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Old 05-11-2021, 08:18 PM   #1
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Best extended warranty

I just bought a 2013 Coachmen 225LE and am considering an extended warranty. Any suggestions ? So far this one quote I received.Click image for larger version

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Old 05-11-2021, 08:32 PM   #2
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The best "extended warranty" is a high interest savings account. The companies that write these contracts build in so many exclusions that they almost never have to pay for anything. Take the $5000 for the "warranty" and put it your savings account, you'll come out money ahead.
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Old 05-11-2021, 08:40 PM   #3
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Quote:
Originally Posted by lllkrob View Post
The best "extended warranty" is a high interest savings account. The companies that write these contracts build in so many exclusions that they almost never have to pay for anything. Take the $5000 for the "warranty" and put it your savings account, you'll come out money ahead.
Yes what he said
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Old 05-11-2021, 10:01 PM   #4
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I too believe in "self-insuring."

I've never had one and it's paid off in our circumstance as we've been lucky through the years in that we've never had a catastrophic failure in any component.

Sure, RVs are always having things fail and all RVers are always getting things fixed. But those extended service contracts really are useless unless something major occurs. Can something major occur? Sure but we've always taken the chance and it's paid off in our case and it will for most.

You'll hear from others who insist on having an extended contract. It gives them peace-of-mind and makes their travels more relaxing. If that's your purpose in buying one, then yes, buy one.

But monetarily, it doesn't make sense for the vast majority.

Look at what you're paying for it ...and a $500 deductible at that. I'll take my chances.
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Old 05-11-2021, 10:18 PM   #5
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In agree, extended warranties are a waste of money. They usually run out before anything major occurs therefore you never come out on your investment. What I am staying is 99.9%, there is always an exception to the rule.

Do your homework on your purchase, proper maintenance, be observant of items that wear out or age out and put your money in an interest bearing account for when you do have repairs.

Good luck and enjoy your new coach.
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Old 05-12-2021, 06:40 AM   #6
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In addition to putting the $5,000 in a savings account, include maintenance/repairs in your monthly budget and add to the account each month. I put $300 per month in my "account" (actually each December I add $3,600, same concept) and roll it over each year. Right now, year 2, I have about $5,600 and plan to spend about $1,500 this year (engine, chassis, generator, AquaHot). I will have about $4,100 at end of the year, then in December add another $3,600 so to start 2022 I will have about $7,700. Just keep doing that year over year and if you have no major issues the account will build up when you do have a major expense.

Safe Travels!!!!
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Old 05-12-2021, 07:08 AM   #7
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How about: "the ones that pay off, even when the owner screws up!" .... good luck finding that one. Warranty companies are in business to make money--not save you from yourself. They have likely been in business longer than you have been an owner so they know all the tricks. Yup, there are wonderful stories about how "their warranty paid for everything" but it took dozens of "us" to pay for one of "them!"
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Old 05-12-2021, 07:42 AM   #8
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Just remember that each claim that is accepted for coverage (and not all will be accepted) will carry with it a $500 deductible. Claims are not combined or bundled. So the best scenerio is to not have any claim, and pay only $4400 for peace of mind. If you do have claims, each one adds $500 to your out of pocket total before you ever get a net dollar back. And, of course, nothing considered normal maintenance will be covered. So, as others have said, I'd pay yourself to your own account at the same rate you'd pay for your policy and use that for your extraordinary maintenance fund. Better yet, pay the full amount to yourself up front so you're covered should anything occur where you need to use it early on. Everything is about probabilities, but if you have good maintenance practices, you're much more likely to walk away with money in your pocket by self-insuring than if you go with that policy.
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Old 05-12-2021, 09:48 AM   #9
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The extended warranty I had on a 2003 model required oil changes at 5,000 miles where as Cumming said every 15,000 miles. Several parts failed and warranty said they didn't break, they wore out, so no coverage. Hard lesson learned!
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Old 05-13-2021, 09:12 AM   #10
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Use Search on the topic. discussed weekly. Nothing new ever comes out of it.
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Old 05-13-2021, 03:20 PM   #11
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I assume you want responses from people who've actually bought an extended service contract.



We bought this MH in 2013, it had been parked in a barn for 8 years due to owner failing health. Based on that we decided an extended service contract (they are not a warranty) for a 3 yr. period.
Yes, claims are bundled(Good Sam) regardless of what others assume. I would wait until I had several items to be replaced/repaired then follow the contract terms and file one claim covering the items.
During that 3 yr. period the contract more than paid for itself(includind deductibles) for repairs to the coach part, no claims were filed for the chassis part.
There is something anyone considering purchasing an ESC should know, you should also purchase the gaskets and seals rider, otherwise if an engine gasket fails, oil leaks out, engine quits and nothing is covered because the engine damage is consequential to the failed gasket.
We did not continue purchasing an ESC after that initial 3 yr. contract because the last 6 months of the initial contract we did not have any failures or replacements on which to file a claim.
There is an irv2.com member who did not have a ESC, his huge ISX diesel engine failed, which wound up costing him over $35,000 out-of-pocket to rebuild.
An ESC is an insurance policy for a machine, rather like an insurance policy for a house. If the final analysis it's your machine and your money to manage.
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Old 05-13-2021, 03:31 PM   #12
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Keep your money in your pocket. This allows you full control of the repair.
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Old 05-13-2021, 08:17 PM   #13
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Quote:
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I assume you want responses from people who've actually bought an extended service contract.
With all due respect, I was one who purchased a policy on my 1st MH, a 2004 FR Georgetown. I did have a few failures that were covered by the policy, all of which were sufficiently enough spaced that repairs were independently undertaken, all with their own deductibles. At the end of the policy, I was out of pocket over $1000. There will always be some who will come out on the plus side of that equation, but they will be the exception to the rule. The vast majority who take out these policies will not get back more than they pay out. That's how that business stays in business. Ultimately, how risk averse an individual is or isn't determines their interest to investigate extended "warranties". I made a decision to buy one on my 1st MH, as I was very concerned about the potential for and financial implications of major failures. I know more now, and now I self insure.
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Old 05-14-2021, 10:27 AM   #14
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I've saved much more than 12k NOT having any service contract!
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