jocobe
Maryland
Senior Member
Joined: 09/02/2007
View Profile
 Offline
|
doc brown wrote:I paid $2,700 for 4 years with $50 deductable. That was last year. My coach was just a few months from 5 years old and the policy has paid for itself in repairs, and I still have over 3 years remaining. I have a good policy with a company that has approved each request.
If everyone had this experience with an extended warranty then insurance companies would not sell them as they would not be profitable.
It's an insurance policy where you are betting the product will fail, and the insurance company is betting it will not. I'd probably have to side with the insurance company on this one and not take that bet. Why would you buy a product if you thought it will fail so miserably that you would need to prepay for repairs?
|
garym114
Bluff Dale, Texas
Senior Member
Joined: 07/24/2006
View Profile
Offline
|
I am following a thread in another forum. Motorhome owner with a extended warranty. The crakshaft broke on his gas engine. He did all his routine service and oil changes, has receipts. About a $15,000 job for a new engine.
His MH has been in the shop over a month, claim filed, waiting for the warranty company to decide on his claim. They will not communicate with him and he can't get past the customer phone center with his calls.
FYI
2000 Sea Breeze F53 V10 - CR-V Toad
Some RV batteries live a long and useful life, some are murdered.
Get a Digital Multimeter and Learn How to Use It
|
Dick A
Spokane
Moderator
Joined: 12/15/2002
View Profile
Good Sam RV Club Member
Offline
|
I would suggest putting the money in a repair saving account - unless you have considerable experience winning at the local casino. 
2009 Tiffin 43QBP Allegro Bus
RoadMaster Sterling Tow Bar
US Gear UTB
Ford Explorer Sport Toad
|
smkettner
Southern California
Senior Member
Joined: 03/21/2005
View Profile
Good Sam RV Club Member
|
Pass
BTW, many components still have a warranty that goes beyond the original factory bumper to bumper warranty. Read your manuals.
2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
675 watts solar
Send a PM if I missed something
|
wbwood
Troutman, NC
Senior Member
Joined: 05/01/2005
View Profile
Good Sam RV Club Member
Offline
|
doc brown wrote:fpresto wrote:Simple answer no.
I disagree. It depends. I bought one a few months before the warranty on my engine expired making the coach a new one in the eyes of the company. I paid $2,700 for 4 years with $50 deductable. That was last year. My coach was just a few months from 5 years old and the policy has paid for itself in repairs, and I still have over 3 years remaining. I have a good policy with a company that has approved each request.
i would have to agree with Doc Brown...
First of all, not all warranty companies are like that..Do you hear about a bunch of them? yep...but you alos hear the same about car salesman, lawyers and etc... There are some good ones out there.
If you go into it blind and don't read the fine print, then of course you are at fault for that. But one of the things you have to think about, after you decide whether or not the plan is legit, is can you afford to fix something on the RV? Small things, yes. But what about the larger things...refrigerators, heating/cooling units and etc. Plus if your RV is a motohrhome, then the costs can go higher with all the mechanical issues. If you have several thousand dollars to put into an emergency repair ccount, then you would be better off doing that. But if you can't afford to do that and can get teh plan financed in with your deal (yes its wasting money), then will you have peace of mind? Basically do you think having a plan that will cover you, will give you peace of mind? It's all entirely something you will need to decide on and don't take any of our words for it. You decide.
Perhaps rather than people just saying no or yes, they can list their experiences and the plan/company they had theirs with. To help you make the decision.
Brian
RVing Illustrated
|
|
|
jocobe
Maryland
Senior Member
Joined: 09/02/2007
View Profile
Offline
|
OK.....my experience is that I have never purchased an extended warranty in my entire life and I never will. You are prepaying for repairs you may never have.
Also, I took statistics in college.....
|
Vulcaneer
Northern New England
Senior Member
Joined: 10/17/2007
View Profile
|
Mine has worked well for me. Paid for brake problems (2 occasions), Slideout problems, Broken leaf springs. And some other stuff. But the real reason we bought it is that it is transferable to the next owner. And If I were to sell my RV as a used unit, I can offer a free warranty to the new purchaser. And if I were to buy a used RV, I would like to have a few years of warranty, for free.
