Does "Knapp Vehicle Service Contracts" sell genuine GM Protection Plans

[916TrailBoss]

When I purchased my 2024 Silverado the dealership never offered an extended warranty. I would like to purchase one for my truck. I've contact a couple of local dealers and none have responded to my inquiry.

 

Doing a Google search I came across http://www.knappvehicleservicecontracts.com that claims to sell the GM Protection Plan. They are also a Chevrolet dealer in Houston, TX.

 

Does anyone have any first hand knowledge of purchasing an extended warranty from them and are they the same as the GM Protection Plan? Everything appears legit but I just want to make sure before forking over $2k.

 

Edited March 5 by 916TrailBoss

[newdude]

This is from that website:

 

chevrolet-protection-plan-sample-contract-10-2022.pdf (knappvehicleservicecontracts.com)

 

Seems to be a legit sample of the GM form for it they use.

 

All of their plans match the ones on the Chevy site as well.  Chevrolet Protection Plan | Chevrolet Protection

 

If they weren't using the Chevrolet ones, then it would be an aftermarket one that is branded as the aftermarket contract, or would be in their house name but the fine print would indicate the contract supplier.  One dealer near me does their own in house warranties branded as themselves but the warranties are provided by a third party and they indicate as such.  

Edited March 6 by newdude

[foghorn23]

Once upon a time (15 years or so ago-I've been a member here forever), Black Cadillac in Pennsylvania had the reputation on this forum as the best place to purchase a GM Protection Plan.  They still do have a related website, so it might be worth checking it out.

 

https://www.gmoutlet.com/gmepp_quote.html

[Steve-2019]

20 hours ago, 916TrailBoss said:

When I purchased my 2024 Silverado the dealership never offered an extended warranty. I would like to purchase one for my truck. I've contact a couple of local dealers and none have responded to my inquiry.

 

Doing a Google search I came across http://www.knappvehicleservicecontracts.com that claims to sell the GM Protection Plan. They are also a Chevrolet dealer in Houston, TX.

 

Does anyone have any first hand knowledge of purchasing an extended warranty from them and are they the same as the GM Protection Plan? Everything appears legit but I just want to make sure before forking over $2k.

 

 

I purchased from them 2 years ago and can say they are a top notch outfit.  Many options available to fit your budget and length of contract.  When/if you call, ask for Kevin VanErt.  Great service!

[redwngr]

Self insure everything you buy. 

Vehicles, appliances, electronics, etc etc.

 

Put what would have been the contract amount in a separate account.

Only use money from the account if there is a repair THAT THE INSURANCE WOULD HAVE COVERED.

Yes, with an early failure the account may go negative for awhile -- but it will recover. 

Use the money to retire early or to have more toys when you retire.

 

Those selling these plans aren't losing money doing so. 

A lot of people are getting paid out of your fee. Only a portion is ever used to repair anybody's vehicle

They know that the averages are in their favour and that although there will be some purchases that benefit in the short term -- on average the insurance companies win. 

 

Running mostly new vehicles since 1980. 

Used to run them much longer than today.

I've never had a failure that would have been covered by an 'extended' warranty. 

 

The power of compounding on $2000 invested (instead of added cost) on every new creates a huge nest egg.  

 

 

 

 

 

[916TrailBoss]

I totally get those who don't buy extended warranties..I'm actually one of those guys. However, after my last truck I changed my mind.

 

I had a 2019 Ram 1500 Rebel. Great truck and loved it. BUT after 10k miles it needed a new engine. A month later a new transmission. 10k miles after that another new engine. Not to mention the 6-months in total it sat on the dealer's lot during all these lengthy repairs. So I ended up suing RAM (FCA) under the lemon law act. They settled with me and my Trail Boss was paid for in full plus some by RAM. So spending $2k on a $75k truck is a no brainer. Plus I look at it as a hedge against inflation. What would cost $2k now to repair could very easily be twice that in 8-years.

 

I'm going to proceed with the Knapp purchase. Thanks all!

[Andrea49228]

I have gotten 2 GM Protection plans from knappvehicleservicecontracts.com in the past 3 years. They are completely legit and the plan they sell is a real GM plan and was way less $$ than my dealer wanted to charge me.

[SILVER SLED]

It is a legit GM contract.  I used to work in service at that Dealership a few years ago (was there about 10 years).  However the one in Texas is not related.  Also there is no GMPP from back in the day.  It was sold off by GM dissolved or whatever.  It’s now Chevy Buick GMC Cadillac protection plan. The dealership is great.  I left for a substantially more money.  
 

if you didn’t buy it already, call and ask for Ryan.  You can tell him John asked you too.  

[The Raven]

On 3/6/2024 at 12:05 PM, redwngr said:

Self insure everything you buy. 

Vehicles, appliances, electronics, etc etc.

 

Put what would have been the contract amount in a separate account.

Only use money from the account if there is a repair THAT THE INSURANCE WOULD HAVE COVERED.

Yes, with an early failure the account may go negative for awhile -- but it will recover. 

Use the money to retire early or to have more toys when you retire.

 

Those selling these plans aren't losing money doing so. 

A lot of people are getting paid out of your fee. Only a portion is ever used to repair anybody's vehicle

They know that the averages are in their favour and that although there will be some purchases that benefit in the short term -- on average the insurance companies win. 

