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Old 03-05-2010, 10:44 PM   #1
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extended warranties

I just purchased my first rv. 2004 Newmar Dutch Star and i want to get some sort of extended warranty...I know Good Sam Club has them. There is one by National warranty i think the company is also called Protective. and i am sure there are others..Any good suggestions as to which is best? thank you
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Old 03-05-2010, 10:54 PM   #2
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I am very happy with my Interstate Star Policy. They pay the repair facility direct so you don't have to pay and then get reimbursed.
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Old 03-06-2010, 03:09 AM   #3
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Make sure you understand what is not covered and how easily claims can be declined. Personally, I would put the cost of the insurance policy in jar and keep it for a rainy day.
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Old 03-06-2010, 05:46 AM   #4
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thank you

thank you for the information can you tell me about the Interstate Star Policy? how can i get in touch with them? Have you had to use them?
I am aware of horror stories that people thought they were covered for certain items and then when the time came to fix it...they find it is not covered or only a part of the part was covered...and some just had difficult times getting the repair ok'd.
I know the policy has to be read carefully, but this forum is great for finding out lots of truths.. thank you
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Old 03-06-2010, 08:23 AM   #5
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ALL long term warranty companies are bashed in any RV forum, especially by the folks that say to keep you money and put it in a rainy day fund/glass jar, etc.

I've been with WarrantyExperts for five years and have had to use them four times. I've more than gotten my money worth and have not had one problem with them. My service center gets the repairs approved PRIOR to beginning work and then files my paperwork. When my current contract expires, I will renew with them.

I don't care what ANYONE has to say about them or anyone else, if you follow their rules, it can be a good thing. The advice to read everything thoroughly is a good one as what you are purchasing is really a service contract more than a warranty. Either way, I'm very happy with WarrantyExperts.
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Old 03-06-2010, 09:55 AM   #6
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Golden,

You are correct in that people that have never had them will tell you you're nuts for getting them. You never hear from the Guy or Gal with a major repair saying, Jeeze, I wish I would have had an extended warranty.

That being said, most people who own cars that are paid for, still maintain the most expensive portion of the insurance, collision coverage. Why, because they do not want to be out the big expense at one time for a major accident. I know the analogy is for collision and not repair but the ratio of dollars is very similar.

Would you pay $600/year (the average cost of a full coverage policy with $200 deductible for 5 years) to prevent a potential $5,000-$10,000 or more repair? You do often hear on this and other forums about large repair bills. A tranny, engine, turbo charger, radiator, CAC, refer, etc. can fall in that range.

What is important in researching an extended warranty is to find one that is exclusionary, meaning it spells out what is not covered and one that is insured. Stay away for inclusionary policies, they are designed to exclude as much as they can and do not benefit the policy holder, only the person who sells it. If a plan is not insured and it goes out of business, you're out of luck.

In your research, look for the reputation of the Seller, The Administrator (the management company you call when you have a claim) and the Insurer (usually not the Seller or the Administrator).
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Old 03-06-2010, 10:07 AM   #7
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Jim,

Excellent response and it allows me to add what I should have earlier. That is that WarrantyExperts is an exclusionary policy, or at least the one I have is. It is for seven years, 70K miles.
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Old 03-06-2010, 06:36 PM   #8
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Smile

Quote:
Would you pay $600/year (the average cost of a full coverage policy with $200 deductible for 5 years)
Last time I got a quote from GS they wanted over $1,200 a year for $500 deductible.

And in the 7 years of owning this MH I never have had a repair that cost me over $500. My total cost in the 7 years for repairs has been less then 1 year of warranty premiums would have been.
My money is in my bank, not the warranty Co. bank.
Quote:
still maintain the most expensive portion of the insurance, collision coverage.
On my Toad, Bodily Injury Liability is the most expensive portion of my insurance. Collision has 1K deductible. And I did pay cash for it.
Soon as the NADA has average retail price for it, less then 10K.
The Collision comes off. With no collision you still have a 50/50 chance the other drivers insurance will pay.

Buying a extended warranty is like buying stock. You may come out $$$ ahead or may end up with less $$$.

Both depend on what you are willing to risk.
Not everyone that buys a extended warranty will come out ahead.
If they did, warranty company's would soon be out of business.
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Old 03-06-2010, 07:11 PM   #9
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I have had them and had good ones and bad ones. There are a few around that are worth the money. I had one that paid pretty good up to the point I was getting more out of them than I had paid for the policy. Then they found every excuse possible and interpretation of the policy that would drive a Mississippi lawyer crazy.

Just be sure that you can read the policy in detail and see exactly what they will and will not cover or what all is excluded. Make sure you have 30 days to read the policy if you cannot get a copy in advance and can cancel it for the full amount you paid.

