I will agree with you but not all items are wear and tear that break. My Sisters 99 CRV has been into the shop with the Honda Care and it has saved her money. She had Wheel Barings go bad at 65k and she was covered, she had transmission problem and they replaced the whole transmission at 90k (She drives 99% Baltimore city, so it is rough on it). So wear and tear items like tires, brakes, shocks, timing belts, etc... are not covered, oh well. The bumper to bumper items that were covered are covered longer, plus it gives you FREE roadside assistance, free trip interruption insurance, and most important to me free rental. For 550 bucks to cover me for all that for 8 years is well worth it. This service is better than AAA and Honda will give you a rental while AAA will not. AAA is 50 bucks a year, after 8 years you are only 250 bucks from the hondacare. It's all about priorities; I would rather have all that I mentioned above than a warranty from someone I have to send claims into to possibly get reimbursed for far less. The Wear Warranties I looked at were 3-5k for my car depending on the credibility of the company.