 

Running mostly new vehicles since 1980. 

Used to run them much longer than today.

I've never had a failure that would have been covered by an 'extended' warranty. 

 

The power of compounding on $2000 invested (instead of added cost) on every new creates a huge nest egg.  

 

 

 

 

 

 

This, unfortunately, is outdated advice.  It used to be true, but the ever increasing complexity and ever decreasing quality of modern vehicles have changed the landscape dramatically.  When a simple infotainment screen replacement costs $1800, a $1200-2000 extended warranty bill is well worth the investment.  Go ahead, put that $2k in your "self-insurance" account and see how far it gets you.  If you even have any of it left by the time you get to your lifter replacement you might have a nice down payment for that bill.  

 

Yes, warranty companies need to make money to stay in business...but that fact doesn't mean that extended warranties are a bad idea.  The "warranty company" in all of these cases is just a broker.  They sell the policy, collect a fee, and then that policy is bought by a backing fund where it gets combined with millions of other policies.  It is this architecture that allows us to pay $1-2k for a policy that is almost guaranteed to pay out at least $3k over its life...because while DoD V8 and TT V6 pickups are guaranteed losers from a warrantor's perspective, there are far more Camry, Malibu, and Accord policies in that fund that will pay out next to nothing.  Perfect example for proof - a 6-year B2B policy on my Wrangler cost $860.  Ain't no way anyone is going to make it to the 6-year mark with a JL Wrangler and not spend at least double that on repairs.  You could park it in the garage that entire time and you'd still spend more than $860.  How are they able to offer that price?  Crossovers and family sedans.

 

We V8 truck owners are pretty much guaranteed a $3k+ repair bill by the 80k mile mark...so its pretty simple math for us - if the warranty is going to cost less than $3k, it's a win...and all we really need is powertrain coverage, so really it's a slam dunk.

Edited March 22 by The Raven

[redwngr]

Not outdated, it's just as true as ever.

Those selling extended warranties do so because it makes them extra profit. 

 

If they were going behind the price would get cranked up until they are again profitable.

 

If it makes you sleep better -- go ahead an buy one.

[KARNUT]

We bought extended warranty on my wife’s Genesis in 2011 because it was a fairly new model run. It already had 10-100k warranty on drive train but it’s loaded with electronics. After that part was over at 6-60K the back up camera, radio, navigation quit. The extended warranty covered it and paid for itself. Since then the cars been flawless. I wouldn’t buy a new vehicle without extended warranty. If it’s done right it’s pretty cheap insurance.

[The Raven]

1 hour ago, redwngr said:

Not outdated, it's just as true as ever.

Those selling extended warranties do so because it makes them extra profit. 

 

If they were going behind the price would get cranked up until they are again profitable.

 

If it makes you sleep better -- go ahead an buy one.

 

 

It is 100% outdated and obsolete.  Furthermore, the idea that putting the $1200-2000 that you would have paid for a warranty in a savings account will cover you is flat out laughable.  This is just absolutely terrible advice...like Dave Ramsey bad.

[KARNUT]

3 minutes ago, The Raven said:

 

 

It is 100% outdated and obsolete.  Furthermore, the idea that putting the $1200-2000 that you would have paid for a warranty in a savings account will cover you is flat out laughable.  This is just absolutely terrible advice...like Dave Ramsey bad.

I actually followed the Ramsey method before I ever heard of him. With the exception of not having a credit card. I don’t use debit cards. I just pay off every month. On cars I buy CPO and at zero percent interest. That way my money earns interest, rather than paying cash for a car for my wife. My avalanche I paid for cash because it was cheap. 

[The Raven]

19 hours ago, KARNUT said:

I actually followed the Ramsey method before I ever heard of him. With the exception of not having a credit card. I don’t use debit cards. I just pay off every month. On cars I buy CPO and at zero percent interest. That way my money earns interest, rather than paying cash for a car for my wife. My avalanche I paid for cash because it was cheap. 

 

That's not actually the "Ramsey method".  That's just basic 20th century money management.  There's nothing special about it, it's the same advice we all got from our parents (if we had good parents - I know not all of us were that lucky).  Problem is, the 20th century ended over 20 years ago.  If you want to manage your finances like your parents and grandparents did that's ok...but in the 21st century there are much better ways.

 

[KARNUT]

1 hour ago, The Raven said:

 

That's not actually the "Ramsey method".  That's just basic 20th century money management.  There's nothing special about it, it's the same advice we all got from our parents (if we had good parents - I know not all of us were that lucky).  Problem is, the 20th century ended over 20 years ago.  If you want to manage your finances like your parents and grandparents did that's ok...but in the 21st century there are much better ways.

 

It worked for me and it’s working for my kids. I paid off my first home in 12 years into a 30 year note. I put that money into my second home paid it off early. Built an another home on my property I now get rent from. That’s a hedge against inflation. I retired at 58. My parents were business owners I became a partner after I started my own business. I sold that business bought into my parents business. I later sold my part to my brother. My mother is still alive. I stand to inherit a fortune that I helped them acquire by working with them. My kids like me are thriving in their field of work. Will be financially independent when they retire. When we pass more so. We all acquired wealth by following the strategy of our grandparents on down. I think I’ll stick with it.