Extended Warranty Insurance

I certainly understand if someone needs the 'peace of mind' by having a policy like Dennis stated above. Sounds like both Dennis and the policy company both broke even.

What rankles me is having to deal with red tape and waiting for something to be approved. I just don't have the patience.

The policy that was quoted to us on our brand new 2008 Monaco Dynasty was $8,000, called a 'bumper to bumper' warranty. The policy started after the one year warranty ended. So, with an open mind, I took the policy brochure home and read it cover to cover. Wow, it didn't seem to cover anything! I have to say my eyes started to cross after reading all the exclusions. I don't remember now which company that was offered.

Over the 7.5 yrs. and 70,000 miles, I didn't spend anything near $8,000 on repairs, maybe a couple of thousand? Of course that's not counting regular maintenance and even if I did count it, I don't think I spent $8,000 on everything during that time (not counting new tires).

Even if I spent a little more on the policy by not having it, it's worth it to me not have to answer to a third party for approval. That's just me.

Safe travels,
MM.

For example Dennis. Why on earth wasn't the DPF repair covered under Wholesales policy? Because the little exclusion clause. It is emissions related.

I find that I can fix 98% of the things that brake quicker and more conveniently myself. So many things are not covered. Slide out covers for example.

My electric awning over the door has quit twice now. The deductible is $100 and I would have to take it to an RV place. We full time so that would not be convenient.

The policy gave me peace of mind until I found it did not cover my major expense.

I've had two in the 10 years I've owned my coach. First was included in the purchase price and paid out over $5k in repairs. The second I purchased from Wholesale Warranties and they paid out about the same. In other words, both policies, if I paid out of pocket for them would have paid for themselves. One tire alone, which they paid for, including the guy to come to me to change it, was over $1000. Peace of mind? certainly. Keep in mind if you choose to purchase a plan, get an exclusionary plan. That is, one that eliminates many of the 'weasel' clauses such as 'if a covered part fails due to the failure of a non covered part, the covered part is not covered'. I don't make this stuff up - lawyers do. Anyway, an exclusionary plan lists those things that are not covered. Everything else is covered. Good luck...Dennis

cruz-in wrote:
if you are going to get one...get it from am internet offeror...will save you about 40% OFF DEALER PRICE.

I had read this and so I spend 6 months getting quotes and reading the policies of various online companies. Toward the end, I decided to compare what I had found out with two larger dealers. I was surprised to find that the costs through the dealers were lower and the period of time I could get was longer. It really does not make sense but that is what happened. By far, the most expensive was Good Sam. This may be unique to my coach and not a general rule, but I found it was worth it to call around.

Mile High wrote:
I drove mine (used) off the lot with a warranty because I was nervous about the high dollar equipment, but got a refund on it 6 months later after I got more confident in the coach and less confident in the warranty.

That is an interesting argument for getting one and, once you gain confidence your coach is not a lemon, cancel for a prorated refund. Otherwise keep it.

if you are going to get one...get it from am internet offeror...will save you about 40% OFF DEALER PRICE.

I drove mine (used) off the lot with a warranty because I was nervous about the high dollar equipment, but got a refund on it 6 months later after I got more confident in the coach and less confident in the warranty.

I would not do it again. I did it for peace of mind but it sure didn't help with the $5000 repair due to a DPF filter. I suspect they would not cover a broken engine or transmission unless you have meticiulous records.

Most repairs are easier done by me. Slide covers for example are not covered. May as well have that money in the bank.

This is a subject that comes up regularly and has no single answer that fits everyone. My random thoughts listed below are simply intended to provoke your thoughts.

The cost is quite high initially.

You need to know the terms and conditions at least as well as the people who write the policies. Be very aware of what is covered and what is excluded. The exclusions can be costly.

If you are including the warranty in a financing package you will pay significantly more for the warranty than the initial cost, maybe double depending on the term of your loan, and be paying for it long after it has expired.

If you are writing a check for the warranty up front you would be better served by writing that check to yourself and establishing a maintenance fund and adding to it as you see fit. In over 90% of the cases I have seen you will have money left when the coach goes down the road to another owner.

If peace of mind is a consideration it could be achieved by establishing a line of credit, which is nothing but a pre-approved loan that you haven't used yet, with your lending institution to cover the possibility of a major repair like an engine or transmission loss. This generally costs nothing but the time and effort to set it up and only matters when you access it. Credit unions are probably better sources of these types of things today for individuals since banks are rather impersonal any more.

In the maintenance fund or line of credit scenarios there are no hassles over what is or isn't covered. No deductibles, no approvals for services or repairs required and complete peace of mind.

Or, if we were all wealthy beyond our dreams, we could just pay the bills as needed.

Enough of this nonsense, let's go somewhere and have fun.

I am one who beleives in the Extended Warranty progam. I had Good Sam Extended Warranty on my 5th wheel and truck. The policy more than paid for repairs on the truck, not so much on the 5th wheel.

I did purchase anothe Good Sam policy on my MH have not used it as of yet. The others have said put the monthly preimum money away in a seperate fund. All though that sounds great, I am not one that can do that every month. I have had good luck with the Good Sam Extended Warrenty program.