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02-01-2023, 12:31 PM
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#15
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Senior Member
Thor Owners Club Forest River Owners Club Ford Super Duty Owner Georgie Boy Owners Club
Join Date: Feb 2011
Location: Utah
Posts: 657
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Extended Warranties, Are they worth it.
As the Title Says Extended Warranties, Are they worth it. Well that depends on a lot of factors. in the following link are a few case histories of my own personal experience with them and why I will probably never buy another Extended Warranty.
Mel
https://rvbloggers.wordpress.com/2011/05/05/rant-2/ or CLICK HERE
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02-01-2023, 02:19 PM
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#16
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Senior Member
Join Date: Nov 2006
Location: Western NY
Posts: 6,142
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I'm surprised this continues to be a discussion item pretty often when the basics are rather simple.
On average the warrantee companies have to pay out less than the premium $;to make money.
On average owners pay more in premiums than they ever collect.
If peace of mind and minimizing unexpected repair costs is important to you, you will need to ask yourself how important it is and how much you are willing to pay for it?
Are you the type that holds insurance policies on all your hom appliances? Fridge, freezer, AC, etc? Do you have extended warranties on autos?
On average... if you placed the policy premium $ in a separate account and self paid for repairs you would be $ ahead. If you feel you are the type that have a dark cloud over your head and always seem to have more failures than anyone you know... it might be worth it.
How many people you know have lost an engine or transmission that most of these outfits quote you with scarey high$ to basically scare you into signing up.
Many RV owners complain about how difficult it is to get a service appt and get work completed timely. Do you think having an extended warranty Co to deal with will increase or decrease the shops interest or willingness to take on the work vs a cash customer?
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
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02-01-2023, 02:48 PM
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#17
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Senior Member
Monaco Owners Club Forest River Owners Club
Join Date: Jul 2012
Posts: 3,325
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Would any repair bankrupt you or dramatically affect you. Generally on a travel trailer I would not think an extended service contract “warranty“ would make sense. On a more expensive motorhome with engines, transmissions and running gear that can run into the thousands of dollars it might be a consideration. Don’t just not buy it and forget it. Regularly put or retain some money initially for maintenance. People get in trouble not having anything set aside and are surprised when something bad happens … eventually it will.
Wholesale warranties is a Broker for extended contracts with a good online reputation and can fit your needs. I would probably wait until my 1 year (?) manufacturer warranty is about to expire and get quotes then. The extended does nothing until the primary warranty is over.
__________________
2023 Coachmen Encore 325SS
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02-01-2023, 02:51 PM
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#18
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Senior Member
Join Date: Jan 2023
Posts: 353
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Quote:
Originally Posted by Winemaker2
I'm surprised this continues to be a discussion item pretty often when the basics are rather simple.
On average the warrantee companies have to pay out less than the premium $;to make money.
On average owners pay more in premiums than they ever collect.
If peace of mind and minimizing unexpected repair costs is important to you, you will need to ask yourself how important it is and how much you are willing to pay for it?
Are you the type that holds insurance policies on all your hom appliances? Fridge, freezer, AC, etc? Do you have extended warranties on autos?
On average... if you placed the policy premium $ in a separate account and self paid for repairs you would be $ ahead. If you feel you are the type that have a dark cloud over your head and always seem to have more failures than anyone you know... it might be worth it.
How many people you know have lost an engine or transmission that most of these outfits quote you with scarey high$ to basically scare you into signing up.
Many RV owners complain about how difficult it is to get a service appt and get work completed timely. Do you think having an extended warranty Co to deal with will increase or decrease the shops interest or willingness to take on the work vs a cash customer?
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The trick is to read the fine print. Ensure you can use your extended warranty anywhere that has a certified RV technician. NEVER go to an RV dealer for any kind of repair work unless you have 6 months to leave your RV there.
We had no problem finding independent RV service only shops or mobile. We did our research and bought a 5 year bumper to bumper policy - Xtraride Platinum. For our fifth wheel I believe the policy was just over $2k. It more than paid for itself as we used it all over the country. Never had a claim refused and every shop worked with them. We replaced faulty hydraulic cylinders and hoses. Slide seals. Converter. Several electrical outlets and breakers. One cracked skylight. 15k air conditioner. And that's just what I remember off of the top of my head.
All we had to do was have the shop/mobile pre-authorize and we paid a $50 deductible per claim. The deductible was not per service item, but per claim which might include repairing several items.
I can't say anything bad about our policy and would do it again. But I have heard plenty of horror stories about extended warranties offered by, and tied to dealers. Again, you have to read the fine print.
Also, putting the money in the bank to save for repairs in the future is a great idea. Do you know anybody who actually does that?
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02-01-2023, 03:23 PM
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#19
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Senior Member
Thor Owners Club Forest River Owners Club Ford Super Duty Owner Georgie Boy Owners Club
Join Date: Feb 2011
Location: Utah
Posts: 657
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no surprise
Quote:
Originally Posted by Winemaker2
I'm surprised this continues to be a discussion item pretty often when the basics are rather simple.
