Business Services Industry
Car Warranty Underwriter's Insolvency Leaves Consumers in the Lurch.
Knight Ridder/Tribune Business News, August, 2003
By Rick Popely, Chicago Tribune Knight Ridder/Tribune Business News
Aug. 30--Like thousands across the country, JoAnn and David Hungness thought they were buying peace of mind when they bought extended service contracts for their two used cars.
The factory warranties on their cars were about to end.
Yet when the Round Lake Beach couple recently submitted a claim to fix an oil leak, they were told the company underwriting the contracts--National Warranty Insurance Co.--was insolvent.
"Not only are we out the $2,880 [for the contracts], we're going to be out another $1,200 for the oil leak," says a frustrated JoAnn Hungness.
National Warranty's troubles mean that hundreds of thousands of U.S. consumers who hold its...
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