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Old 01-29-2013, 08:47 AM   #1
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Ext Warranty, did it pay off?

Just wondering....

Has extended warranty paid off for you?
I see it as being like insurance, meaning profit for the provider. Thus, sometimes you win, but usually you dont.
Had one on a used rig. Cost $4000. Recovered only $1200 over 4 years.
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Old 01-29-2013, 08:52 AM   #2
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I think my extended warranty "paid off" because, as a newbie with a new DP, it provided me with peace of mind... which is exactly what I bought it for.

Even though they have paid every claim without question, I'm sure the sum of those claims is less than I paid for the policy.

As for the EW companies making a profit... isn't that what all companies are in business to do?

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Old 01-29-2013, 08:55 AM   #3
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I think my extended warranty "paid off" because, as a newbie with a new DP, it provided me with peace of mind... which is exactly what I bought it for....
I keep thinking the same since I just got a DP...

I got caught in the GO RV fiasco so I am doubly weary of the choice to buy a service contract.
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Old 01-29-2013, 09:01 AM   #4
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These service contracts can sometimes be haggled down in price. So.......less profit for the provider. My guess is that they buy them from an insurance co. and mark it up 40% and more.
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Old 01-29-2013, 09:13 AM   #5
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These service contracts can sometimes be haggled down in price. So.......less profit for the provider. My guess is that they buy them from an insurance co. and mark it up 40% and more.
We negotiated a discount for the extended service contract as hard as we did on the price. Our return has exceeded the cost (AC repair, electric awning repair, and convertor/inverter repair). Had we paid the original quoted price, we would not have recovered our expenditure. Unlike many who post here, our experience dealing with the service contract company has been straight forward and, IMO, fair. They paid what the contract said they would.
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Old 01-29-2013, 10:15 AM   #6
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Just my opinion, but I would never buy an extended warranty, service contract, or what ever the company chooses to call its self, on a new vehicle. Be it a new automobile, truck, or DP for that matter, they all come with a factory warranty, so why not wait until that warranty lapses and then if you so desire, purchase it then. YMMV.
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Old 01-29-2013, 10:23 AM   #7
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I have never purchased new, so my experience was with two used units for which I bought coverage. First time, the rig turned out to be a disaster and I came out ahead by about $1500. Second one was a jewel and the only money we spent on it was for brakes, which happened about 6 months after the coverage expired.
IMHO if you can get a good deal on coverage, the peace of mind is well worth it. I have it on my present rig, and so far, no claims. But, there are three years left to go and the unit will be 9 years old by then - so - crap shoot.
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Old 01-29-2013, 10:26 AM   #8
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Just my opinion, but I would never buy an extended warranty, service contract, or what ever the company chooses to call its self, on a new vehicle. Be it a new automobile, truck, or DP for that matter, they all come with a factory warranty, so why not wait until that warranty lapses and then if you so desire, purchase it then. YMMV.

I have 3.5 years left on the new rig wty. It does not cover the guts of the coach after 2 years, but I take the calculated risk on that, which should be less than ext wty cost.
May consider wty after that.
Make that a definite maybe.
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Old 01-29-2013, 10:29 AM   #9
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I just bought a contract for my 08 HR Endeavor. Well out of warranty now and we are going full time so access to a place to do repairs as well as my tools and of course I'm no spring chicken either, led me to make the decision. No way I can wrestle a refer or transmission or a generator. There was a mileage preclusion of about 1500 miles but they didn't come read the odometer. I bought end to end coverage for about $2800. That only covers a bit on the tires but other than that it covers virtually everything else.
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Old 01-29-2013, 02:50 PM   #10
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Had one for 7 yrs. never had to use it.Should have saved that $1800
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Old 01-29-2013, 03:03 PM   #11
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Some of the policies require that an on site inspection be done before repairs might be authorized. You could be waiting a week or so just for that, then they may have to order parts etc.
We've bought them in the past, never used them at all so it was wasted money. Now we self insure.
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Old 01-29-2013, 03:09 PM   #12
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Mine has paid out about 3 times what I paid for it.
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Old 01-29-2013, 03:15 PM   #13
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Had one for 7 yrs. never had to use it.Should have saved that $1800
Certainly that is a possible conclusion but keep in mind that service contracts are like car insurance. If you never need it, it seems like a lot of money for nothing. If you do need it (with the assumption you get a proper settlement) then it was worth it.

There will always be good and bad stories about EW claims. The true test will be when a claim must be made.
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Old 01-29-2013, 03:56 PM   #14
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Quote:
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These service contracts can sometimes be haggled down in price. So.......less profit for the provider. My guess is that they buy them from an insurance co. and mark it up 40% and more.
Quote:
Originally Posted by dieselclacker View Post
Just my opinion, but I would never buy an extended warranty, service contract, or what ever the company chooses to call its self, on a new vehicle. Be it a new automobile, truck, or DP for that matter, they all come with a factory warranty, so why not wait until that warranty lapses and then if you so desire, purchase it then. YMMV.
In hindsight, I now believe we made two mistakes when we bought our EW.

We purchased it at the same time we bought the new coach... bad move.

We didn't negotiate the price. Dealers plan it this way I'm sure, but I was feeling so proud of myself for having researched how to negotiate the purchase of the new coach... when we got into the finance manager's office my guard was down and I had done NO research on EWs. Ended up agreeing to pay full retail for it. Armed with what I know now, I could have purchased it for MUCH less than I paid.

Rick
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