mowermech
Billings, MT
Senior Member
Joined: 06/28/2003
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First, in spite of the title, it is NOT a "warranty"; it is actually an insurance policy.
Now, think about "insurance" for a minute;
The company is betting you will pay them the full amount for the policy and never have a claim against it.
You are betting they will have to pay you for all kinds of repairs (if you are that worried about the rig having failures, why are you buying it?)
The insurance company ALWAYS makes a profit!
So, who wins the bet most of the time?
As previously stated, take the cost of the policy, put it into a high yield investment (Some Credit Unions pay in excess of 1.5% on passbook savings accounts!). Then if something ever DOES break or fail, you have the money to fix it.
If you DO purchase an "Extended Warranty" plan, be sure to READ ALL of it, so you fully understand what they WILL and WILL NOT pay! For instance, I have seen a provision that all engine parts that are normally "bathed in lubricant" are covered. So, the turbocharger bearings are covered. The wheels and housing are not. The distributor drive gear is covered. The distributor is not.
The tires may be covered for road hazards, but nothing else. If you hit a rock in the road and damage the tire, it may be covered. If it just explodes for no apparent reason, too bad.
It is a contract. Be sure you understand it BEFORE you sign it! No matter what anybody says, if it isn't in writing down, it is not in force!
Good luck.
CM1, USN (RET)
'94 Dodge 3500 4X2 CTD, 5 speed, 4.10 LS diff., Jacobs Rambrake, 275,000 Miles
'95 Tioga 29H Ford-based Class C
Daily driver: 2005 Jeep Grand Cherokee Hemi
Toad: 2006 Jeep Rubicon LJ
"When seconds count, help is only minutes away!"
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