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Old 08-09-2010, 06:30 AM   #15
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Location: Ogallala, Nebraska
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Originally Posted by RickO View Post
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.

2001 Holiday Rambler Endeavor
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2007 Dodge Ram 4 X 4 (Hemi)
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Old 08-20-2010, 11:45 PM   #16
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We are firm believers in an Extended Warranty. Our 2007 orphan coach just turned 4 years old and our original extended warranty cost us less than our claims. However, we were very disappointed in Good Sams CSP - as we had to jump thru so many hoops with each claim to get them paid - but most of the time they paid. We had the HWH Control Box computer needing replacement and the Surge Guard unit go out last Oct. Those were approx $2400 bills.

When the Insurance came up for renewal we elected to change to a 4 year plan with Go RV Warranty... which is with Allegiance CSI Care. We thought our coach was in excellent condition with 42k miles on it. However, within 1 month of taking out the new plan our Inverter has gone out. We are looking at another $2400 bill. This new Extended Warranty isn't jumping up & down to help us - and we still haven't gotten payment (job isn't finished!)- but we expect to ultimately receive payment.

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