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Old 08-10-2012, 03:37 PM   #1
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Extended Waranties

I think I know the answer to this but wanted to get opinions from others who have gone throught the purchase of a new motorhome. Also, I hope I am posting on the correct forum as I'm new to this site.

We are picking up a new Thor Palazzo on the 23rd of this month. The dealer has asked if we want to purchase an extended warranty package from First Canadian Protection Plan. Cost of coverage is $3,000. Coverage is for 5 years. Coverages includes coach "contents". Things like water heater, waste system, water pump, range, refrigerater, heating system, air conditioning, and TV.

Generally I don't go for extended warranties from dealers but as we are new to RVing wanted to check with some experts.
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Old 08-10-2012, 03:43 PM   #2
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Generally they are a bad deal for the purchaser, the dealers cut is about 50% of it's cost. We self insure with money in the bank. Here in the US they're legally not a "warranty" as a warranty can only be offered by the vehicle manufacturer. We've bought three of the insurance policies. Never filed a claim on any of them so lost money on two of them, the third was fully refundable if not used.
But some people look at them as insurance just for peace of mind. I guess if you don't mind losing money they're OK.
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Old 08-10-2012, 03:51 PM   #3
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If you have the resources to self insure, that is can set aside enough cash or have ready access to enough cash to cover major breakdowns, then you probably will be money ahead to do so. If you cannot self insure or an extended service contract will help put you at ease, then the fact that they are high profit to dealers and service contract companies is unimportant. If you are considering an extended service contract it is vital that you read and understand the conditions and coverages. These contracts are also normally negotiable - since there is profit the dealer typically can deal, especially if bought at the same time a new rv purchase is made. We bought ours at a deep discount and the contract has paid as it should with no hassle or argument.
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Old 08-10-2012, 03:59 PM   #4
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If you still have some negotiating room, have them throw in the extended policy as a deal closer. As stated earlier, the cost to the dealer is about 50% of the retail price to the customer, so it is no great cost to the dealer and will give you great peace of mind. I have an extended policy that I purchased just for that reason. I chose a high deductable to further offset the cost because I was more concerned with a catastrophic failure of an appliance, power train, generator or some other high cost item. It's very easy to tally a four figure repair bill on one of these things.

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