Yes people do get benefit on some major repairs, but they would not be in business if they paid out more than they took in. But in general, most never get back the cost of the policy.

I would take the money and keep it set aside and pay for my own repairs.

Ken
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Old 03-06-2010, 07:17 PM   #10
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State Farm and Good Sam Road Service...

My prior coach had a broken windshield and wind damage (two awnings) in the first 3 months. The claim was for $4500 and State Farm covered it all with no deductible. They even reimbursed me for Good Sam Road Service to come out to tie the awnings to the coach so the RV Dealer could take it to their shop for repairs. My premium is $865 per year. I felt very good about the outcome.

I carry the same insurance on this "new to me" coach plus an extended warranty. One important thing to consider is the Good Sam Road Service. All the extended warranty products that I have checked out, including the one I have now, have a mile limit or a money limit on towing. GS Road Service has no towing limit. Towing can really get expensive. The GS Road Service is $80 per year. Joe
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Old 03-06-2010, 07:29 PM   #11
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An extended warranty is just like an auto insurance policy. If you do not want to take the risk of a large repair expense, then you should get one. If you want to take the risk, then you shouldn't have one.

Good Sam is probably the most expensive extended warranty/insurance plan you can get. They are also an inclusionary policy, the worst type you can get. Their only advantage is that you can buy for and pay for it yearly, there is no time commitment. In the same vein, they can decide not to renew.

A MH policy with a $500 deductible makes the seller a lot of money. Most repairs are less than $500. I believe that most policies are not bought by the consumer to save the consumer money on normal repairs, they are purchased as insurance for major repairs.

Everyone who never had to use them and would have wasted their money (according to them) would bless their lucky stars if they had one and had their radiator with charge air cooler go out ($8-$10K), tranny ($5-7K) major engine failure ($15-25K).

I am glad for everyone who didn't "waste" their money, I am even happier for those that had a major repair and had one. It's like all insurance it's a waste of money until you need it. Yes the insurance companies make money on 90% of the contracts they sell. It's that 10% that can get you!
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Old 03-06-2010, 08:08 PM   #12
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My Interstate Star policy was purchased thru the dealership that I purchased my RV from. My policy is $100 deductible per repair visit, not per item. I had two repairs done at the same time, total bill was $1370 and I paid $100. If I didn't have the policy I wouldn't know how much per month to "put away" for future repairs. Do I save $500 per month in case of a $10,000 engine repair or $100 per month and hope for only small repairs? I think it depends on how much risk you are willing to take.

I chose the extended warranty for peace of mind. I fully understand those who opt for a savings account for repairs. To each his own.

A word of warning if you have an extended warranty, do not have any repairs done without prior approval. The warranty companies will never pay you for unauthorized repairs.
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Old 03-17-2010, 06:11 PM   #13
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We are going through Dave Ramsey finance course at church right now and Mr. Ramsey speaks strongly against extended warranty policies. I disagree and have had one on our coach since we bought. In our case we were just leaving our home to live full-time in our coach. We are both working professinals here near Seattle. We were just going through some difficult times financially and felt that we would not have the money to fix the coach if something went wrong. We did not have the extra budget to finance a "money for" account as an emergency fund for the coach. Our position paid off big time, we have used and made up for the years worth of premiums.
I did however blunder by forgetting I had the policy and actually took the coach down and paid for a repair at a shop and then realized later it was covered. Oh well.
Be sure you consider the risk of going on vacation and the dissapointment of having to be without some major appliance working like the heater. If you happen to be short of cash or live on a fixed income that could ruin a trip.
Bottom line, I have always like them but now I'm in a different financial position. We don't use any of my income and it all goes to savings. We live off my wife's income so it would not make sense to have it anymore. Sorry for the long post.
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Old 03-21-2010, 11:11 AM   #14
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We have an Interstate Star Platinum extended service contract on our coach and have had it for the past 6 years. We have always asked the service provider to check with Interstate each time there was an issue with the coach. We have never had a repair covered on the F53 chassis or coach and we did read the contract thoroughly and always did a preauthorization. Wear and tear is subjective and a large loophole to be aware of. Diagnosis of issues is not covered, power window mechanisms are not covered, electric step is not covered, parking brake linkages are not covered, wiring is not covered, factory installed speakers are not covered, a covered part damaged by a non covered part or a non covered part damaged by a covered part is not covered and so on and so forth. The one benefit we got by having this contract is that we were able to get just a bit more at trade in time. The dealer uses Interstate and if any covered issues are found the dealer will recoup a bit of the cost of prepping the coach for resale. We are looking for another provider for our new coach. One that is exclusionary (lists exactly what is not covered) and backed by an insurance company. You are buying insurance. A great service contract is only worth what you value the peace of mind gained at. Do lots of homework and buy at the least amount of markup.
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