Originally Posted by RickO
Always a tough call. I think some of the critisism of extended wtys above is much more negative than the experience I've had with mine. Hard to assess "break even" because part of the benefit of owning one is the peace of mind it brings. That's exactly why this is always such a "controversial" topic.
Good luck with your decision.
Exactly. As a certified financial planner, my job is to review and evaluate risks for my clients. Sometimes buying insurance (auto, life, etc) is part of the recommendation. The concept of breaking even doesn't even count when we look at these RV plans because that's not the purpose of them.
The key here is that these breakdown policies do NOT fix everything and anyone thinking they do are either mis-taken or mislead. Here's the way I figure....if I pay $3,000 in premiums for 3 years (estimate) and the engine or turbo on the diesel goes out I made the right decision. This lets me go through several maintanance cycles with several different mechanics looking at it (location changes). During this time confidence in the used rig is built up and so does the slush fund. At some time (for me) I will drop the plan.
To brand all of these policies as part of the 'evil insurance empire' is silly. I too agree that I doubt any insurance company would share its profit breakdown with anyone. Just my 2 cents.