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Extended Warranty Experience?

I am currently in the delirious state of actually considering the purchase
of either an '88 M5 (E28) or an M3 (E30), and commensurately, the impending
financial suicide that this will entail, both in the loan payments and in
the cost of upkeep.

Which brings to mind this quote (paraphrased) concerning a certain Italian
motorcycle: "One does not _own_ a Ducati; one merely has the privilege
of providing for its maintenance."

As an insurance policy against this possibility, I investigated purchasing
an extended warranty for a vehicle I'm looking at, an '88 M5 with 20,000
miles. I can buy a 3 year/36,000 mile coverage policy from GE for about
$2000. The nice thing about the GE policy is that it can be used at the
repair shop of your choice. If you have had any experience with extended
warranties, good or bad, please let me know and I will post my results
posthaste.

I have heard horror stories about how claims are automatically denied, how
"yes, the exhaust manifold is a covered item, but not the bolts that were
holding it on and we're sorry they loosened and caused your engine to burn
up," and how generally they're a waste of money (though, on an M5, it
wouldn't take a whole lot of covered work to pay for the policy). I would
like some first-hand opinions, though, from people that have had an
opportunity to use them.


- --------------------------------------------------------------------------
John R. Allen                   jrallen@domain.elided
Tired of lurking on the sidelines of this list for the past two years
reading about other people having fun with their cars and wanting
to have a reason to say something.
Bainbridge Island, Washington  (Also home to the Professor.)
USA