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There are a lot of people who are new to RVing. Many have never had a RV much less an extended warranty. It is the smart thing to ask and find out all you can about extended warrantys. I learned the hard way.
Mel
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02-01-2023, 05:15 PM
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#20
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Senior Member
Join Date: Nov 2006
Location: Western NY
Posts: 6,142
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Quote:
Originally Posted by Reprobate
Also, putting the money in the bank to save for repairs in the future is a great idea.
Do you know anybody who actually does that?
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Absolutely! That's what we do!
Have done it for years... no decades.
Started with a separate house account to handle both known and unforseen expenses.
When we had car loans that ended we continued to put monthly $ into savings and lo and behold we started buying vehicles outright instead of just paying the finance Co's.
The key is we bought what we could afford (many times good used vehicles) vs always new w loans and no $buffer to handle an unexpected repair.
We paid off house mortgage early, have bought 3 boats and 3 motorhomes without financing.
Fiscal responsibility is common sense.... but common sense isn't all that common.
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
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02-01-2023, 05:58 PM
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#21
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Senior Member
Join Date: Jan 2023
Posts: 353
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Quote:
Originally Posted by Winemaker2
Absolutely! That's what we do!
Have done it for years... no decades.
Started with a separate house account to handle both known and unforseen expenses.
When we had car loans that ended we continued to put monthly $ into savings and lo and behold we started buying vehicles outright instead of just paying the finance Co's.
The key is we bought what we could afford (many times good used vehicles) vs always new w loans and no $buffer to handle an unexpected repair.
We paid off house mortgage early, have bought 3 boats and 3 motorhomes without financing.
Fiscal responsibility is common sense.... but common sense isn't all that common.
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Well, there always has to be one.
Congrats!
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02-02-2023, 10:50 AM
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#22
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Senior Member
Join Date: Feb 2017
Posts: 1,037
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Quote:
Originally Posted by Winemaker2
Many RV owners complain about how difficult it is to get a service appt and get work completed timely. Do you think having an extended warranty Co to deal with will increase or decrease the shops interest or willingness to take on the work vs a cash customer?
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"Leave it. We'll call you in three months. Maybe. Sorry, still trying to get it approved by your warrantee. Call us in another three months."
__________________
'20 RAM 3500, '20 Heartland Road Warrior 430 https://thecastle.blog/ Also: Eagle Cap 950 Before:'17 Berkshire 38A class A https://dragonship.blog/ '11 Heartland Cyclone TH, '11 Lance TC, '05 Keystone TT, '76 Coachmen class A and a '16 DIY Transit conversion........
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02-02-2023, 10:52 AM
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#23
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Senior Member
Join Date: Jan 2023
Posts: 353
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Quote:
Originally Posted by oscarvan
"Leave it. We'll call you in three months. Maybe. Sorry, still trying to get it approved by your warrantee. Call us in another three months."
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Never take it to a dealer for service and you won't have this problem...
Use independent service only shops/mobile. Just get pre-authorized.
The only time we ever see a dealer is on the initial purchase. We never go back to them for any type of warranty work.
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02-02-2023, 11:38 AM
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#24
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Member
Join Date: Jan 2014
Location: Glendale AZ
Posts: 43
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No!
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02-04-2023, 11:07 AM
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#25
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Senior Member
Join Date: Mar 2016
Posts: 1,756
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Bank the $3500 for needed repairs over time, and you'll still come out on top.
Extended warranties are just insurance. At best, you might break even on a trailer/fifth wheel IMHO.
Sent from my SM-N981U using iRV2 - RV Forum mobile app
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02-04-2023, 09:27 PM
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#26
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Registered User
KZ RV Club
Join Date: Sep 2015
Location: Elephant Butte, NM
Posts: 1,197
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Quote:
Originally Posted by Gigattime
Bank the $3500 for needed repairs over time, and you'll still come out on top.
Extended warranties are just insurance. At best, you might break even on a trailer/fifth wheel IMHO.
Sent from my SM-N981U using iRV2 - RV Forum mobile app
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$3500 banked. DYI most stuff is under $1000, a couple hours work, you saved $2500.
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02-04-2023, 10:23 PM
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#27
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Senior Member
Join Date: Jan 2023
Posts: 353
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Quote:
Originally Posted by Edd505
$3500 banked. DYI most stuff is under $1000, a couple hours work, you saved $2500.
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Maybe, maybe not
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02-05-2023, 07:01 AM
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#28
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Registered User
Join Date: Aug 2022
Posts: 455
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I think had the OP asked if gambling were a good idea there would always be an account by someone who’d won big in a casino and therefore highly recommends gambling for everyone. The overwhelming odds are however if you gamble you’re going to lose and the overwhelming odds are you will never need a major repair during the term of an extended warranty. Were casinos in the business of losing money to gamblers or extended warranty providers regularly replacing major components on covered vehicles neither would be around long.
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