me where I was going, I told him if a VW is such a piece of crap that I need to buy an extended warranty that you guys are pushing, I really shouldn't be buying such an unreliable car that VW won't back up with a decent warranty.

That was the end of that extened warranty sales pitch. If you treat a VW decent and you aren't abusive, it will last a long, long time. If you're abusive, you shouldn't own any german car, buy something more appliance like, like a Hyundai, or Toyota, or Nissan or Honda. German cars will eat you alive with repair and service bills if you abuse them. Parts and service rate per hour are very expensive.

 

[egolfinator]

Thanks for the info, cctop.