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Old 02-27-2014, 09:43 AM   #15
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That's right, these are not really warranties but actually insurance policies. That's why they are underwritten by insurance companies. Nevertheless, I did buy one after reading Howard's great article at RV-Dreams.

RV Extended Warranties
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Old 02-27-2014, 09:48 AM   #16
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Quote:
Originally Posted by Mr_D View Post
Remember: they are not "warranties" they are a contract....
Right you are. They are Extended Service Plans. Big difference.
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Old 02-27-2014, 10:29 AM   #17
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That's right, these are not really warranties but actually insurance policies. That's why they are underwritten by insurance companies. [/URL]
Although they are, in fact, insurance policies... seems to me that I've read that EW's don't have the same oversight which protects consumers with more traditional "insurance policies".

Does anyone have experience which validates or refutes this.

Rick
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Old 03-22-2014, 09:20 PM   #18
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Nationwide Warranty

I just received quote from Nationwide Warranties and wanted to hear some opinions on how this compares to other warranties that have been purchased. I have attached the document they sent me, that shows the coverage and exclusions. One thing I have a question on is the refrigerator and have emailed them for an answer. Since I am new to this, I would greatly appreciate the feedback.
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File Type: pdf NW-RV-FILL1[1].pdf (178.7 KB, 15 views)
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Old 03-23-2014, 03:02 PM   #19
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This one is - It ALL Depends . . .

We have just gone through the buying process for a new motorhome, a Forest River Georgetown 328 with a major dealer here in Southern California.

Because RV dealers work like car dealers, I expected the finance guy to push hard to sell us an extended warranty. He did - in spades. Since we were newbies was the beginning of nearly every sentence. And yes, he has a point. But since we are buying a new rig, we have some warranties on the chassis, "home" and separate warranties on all of the components like fridge and microwave and TV sets by those manufacturers, too.

The original price for the EW was around $8900 to be folded into our loan which boosted the monthly payment about $35. Doesn't sound like much, I know, if you think just about the monthly payment side of it. But it wasn't lost on me that they were talking about an EW which was good for five years but that I'd be paying for for 20 years - huh?

Worse, what I didn't know is that at time of trade-in or sale, the EW is NOT part of the loan that is paid off with the trade-in or sale, so the balance would be due at that time, even six years down the line when the EW was not even in force any longer, but 14 years of it had not yet been paid.

No thanks.

Then a few days ago (we have not yet picked up the rig - that's for tomorrow) - we get another call from the finance guy - now the EW is only (ONLY) $5700 or about $24 over 20 years. Still a bad deal.

We said No Thanks again.

So tomorrow we expect one final effort when we are there to pick up the baby - just curious what the number or deal will be then.

And since we have bought a Forest River product, we are now understanding that FR has offered (and may still) a second year warranty at the end of the first year of ownership - for a very reasonable amount.

I think where EW's make sense is with older coaches. I think they may make sense when bought on your own, not through a dealer. Just remember, these are huge profit centers for dealers - in fact, they make a lot more on the sale of EWs than off coaches. Hard to believe, but as you can see - if the price of the EW started at $8900 and then dropped to $5700 and you know for darn sure that they aren't selling this at a loss . . . how much profit was in that sale??? A LOT.

I don't begrudge my dealer a fair profit - this is America after all.

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Old 03-23-2014, 03:26 PM   #20
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Quote:
Originally Posted by Bob-n-Laura View Post
We have just gone through the buying process for a new motorhome, a Forest River Georgetown 328 with a major dealer here in Southern California.

Because RV dealers work like car dealers, I expected the finance guy to push hard to sell us an extended warranty. He did - in spades. Since we were newbies was the beginning of nearly every sentence. And yes, he has a point. But since we are buying a new rig, we have some warranties on the chassis, "home" and separate warranties on all of the components like fridge and microwave and TV sets by those manufacturers, too.

The original price for the EW was around $8900 to be folded into our loan which boosted the monthly payment about $35. Doesn't sound like much, I know, if you think just about the monthly payment side of it. But it wasn't lost on me that they were talking about an EW which was good for five years but that I'd be paying for for 20 years - huh?

Worse, what I didn't know is that at time of trade-in or sale, the EW is NOT part of the loan that is paid off with the trade-in or sale, so the balance would be due at that time, even six years down the line when the EW was not even in force any longer, but 14 years of it had not yet been paid.

No thanks.

Then a few days ago (we have not yet picked up the rig - that's for tomorrow) - we get another call from the finance guy - now the EW is only (ONLY) $5700 or about $24 over 20 years. Still a bad deal.

We said No Thanks again.

So tomorrow we expect one final effort when we are there to pick up the baby - just curious what the number or deal will be then.

And since we have bought a Forest River product, we are now understanding that FR has offered (and may still) a second year warranty at the end of the first year of ownership - for a very reasonable amount.

