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Old 09-23-2015, 12:28 AM   #15
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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!
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Old 09-23-2015, 04:20 AM   #16
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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.
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Old 09-23-2015, 05:05 AM   #17
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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.
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Old 09-23-2015, 10:12 AM   #18
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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.
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Old 09-23-2015, 10:44 AM   #19
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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.
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Old 09-23-2015, 04:00 PM   #20
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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!
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Old 09-25-2015, 11:10 AM   #21
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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.
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Old 09-26-2015, 10:38 AM   #22
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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.
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Old 09-26-2015, 11:12 AM   #23
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^^^ 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.
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Old 09-26-2015, 12:32 PM   #24
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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.
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Old 09-28-2015, 05:34 PM   #25
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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.
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Old 09-28-2015, 06:16 PM   #26
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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?

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Old 09-28-2015, 06:30 PM   #27
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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.
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Old 09-28-2015, 08:04 PM   #28
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Go Good SAM! No problem getting a claim paid. Local RV repair shop says he has good luck with them. Just saying...


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