Keep in mind that their definition of lifetime most likely differs from yours. EG: Hypothetically speaking, lets say 20-25 years from now you need a transmission, and the cost of the rebuilt unit is $4,000, and book value on the vehicle is $3,000. You'll get a check for $3,000 and your warranty ends. That applies to any covered part, if the cost of the repair exceeds the value of the vehicle. Some people actually think they'll be covered until death does them part from their vehicle. I'm driving a 30+ year old van now, if I throw a rod with a lifetime warranty I'd get book value of the van, which isn't much. And no if the vehicle is a pristine classic, it isn't going to help you any.