Go Back   iRV2 Forums > MOTORHOME FORUMS > Class A Motorhome Discussions
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 09-23-2015, 01:28 AM   #15
Senior Member
 
Mr_D's Avatar
 
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 28,416
Quote:
Originally Posted by srh View Post
These are the reasons why I would rather be self-insured! Also, just think when you have a breakdown and you are on the road, getting an estimate, submitting it to them and waiting for their approval - it could take days! My policy was with Cornerstone and I'm so glad it didn't get through! I saved $,8000!!
Yep, I thought that too until the ISX problems!! Wish I had had the chance to buy the contract before we had the trouble. Ours would have been close to $9000 but could have saved us $20,000!
__________________

__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 09-23-2015, 05:20 AM   #16
Senior Member
 
Ramets's Avatar
 
Join Date: Jul 2010
Location: Conway, SC
Posts: 2,364
If I'm not mistaken you can only get Cornerstone from a dealer, is that correct? That way dealers make a huge profit off this plan. It's cheaper & easier to get one you can purchase directly....like Wholesale Warranties.
__________________

__________________
2000 Dutch Star Pusher
2009 Saturn Vue Towed
Full timed for 6yrs.
Ramets is offline   Reply With Quote
Old 09-23-2015, 06:05 AM   #17
Senior Member
 
MisterT's Avatar


 
Join Date: Aug 2014
Location: western NC mountains!
Posts: 2,733
think about extended warranties this way, compared to insurance:
a) you pay all upfront for a warranty, but annually, or even monthly for insurance
b) you can change insurance anytime, your paid warranty is set for life
c) your insurer wants to keep your premiums coming in, your warranty co already has all your money(!)
d) insurance is regulated. warranties(?)

my personal opinion has always been that extended warranty companies have no real impetus to pay all eligible claims simply because they already have all of your money, and have no future money to bring in from you. Yet we are relying on them to follow up on their 'promise'(?).

What if we just banked that money and saved it for a rainy day? If these companies paid out more in claims than they took in, they would not be in business. This proves that the average amount paid for each warranty is much greater than any amounts in claims ever paid. Keep your money and pay your own claims. It may feel more aggravating not having a 'company' pay your claims for you, but you have more buying power and pricing leverage when you pay with your own.
__________________
The Turners 2014 Thor Palazzo DP 33.3 35'

'14 FordFocus, KingTailgater2 DishHD, 200w/10a mobile SOLAR, 75,000+ miles
all continental US states, Alaska, and yes, most of Canada!
MisterT is offline   Reply With Quote
Old 09-23-2015, 11:12 AM   #18
RVM99
 
bokobird's Avatar


 
Newmar Owners Club
Solo Rvers Club
Join Date: Feb 2014
Location: CT S&B
Posts: 2,880
Quote:
Originally Posted by MisterT View Post
think about extended warranties this way, compared to insurance:
a) you pay all upfront for a warranty, but annually, or even monthly for insurance
b) you can change insurance anytime, your paid warranty is set for life
c) your insurer wants to keep your premiums coming in, your warranty co already has all your money(!)
d) insurance is regulated. warranties(?)

my personal opinion has always been that extended warranty companies have no real impetus to pay all eligible claims simply because they already have all of your money, and have no future money to bring in from you. Yet we are relying on them to follow up on their 'promise'(?).

What if we just banked that money and saved it for a rainy day? If these companies paid out more in claims than they took in, they would not be in business. This proves that the average amount paid for each warranty is much greater than any amounts in claims ever paid. Keep your money and pay your own claims. It may feel more aggravating not having a 'company' pay your claims for you, but you have more buying power and pricing leverage when you pay with your own.
This might sound good on paper but I still don't see how it works. Take Mr_D's case - he could have paid $9k and saved at least $20k but to say he banks the 9k, what does he do when the engine goes a month or two after he banks that 9k? Is there some investment secret that turns that 9k into 30k overnight or something?

Or worse, say problems continue, the transmission dies, the water heater goes, on and on over the same time period an extended warranty is in effect.

Seems like reality in either situation presents its own issues - warranty company not paying out or you run out of money in the bank to pay for repairs. I guess that's why I have a Cornerstone policy, not willing to take those risks and I'd rather fight the battle with them than the alternative.
__________________
Carl
'07 Newmar KSDP3916 w/Hydralift/'06 FLHX, '15 Equinox, Blue Ox Alpha, RVibrake2, FMCA F476758
With the birds...
bokobird is online now   Reply With Quote
Old 09-23-2015, 11:44 AM   #19
Senior Member
 
Join Date: Jun 2012
Posts: 478
Quote:
Originally Posted by MisterT View Post
think about extended warranties this way, compared to insurance:
a) you pay all upfront for a warranty, but annually, or even monthly for insurance
b) you can change insurance anytime, your paid warranty is set for life
c) your insurer wants to keep your premiums coming in, your warranty co already has all your money(!)
d) insurance is regulated. warranties(?)

my personal opinion has always been that extended warranty companies have no real impetus to pay all eligible claims simply because they already have all of your money, and have no future money to bring in from you. Yet we are relying on them to follow up on their 'promise'(?).

