Advice For Buying an RV Extended Warranty
Hello, I've been reading the forum for about a year now and have just pruchased my first Diesel motorhome this week. Based upon what I have read in the past, I was all set on getting my extend...
Forum Discussion
This topic is endless on the Forum. People will argue the relative merits of purchasing or not purchasing, exclusionary or stated coverage, prices, and the ins and outs of specific covered components. What few look at is the actual company issuing the policy, their history, and their financial condition.
I have dealt with dozens of these policies and there will be conflict in all of them. They will argue what is and is not covered regardless of what the policy states, most often want to use used parts, will often not want to pay full labor charges at your service facility, and will insist on partial repairs when the full repair is obvious.
The policy issuing company is, as mentioned, most often not regulated as normal insurance companies are. They normally buy re-insurance to cover most losses but one must realize that as soon as they stop paying their premium, the re-insurance is void. There are a large number of these providers who bankrupt themselves regularly and are in business with a new name quickly.
The company selling the policy has no responsibility for payment and little influence on what is actually paid regardless of what they tell you. Whether it is a dealer or an internet seller, when the policy is no longer valid they are out of the picture and on to selling another company's product.
If you really must have coverage for your piece-of-mind, do your homework and buy the issuing company...not price or theoretical coverage. Generally you stand a better chance with a company affiliated with the RV manufacturer, an affinity group, or one tied to a major corporation such as GE. Usually they do not financially fail and have an interest long term to protect their reputation.
I have dealt with dozens of these policies and there will be conflict in all of them. They will argue what is and is not covered regardless of what the policy states, most often want to use used parts, will often not want to pay full labor charges at your service facility, and will insist on partial repairs when the full repair is obvious.
The policy issuing company is, as mentioned, most often not regulated as normal insurance companies are. They normally buy re-insurance to cover most losses but one must realize that as soon as they stop paying their premium, the re-insurance is void. There are a large number of these providers who bankrupt themselves regularly and are in business with a new name quickly.
The company selling the policy has no responsibility for payment and little influence on what is actually paid regardless of what they tell you. Whether it is a dealer or an internet seller, when the policy is no longer valid they are out of the picture and on to selling another company's product.
If you really must have coverage for your piece-of-mind, do your homework and buy the issuing company...not price or theoretical coverage. Generally you stand a better chance with a company affiliated with the RV manufacturer, an affinity group, or one tied to a major corporation such as GE. Usually they do not financially fail and have an interest long term to protect their reputation.
