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Old 03-06-2012, 01:30 PM   #1
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Agonizing over extended warranty

So, I'm trying to decide if we're going to get another extended warranty. We've had the coach 2 years and got a decent quote for a warranty thro' CSI Allegience (backed by American Bankers) which is exclusive, covers seals & gaskets and includes a consequential damage clause. It runs ~$2/day over the 5 year period. So far so good...

But I'm still not sure its' worth it. Clearly most warranties are not money makers (for the buyers). Our biggest item (our engine) is still coverd by the engine warranty, and chances are low anything will happen to the chassis. So, what we're essentially buying is insurance for things like the fridge, aircon, etc. And those $2/day invested over 5 years can cover alot of potential repairs.

How many of you have actually made your money back on a warranty?
Or, another question...how many have actually had to claim big ticket items and managed to get them approved?

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Old 03-06-2012, 01:37 PM   #2
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We're about 4.5 years into our 7 year extended warranty and I'm sure the claims we've submitted don't come close to what we paid for the policy. However, we bought it for peace of mind because we were newbies and wanted to take major expenses out of the equation so IMO we got what we paid for.

I'm not sure if we'd renew it when it expires though. Tough question.

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Old 03-06-2012, 01:46 PM   #3
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I have no experience with the extended warranties, but I've read a lot of pros and cons on various websites (as I'm sure you have, too.) Recently I saw a blurb on a full-timer's blog site that might interest you. RV-Dreams Journal

A "snip" from the entry...

... I got a call from Jeff Shelton, owner of WholesaleWarranties.net. About 90% of their business is extended warranties for RVers, and they are very particular about which plans they offer. They recommend certain plans, but they can also get better pricing on most plans if the customer already has a particular company they prefer. Ultimately, after I asked lots of questions, we decided to work together on a program that will allow RV-Dreams readers to get a discount on warranty plans. We'll get that started in the next couple of days.

If you search that blog site, he discusses their warranty strategy in several places...but you have to sift through it. Perhaps you could post on their forum or even email them. Good luck.
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Old 03-06-2012, 01:47 PM   #4
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Most extended service contracts are as you said, exclusionary, not inclusive. So, it excludes things not specifically covered by the fine print.

I use to sell them on appliances and TVs, so I never buy them. No more then 10% of our buyers every needed them for anything and less then 2% ever needed them for something big and costly. I ran the numbers on a month to month basis. My understanding from the research I did at the time was those numbers held for any type of service contract.

What many people do is to take that money you'd spend on it and put it in a separate account. Self insure.

You will hear from many who saved 1,000's with theirs, others who were sadly disappointed when, for instance, a belt broke and destroyed something and the belt was covered but anything it damaged was excluded.

Then you have that 90% that never used their policy...they won't usually post about it except a few to say it gave them piece of mind.
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Old 03-06-2012, 01:53 PM   #5
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Rick - exactly...tough choice...hmmmm

Sarah - Yeah, the quote I got was thro' Jeff at wholesalewarranties.net. I know the deal is a decent one (as far as warranties go), but still not sure it's worth it.

Jim - Appreciate the info. The exclusive warranty was actually something I specifically sought out. Most RV warranties are inclusive (they only cover what's listed as covered). The one I got was exclusive (meaning the only items they do *not* cover are the items listed -> they cover everything else). This is rare for RV policies.
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Old 03-06-2012, 03:02 PM   #6
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My current repairs are >$10,000. I paid less than half of that for a 4 year policy. So far, I'm ahead.
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Old 03-06-2012, 06:49 PM   #7
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Quote:
Originally Posted by Dunner View Post
My current repairs are >$10,000. I paid less than half of that for a 4 year policy. So far, I'm ahead.
I bought my Extended Warranty policy when I knew I could count on having extra money, just like everything else about my RV. I know I can't count on having that extra money around for a long time if I need it because I'm already spread too thin until the house sells.

It costs a lot of money to live in DH's dream home. I need to live in the RV to afford to keep the house until it sells. A disaster with the RV systems could cripple me. You bet I bought an extended warranty.

I am also having a lot of preventatives of one sort or another done to the RV to take care of the things the warranty doesn't cover. It's all inexpensive compared to what it could be in the future IF it happens.

Everyone's reality is different...
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Old 03-06-2012, 06:55 PM   #8
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I don't normally buy extended warranties, but with what my friends have told me about refers, fridges, furnaces, etc going bad, I thought it would be a good idea this time. Turns out I was right. Hopefully, I won't ever need it again. Yeah, right...
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Old 03-06-2012, 07:17 PM   #9
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Hi WheelingIt,
The advice I give is if you do not know the coach (buying a pre-owned coach) get a service contract. If you know the coach you already know the answer to the question. If the coach has settled down and the problems are few, do not purchase the service contract. If the coach is continuing to have problems, purchase the contract.
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Old 03-06-2012, 07:45 PM   #10
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We've never had any major problems on our two DSDP's (over 12 years now) that would have been paid for by a service policy (the correct name for what some people call an "extended warranty"). My only major expense has been a new cooling unit for the refer. Figure I'm $4,000 ahead by not buying a service policy.
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Old 03-06-2012, 07:49 PM   #11
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Phoenix American Warranty Company, Inc
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you are so right.
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Old 03-06-2012, 07:50 PM   #12
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Avoid Good Scam ESP

Quote:
Originally Posted by Jim_HiTek View Post
Most extended service contracts are as you said, exclusionary...
I've done ESPs on portable electronics, currently have one on my truck, which was a lease unit I purchased used.

Still, the biggest mistake I made in the RV biz was hooking up with Good Sam ESP. When I had a small claim, they traced the failure back several levels and decided it was rooted in a "gasket" eg dust boot.

I filed a Better Business Bureau complaint, which they ignored.

With your engine warranty still in force, there's no gray area for me: I'd self-insure.
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Old 03-06-2012, 08:05 PM   #13
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The insurance business is an interesting industry. The seller is betting you won't use it. You buy it hoping you'll never need it. And yet it is a huge industry which attests to the power of the marketing phenomenon of "fear". Having said all that, I did purchase an extended warranty because ours was a used coach and we are full-timers. If I had already owned this coach for two years, had all the maintenance done and was confident of the components, I would bank the premium as suggested earlier.
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Old 03-06-2012, 08:15 PM   #14
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Hi wheelingit,

First off, I follow your blog and I really enjoy it. As far as buying an extended warranty, your damned if you do and damned if you don't. I have a 7 year warranty on my Moho. On my last trip I was thinking how much of a waist of money it was because 5 years has gone by and I did not use it. Me and wife stopped for lunch, she fired up the genni, let it warm up and then turned on the microwave to heat up some lunch. Micro started smoking and then the genni quit powering the entire Moho. Got home plugged into shore power and micro still not working.

Moho is currently in the shop getting diagnosed. I sure hope the warranty covers the repairs. If warranty does cover the repairs, I will post the amount and what I paid for warranty for comparison.
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