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Old 11-29-2014, 09:52 AM   #1
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Extended Service Plans

This subject has most likely been covered before, but I do not remember reading about it. I presently have a Good Sam ESP on our 05 Winnie Aspect 26A and am curious about other plans RVers have used. Our plan is renewed year to year and has a $500 deductible. The price for renewing in 2015 has increased to $600 +. We have used it only once for an A/C replacement and were pleased with the service from both Good Sam and the repair facility, Land Yachts in Jupiter, Fl. As a typical R/V er, I am always looking for a better deal so; is there one out there or do I stay with Good Sam ??
Any comments would be appreciated.
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Old 11-29-2014, 12:22 PM   #2
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$600+ a year is not too bad a premium.....assuming you have a contract that covers a LOT of stuff and "not covered" items are few.

If you do a search....you will be reading for a week.
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Old 11-29-2014, 01:14 PM   #3
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ESPs are money makers for those who sell them, you would be better off putting that $600 plus the $500 deductible in a savings account, at $1100 a year you will have enough money saved up to cover most repairs and will not be fighting with an ESP provider to get them to cover a repair, which they will fight tooth and nail not to pay.
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Old 11-29-2014, 01:16 PM   #4
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Originally Posted by Grandpere View Post
ESPs are money makers for those who sell them, you would be better off putting that $600 plus the $500 deductible in a savings account, at $1100 a year you will have enough money saved up to cover most repairs and will not be fighting with an ESP provider to get them to cover a repair, which they will fight tooth and nail not to pay.
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Old 11-29-2014, 01:31 PM   #5
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ESPs are money makers for those who sell them,.........

So are life insurance, health insurance, RVs, cars, fuel, houses, and groceries. Imagine how much money you could save if you refused to get sucked into buying those!!
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Old 11-29-2014, 01:38 PM   #6
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Quote:
Originally Posted by Grandpere View Post
ESPs are money makers for those who sell them, you would be better off putting that $600 plus the $500 deductible in a savings account, at $1100 a year you will have enough money saved up to cover most repairs and will not be fighting with an ESP provider to get them to cover a repair, which they will fight tooth and nail not to pay.
X2. I used to work in an industry where we sold service contracts. Many times the service contract was the profit margin for the product. And it was a good profit margin.
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Old 11-29-2014, 05:50 PM   #7
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Quote:
Originally Posted by Grandpere View Post
ESPs are money makers for those who sell them, you would be better off putting that $600 plus the $500 deductible in a savings account, at $1100 a year you will have enough money saved up to cover most repairs and will not be fighting with an ESP provider to get them to cover a repair, which they will fight tooth and nail not to pay.
In my case that certainly is not true. I bought a GS ERS in April, 13; to-date it has paid-without questions- over $4,000 for covered repairs. The 3-year policy was $4,800, still have 16 months remaining. Oh, my policy is $50 deducible when Camping World does the work, $100 if a different repair shop does the work.
I don't know if you have enough money banked in your repair fund to rebuild or replace your diesel engine ($ 20,000) but I sure don't, which makes an ESP a necessity for us.
We all know the ESP and insurance companies exchange client information, and I just today received an offer from WholesaleWarranties.com for coverage when my GS policy expires. That will make my MH 16 years old, and they still want to issue a policy on my MH.
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Old 11-29-2014, 05:54 PM   #8
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We have all heard (ad nauseam) the knee-jerk "save your money and put it in the bank and you'll be able to cover all your repairs" refrain. But as with most blanket statements, the blanket seldom covers everyone.

In fact, since an RV may be the one item you purchase where the extended service plan could be a very good deal, it would pay you to consider all the arguments before making your decision.

Here are some things (I am sure you can think of others) to consider before buying an extended service policy.
  1. There are a multiplicity of possible systems that have an opportunity to fail on an RV.
  2. There is some peace of mind in knowing that a major repair will not come completely out of your pocket.
  3. This is an insurance policy - not a warranty. Understand that before you buy it.
  4. Not using it is not a bad thing! I don't want to use my other insurance policies either.
  5. Since banks no longer pay interest of any account, the money you put aside essentially just sits there.
  6. There are good companies and (probably more) bad ones. Make sure you are comfortable with the reputation of the company providing your coverage.
  7. Can you handle a big ticket repair without it impacting your financial situation? If so, an extended warranty is probably not something you even need to consider.
  8. Are you really strong enough not to spend that set-aside money? Or are you like me?
I think it is fairly obvious that an extended service plan is not always the right or wrong choice. With our previous RV all we got for our money was peace of mind. With our present unit, we have already broken even - with 4 years to go!

So consider your personal situation, weight what you perceive as the pros and cons, and make your own decision. Either way, don't look back.
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Old 11-29-2014, 06:03 PM   #9
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Originally Posted by AggieDad View Post
We have all heard (ad nauseam) the knee-jerk "save your money and put it in the bank and you'll be able to cover all your repairs" refrain. But as with most blanket statements, the blanket seldom covers everyone.

In fact, since an RV may be the one item you purchase where the extended service plan could be a very good deal, it would pay you to consider all the arguments before making your decision.

Here are some things (I am sure you can think of others) to consider before buying an extended service policy.
  1. There are a multiplicity of possible systems that have an opportunity to fail on an RV.
  2. There is some peace of mind in knowing that a major repair will not come completely out of your pocket.
  3. This is an insurance policy - not a warranty. Understand that before you buy it.
  4. Not using it is not a bad thing! I don't want to use my other insurance policies either.
  5. Since banks no longer pay interest of any account, the money you put aside essentially just sits there.
  6. There are good companies and (probably more) bad ones. Make sure you are comfortable with the reputation of the company providing your coverage.
  7. Can you handle a big ticket repair without it impacting your financial situation? If so, an extended warranty is probably not something you even need to consider.
  8. Are you really strong enough not to spend that set-aside money? Or are you like me?
I think it is fairly obvious that an extended service plan is not always the right or wrong choice. With our previous RV all we got for our money was peace of mind. With our present unit, we have already broken even - with 4 years to go!

So consider your personal situation, weight what you perceive as the pros and cons, and make your own decision. Either way, don't look back.

I'll second Don's comments. We've only used our EW twice but at this point were even with our purchase price with over two years remaining. I for one am soooo very happy DW and I had the foresight to make this investment. Not all providers are equal it really pays to shop, ask questions and above all read exactly what is NOT covered.
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