What if we just banked that money and saved it for a rainy day? If these companies paid out more in claims than they took in, they would not be in business. This proves that the average amount paid for each warranty is much greater than any amounts in claims ever paid. Keep your money and pay your own claims. It may feel more aggravating not having a 'company' pay your claims for you, but you have more buying power and pricing leverage when you pay with your own.

I have said this for years. Certainly there are going to be those who get their money's worth at the salad bar. They cost the resturant money. But the odds on favorite is banking on the house. 19 out of 20 times they make big money on the policy. How do you turn $9k into 30k? By having this be the third policy that you purchased and only one time did it pay off. Take the time value of money during the period you could hang on to it and make some interest, and all the hassle of trying to get a company to pay, and suddenly your time seems a little valuable as well.
__________________
1999 Harney Renegade
Used mostly for weekends at the dragstrip with my rear engine dragster and my son's jr dragster.
Bucky1320 is offline   Reply With Quote
Old 09-23-2015, 05:00 PM   #20
srh
Senior Member
 
srh's Avatar
 
Monaco Owners Club
Join Date: Feb 2012
Posts: 1,114
Quote:
Originally Posted by Bucky1320 View Post
I have said this for years. Certainly there are going to be those who get their money's worth at the salad bar. They cost the resturant money. But the odds on favorite is banking on the house. 19 out of 20 times they make big money on the policy. How do you turn $9k into 30k? By having this be the third policy that you purchased and only one time did it pay off. Take the time value of money during the period you could hang on to it and make some interest, and all the hassle of trying to get a company to pay, and suddenly your time seems a little valuable as well.
You and MisterT summed it up, IMHO, pretty well!
__________________
srh
2008 Signature
srh is offline   Reply With Quote
Old 09-25-2015, 12:10 PM   #21
Senior Member
 
robertj1979's Avatar
 
Join Date: Oct 2012
Location: Charlotte, NC
Posts: 117
Agree there are times when it can be good for the customer but for the most part, it is kind of like going to the casino where you know the odds favor the house. In my case, I would not be as unhappy even though financially it has not been a good deal had they not made the process such a hassle. Soon after the generator problem, we had a transfer switch go out and now back in the same process to most likely have them pay out a small portion of the bill. Service guy advised me he submitted the estimate and is still waiting for approval as the warranty company want to make sure the cost of the part is not excessive. I could have repaired the problem myself within a couple of days but now we are on week two waiting for the process to proceed.
__________________
Robert and Marisa
2012 Monaco Knight 40 DFT
2012 Jeep Rubicon
robertj1979 is offline   Reply With Quote
Old 09-26-2015, 11:38 AM   #22
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 18,073
Insurance payouts are all about statistics and not about individuals. They could care less about you individually as long as the average claim stays within the proportion that was forecast when the policy rates were set up. Some policies make money, some lose money, but most are somewhere near break-even. Insurers make money by investing the premiums before they pay them back out in claims. They don't even care if you get most or all of the premium back, cause they made money from investments while they had the use of it. Banks work the same way, and they always give all your money back. The biggest reason that repair insurance (extended warranties) are expensive is the huge commissions paid to the selling agent. If you paid $5000 for a policy, chances are the seller got something like $1000 and the insurer $4000. And then the insurer has to pay claims as well as the company that processes those claims out of his share. The claims company is working to keep claims costs low, hoping that the insurer will hire them again next year for more claims processing. Nobody is working in behalf of you, the policy holder, so you get the short end if there is anything questionable at all.
__________________
Gary Brinck
Former owner of 2004 American Tradition
Home is in the Ocala Nat'l Forest near Ocala, FL
Summers in Black Mountain, NC
Gary RVRoamer is offline   Reply With Quote
Old 09-26-2015, 12:12 PM   #23
Senior Member
 