I think where EW's make sense is with older coaches. I think they may make sense when bought on your own, not through a dealer. Just remember, these are huge profit centers for dealers - in fact, they make a lot more on the sale of EWs than off coaches. Hard to believe, but as you can see - if the price of the EW started at $8900 and then dropped to $5700 and you know for darn sure that they aren't selling this at a loss . . . how much profit was in that sale??? A LOT.

I don't begrudge my dealer a fair profit - this is America after all.

Laura
On the Road to Happy Destiny
Everything you said makes perfect sense. I have a 10 year old coach and my premium for a diamond policy through Wholesale Warranties (with a $200 deductible) is only $1500 year. The great thing is that I pay monthly and can cancel whenever I want.
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Old 03-23-2014, 03:27 PM   #21
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We love ours. Glad we paid the extra $. Actually paid off in the long rum.

YMMV
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Old 03-23-2014, 04:29 PM   #22
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Quote:
Originally Posted by Bob-n-Laura View Post

Worse, what I didn't know is that at time of trade-in or sale, the EW is NOT part of the loan that is paid off with the trade-in or sale, so the balance would be due at that time, even six years down the line when the EW was not even in force any longer, but 14 years of it had not yet been paid.

Just remember, these are huge profit centers for dealers - in fact, they make a lot more on the sale of EWs than off coaches.

Laura
On the Road to Happy Destiny
Both of these points sound really strange to me.

I financed my EW as a part of the purchase of my new DP. The financing was all rolled in to a single amount financed secured by the coach. I'm about to sell it and there's nothing in my finance docs indicating that part of the balance is attributed to the coach and part to the EW.

May I ask how it is that you know dealers make a lot more money on the sale of EW's than they do selling RVs? On a percentage basis, certainly, but I have a had time understanding how a dealer will make more money selling EWs than they will selling the $300K coach they're written for. It would seem to be an odd business model to carry such high dollar inventory in order to make a high percentage on an $8K EW.

Rick
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Old 03-23-2014, 05:01 PM   #23
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We went through Wholesale Warantees and were placed with Pro-Tec. We bought a 4 year exclusionary policy with all the buzzers and bells for about $6,000. With about 13 months on the policy they have paid out $4,200. Now, perhaps I could have done some of the labor and maybe reduced the "out of pocket" costs to around $3,500 but I am not that mechanically educated and it could cost me more if I screwed up. I have nearly 3 years to get the other $1,800 out of my policy and some relative piece of mind to have something that will cover me in case of a catastrophic problem.

BTW...I have not had one iota of trouble with my claims either. The only thing that they said they would do, then changed their mind, was send an inspector out before they replaced my front AC. The day after they said that, they called my service place and said...DO IT!.

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Old 03-23-2014, 05:09 PM   #24
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BTW....

Buying an ESW/Service Contact or whatever you want to call it is like buying auto insurance. It is really a part of asset protection. You might not like the price if you never use it but will be glad you had it if you have a catastrophic event.

On the flip side, as mentioned earlier, is the concern that the ESW industry is relatively unregulated. While I am happy with WW/Pro-Tec, I had an ESW on my previous Winnebago and that company went bankrupt. Fortunately in that case I had paid them about $600 in premiums and got about $600 in service before I cancelled them out of lack of support. They went bankrupt 2 weeks later.
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Old 03-23-2014, 06:24 PM   #25
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Now, perhaps I could have done some of the labor and maybe reduced the "out of pocket" costs to around $3,500 but I am not that mechanically educated and it could cost me more if I screwed up.
As I stated above, I just purchased an ESP through Wholesale Warranties myself. I feel the coverage, positive reviews, the ability to cancel, and peace of mind are worth the cost.

Sky_Boss... Just an FYI... In reviewing my policy documentation, I read that you can not do repairs yourself and make a claim.
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Old 03-23-2014, 06:39 PM   #26
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...

Sky_Boss... Just an FYI... In reviewing my policy documentation, I read that you can not do repairs yourself and make a claim.
I haven't had the opportunity to do a covered repair with the tools and talent at hand. LOL Besides, if it cost me $200 for the deductible if I could get parts covered by the warrantee, why would I do the labor when it is included in the claim?
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Old 03-27-2014, 11:02 AM   #27
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I am at end of FR first yr on 2013 TT. Cannot get FR warranty because it is too late. Didn't know about it, they never told me or sent me any info! I am checking about a 2 yr plan as 5 yr are expensive. Has anyone used Good Sams? It is the only 2 yr I have found> Varying deductibles.
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Old 03-30-2014, 01:44 PM   #28
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For me, it's a no brainer. I bought an 11 year old coach. If I drive it off the lot and it starts tossing valves and crap all over the highway, there is no way in hell I can afford to pay 20-30K for a new engine or transmission. I expect to spend a lot of money having people work on my coach until I can learn to do it myself just to make sure they come and pay for that new engine. Just saying!
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