IWS Acquisition Corporation was founded in 2012. The company specializes in providing extended vehicle service plans, commonly known as extended warranties, to its customers. IWS specifically serves credit unions and their members, giving added benefit for those financing a vehicle with their credit union or as an added value for account holders at the credit union.
IWS offers powertrain coverage in all of its plans. Two of the plans are designed for powertrain protection only for vehicles with up to 125,000 odometer miles and simply cover the powertrain, Powertrain Express, and Sentry. Both cover only the transmission, engine, and drivetrain as well as wear and tear. The Sentry plan is only available to members of a DCUC (Defense Union Credit Council) affiliated credit union.
All plans include free 24/7 roadside assistance which includes towing, vehicle lockout services, emergency fluid delivery (cost of fluids is not covered), and flat tire change (owner’s spare). This coverage is fairly standard across the industry and IWS coverage is comparable to that provided by its competitors.
Car Rental Reimbursement
If a vehicle is being repaired with a repair that is covered by the extended service plan, plan holders can be reimbursed the cost of a rental car while the car is in the shop. IWS will reimburse the plan holder up to $500 with a maximum of 10 total rental car days. Compared to its competition, IWS offers better benefits for car rental reimbursement.
Trip Interruption Protection
If away from home and a covered breakdown occurs, the company will reimburse the plan holder for additional travel expenses (food and lodging) of up to $300 while the vehicle is being repaired.
IWS is unique in that it includes an option for plan holders to add coverage for lost key fobs into its plans. This coverage, called KeyGuard, is an opt-in benefit for any plan holder. Another unique optional feature by IWS is Accidental Loss Refund which covers the plan holder’s vehicle for naturally occurring damage such as a tree limb falling on the vehicle. Most plans exclude damage from acts of God in their plans.
IWS offers plans which cover motorcycles, ATVs, snowmobiles, and personal watercrafts.
The cost for coverage is not disclosed by IWS. The company states that it has a deductible of $100 for all covered repairs.
Basic Warranty Features
IWS offers three plans which are comparable to a new vehicle warranty, the Premier Platinum Coverage, Premier Gold Coverage, and Premier Bronze Coverage. IWS states that its plans include wear and tear according to recommended industry limits. The company does not disclose the parts that are included or excluded in these plans for comparison shoppers.
Customers have reported that they were subjected to high-pressure questioning by the company and that they were not able to receive information via phone or web form to adequately compare plans. BestCompany.com corroborated these claims and had similar results. The nondisclosure of such basic information by a service contract provider is highly unusual.
Basic Warranty Length
IWS does not disclose the length of its terms, although anecdotal reports suggest that the term for the plans is three years. Vehicles up to 125,000 are covered, but the company states that not all makes or models of vehicles are covered, regardless of its odometer miles.
Time in Business
IWS Acquisition Corporation was founded in 2012. Comparatively, IWS does not have as much experience in the industry as most of its competitors.
Frequently Asked Questions
Does the warranty include towing? What are the limitations on towing expenses?
The service plan includes towing with its roadside assistance benefits for a covered repair. The plan covers $100 of towing expenses.
Can a warranty be transferred if the car is sold?
If the car is sold before the expiration of the plan, a prorated refund can be issued or the plan can be transferred to an individual (not a dealership).
Are there any fees involved in the transfer of the warranty to a new owner?
Transferring the service plan to an individual requires a $40 administrative fee.
Where can the repairs be done under warranty?
Covered repairs can be completed at any licensed repair facility. IWS recommends that for repairs to the powertrain that the vehicle is taken to AAMCO or a dealership for the best service.
What hours/days can a repair be reported?
IWS is available 24 hours per day and seven days per week.
Does the warranty cover a car rental while the repair is being made?
IWS car rental reimbursement is available for covered repairs.
How many days/hours does a car rental cover?
Car rental reimbursement for replacement vehicles during a covered repair are available for up to 10 days or $500.
How long does it typically take to file and process a claim?
IWS is available by phone 24 hours per day and 7 days per week so the claims can be quickly reported. Time to process claims depends on many factors such as complexity of the issue, access to needed information from the repair shop, and volume.
Does the warranty cover defects which are discovered or which occur in a different state than the state of purchase?
IWS plans provide nationwide coverage. Should a covered repair occur away from home, IWS offers travel expense reimbursement of up to $300 and car rental of up to 10 days or $500.