Thor Owners Club
Join Date: Jul 2015
Posts: 194
^^^ Yep, the commissions to the selling dealer are huge. When we bought our second hand DP the finance people offered us their 5yr/60,000 mile "Platinum House Policy" for near $13k. I told them to sharpen their pencil and I'd consider it, so they came back at $12,500. I laughed and told them I had worked for a car dealer for near 30 years and knew a lot of money was made in the finance department from all of the other things they sell you, so I offered them $10k and they said ok. They still probably made a grand or better on the deal but the policy covers most things on the coach/ chassis and the dealer is big and will stand behind it so I was ok. I can guarantee I will get my money's worth out of it. Think about it like this, once the Freightliner warranty expires, if your 360hp diesel drops an injector or turbo, that one repair will cover the expense. Too many high dollar components on a DP to not have some kind of coverage, for 5 years at least.
__________________
Agaveguy is offline   Reply With Quote
Old 09-26-2015, 01:32 PM   #24
Member
 
Join Date: Oct 2012
Posts: 46
I've had Cornerstone for the past 4 years and am 100% extreme satisfied. They have paid every claim submitted without hassle and there has been many claims. I also have worked in the insurance industry for over 30 years and if there is one piece of advice I can offer it is to read. Read the policy. It's not like reading an automobile policy, it is far shorter. Read it because what their people answering the phone tell you cannot be relied upon, but what is printed between the 4 corners of the contract will never steer you wrong. Remember, reading is fundamental.
__________________
RayJo is offline   Reply With Quote
Old 09-28-2015, 06:34 PM   #25
Senior Member
 
tnteacherguy's Avatar
 
Join Date: Dec 2012
Location: Winter in Fl, Summer somewhere else.
Posts: 241
Blog Entries: 2
Send a message via Skype™ to tnteacherguy
I have to add my comment to the satisfied column as well. So far, most all failed components have been covered.
I have been educated about a few things that I expected to be different.

In addition to my deductible, I consistently have to pay for freight and tax on covered repairs.

I usually make sure I get 4 or five repairs so I feel like I'm getting my monies worth.

Today's bill was almost $5k. My part was $600. Would have been nicer if it was closer to $200-$250.
__________________
2013 Tour QD, Blue Ox, 2013 CR-V, TST Tpms
tnteacherguy is offline   Reply With Quote
Old 09-28-2015, 07:16 PM   #26
Senior Member
 
Rossi6998's Avatar


 
Winnebago Owners Club
Join Date: May 2008
Location: Whittier, CA
Posts: 580
Quote:
Originally Posted by tnteacherguy View Post
I have to add my comment to the satisfied column as well. So far, most all failed components have been covered.
I have been educated about a few things that I expected to be different.

In addition to my deductible, I consistently have to pay for freight and tax on covered repairs.

I usually make sure I get 4 or five repairs so I feel like I'm getting my monies worth.

Today's bill was almost $5k. My part was $600. Would have been nicer if it was closer to $200-$250.
I'm confused about you having to pay freight and tax? The only thing out of pocket should be the deductible unless you are doing an expedited shipping at your request (and even then I would try to work something out). Maybe I am missing something?

John
__________________
John Rossi
2013 Itasca Sunstar 26HE

Firestone Airbags, Hellwig front/rear Anti-Sway Bars,
Rear Trac Bar, Safe-T-Plus, and 480 watt solar system.
Rossi6998 is offline   Reply With Quote
Old 09-28-2015, 07:30 PM   #27
Senior Member
 
ChasA's Avatar
 
Join Date: Mar 2007
Location: Apex, NC
Posts: 1,857
I also had to pay extra for freight ( next day air). I needed to get away from that place. On top of that, the shop charged me much more than Freightliner list price for the parts.
Cornerstone paid just a little less than my local Freightliner shop's price for the parts.
__________________
2010 Winnebago Journey Express 34Y
2010 Freightliner XCS (mfd 9/'09)
'07 Saturn Vue V6
ChasA is offline   Reply With Quote
Old 09-28-2015, 09:04 PM   #28
Senior Member
 
cdinatl's Avatar
 
Join Date: Jul 2013
Posts: 226
Go Good SAM! No problem getting a claim paid. Local RV repair shop says he has good luck with them. Just saying...


"life happens, enjoy it".. 🇺🇸
2008 HR Ambassador DP 360 38'
__________________

__________________
cdinatl is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Extended warranty....to buy or not to buy? SttRVr Travel Trailer Discussion 8 04-19-2015 07:56 AM
Coach-Net extended warranty DTPinLC Class C Motorhome Discussions 3 04-17-2015 11:17 PM
Renewing Extended Warranty with different dealer wagonmaster2 iRV2.com General Discussion 9 01-16-2015 05:23 PM
Extended warranty Tedcesarano Class A Motorhome Discussions 34 10-31-2014 06:30 PM
Camping World - Good Sams - Extended Warranty - United Service Protection rlchall Gear and Product Discussions 6 07-03-2014 02:21 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 06:00 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.