Pay careful attention to the "exclusions". Mine is a Freedom Care program from Camping World. 7 Years. Have never had an issue with them paying the dealer, for things they cover.
2006 F350 V10 4X4 SC SB SRW 4.30 22,500 GCWR
2011 Open Range 393RLS 14,250 GVWR
Pullrite Super Glide 18K
Super Duty, Super Cab, SuperGlide
|
doc brown
Redondo Beach, CA,
Senior Member
Joined: 02/14/2004
View Profile
Good Sam RV Club Member
Offline
|
jocobe wrote:doc brown wrote:I paid $2,700 for 4 years with $50 deductable. That was last year. My coach was just a few months from 5 years old and the policy has paid for itself in repairs, and I still have over 3 years remaining. I have a good policy with a company that has approved each request.
If everyone had this experience with an extended warranty then insurance companies would not sell them as they would not be profitable.
It's an insurance policy where you are betting the product will fail, and the insurance company is betting it will not. I'd probably have to side with the insurance company on this one and not take that bet. Why would you buy a product if you thought it will fail so miserably that you would need to prepay for repairs?
Agreed it's an insurance policy. I'm a big believer in insurance. My product did not fail miserably, only pieces of the product. I took out the policy because I'm a believer that parts of the MH would fail outside the protection period offered by the manufacturer. In my situation it looks like I won and the insurance company lost. I actually prepaid (remember I bought it 5+ years after I bought the MH) for problems expected based upon the known history of MH use. I did my homework.
Steve,Kathy,Josh & Morpheus the Basenji
2004 40' TSDP Country Coach Inspire DaVinci
350 Cummins, 3000 Allison
2008 Wrangler X Rubicon/Blue OX Tow Bar/Ready Brake
|
jocobe
Maryland
Senior Member
Joined: 09/02/2007
View Profile
Offline
|
doc brown wrote:Agreed it's an insurance policy. I'm a big believer in insurance. My product did not fail miserably, only pieces of the product. I took out the policy because I'm a believer that parts of the MH would fail outside the protection period offered by the manufacturer. In my situation it looks like I won and the insurance company lost. I actually prepaid (remember I bought it 5+ years after I bought the MH) for problems expected based upon the known history of MH use. I did my homework.
I guess the point I'm trying to make is that if everyone who purchased an extended warranty received a higher value in benefits then the amount they paid for the policy then the insurance product would not be available for sale as it would not be profitable for the insurance companies.
Gees, that was one heck of a run on sentence Anyway, for the majority of people extended warranties will not pay for themselves, but for some they will. It's like gambling, but the odds are in the insurance company's favor.
However, peace of mind has an intangible value and may well be worth the cost of the extended warranty for some people. Though as a whole, the extended warranty insurance policy product cannot be fiscally justified with the purchase of a product as the insurance companies will always be making a huge profit.
|
doc brown
Redondo Beach, CA,
Senior Member
Joined: 02/14/2004
View Profile
Good Sam RV Club Member
Offline
|
jocobe wrote:doc brown wrote:Agreed it's an insurance policy. I'm a big believer in insurance. My product did not fail miserably, only pieces of the product. I took out the policy because I'm a believer that parts of the MH would fail outside the protection period offered by the manufacturer. In my situation it looks like I won and the insurance company lost. I actually prepaid (remember I bought it 5+ years after I bought the MH) for problems expected based upon the known history of MH use. I did my homework.
I guess the point I'm trying to make is that if everyone who purchased an extended warranty received a higher value in benefits then the amount they paid for the policy then the insurance product would not be available for sale as it would not be profitable for the insurance companies.
Gees, that was one heck of a run on sentence Anyway, for the majority of people extended warranties will not pay for themselves, but for some they will. It's like gambling, but the odds are in the insurance company's favor.
However, peace of mind has an intangible value and may well be worth the cost of the extended warranty for some people. Though as a whole, the extended warranty insurance policy product cannot be fiscally justified with the purchase of a product as the insurance companies will always be making a huge profit.
Understood. Thanks for the exchange - it was a healthy one!
|
|
|
