Extended Warranty

Nix on extended warranties for vehicles, for our GE Profile kitchen appliance repairs/replacements, service contracts/warranties have been worth it.

Easy decision for me. No extended warrarties on any product ever. I feel that, in the long run, I will come our money ahead by keeping that money and being ready to use it for needed repairs. I'm 72 and no regrets. Yes, we've paid out some big repair bills, but spaced out over 40 yrs. of Rving. If I can't afford the repair, I can't afford the product.

I never buy extended warranties on vehicles. They just don't pay off. Too many loopholes and deductibles make them not worth using unless something really big happens, which usually means talking to your insurance people anyway.

I would go with the repair savings account. Much better value for dollar IMHO.

Jose

I purchased the "gold" warranty on my used 2008 Class C. Also have the Good Sam roadside assistance. Have not had to use either one yet...(Knock on wood) but is does give a little piece of mind.

I think the idea of a Repair Savings account is money better spent. If you don't use it for repairs, it's yours not the Extended Warranty company's. Over this past summer we had about 5 things go wrong with our camper. Between a new house battery, some plumbing repairs, a new shower curtain setup (replaced problematic door) and replacing the Converter/Charger, we spent less than $600. The most expensive being the plumbing repairs since I had to have a mobile RV repair guy come out to do the work (less than $200 parts, labor and service call charge).

Most likely, the only thing that would have been covered would have been the converter/charger. However a new Progressive Dynamics PD9245c cost me $160 delivered and I did the work myself in about 1 hour (would have been 10 minutes if access to the old one didn't require some serious creativity).

The cost of the extended warranty when we bought our MH was just under $6000. With all the repairs we've had on the motorhome over the years, we haven't spent $1000. For us, not getting the Extended Warranty paid off.

-Michael

For an example I purchased an Extended service contract. $2000 per year on a 2001 DP, = $6000 in three years paid in.

In that time I had a refrigerator cooling unit quit. Warranty service denied for some rust on cooling tubes(these are accessable to the environment=rust)Cost me $1800 out of pocket!

Next I had a few repairs needed:
1)refrigerator quit working covered by Norcold warranty
2)front a/c code E-1 replaced control box,capacitor/ covered
3)air horns inop replaced solenoid/covered
4).ABS light on replaced lt rear ABS connector and brake linings/covered

bill was $2300...Warranty covered $1800 after I paid $500 deductible.

That left $4200 in Warranty companies pocket in three years.

I decided to match that amount in a repair account, and then start putting my quarterly payment $556 away in this account for repairs. I now have $6000 saved for any repairs.

A couple years ago Consumer Reports did a report on "extended warranties," and after pointing out that even the extended warranty companies are in business to make a profit (which used to be possible on the interest earned on premiums paid before claims were settled, but no more while nobody's paying interest because rates are so low), they concluded that the rare individual who came out smelling like a rose while everybody else essentially wasted their payment made extended warranties a bad deal. The only exception to that was the Applecare warranty on Apple products, which they concluded was OK because of the excellent service provided.

We bought a new-to-us used car last year, and of course, the offers of extended warranties are still coming in from far and wide. We were quoted $6,500 for two years and an additional 50,000 miles above the factory warranty. If that car even looks like it'll cost us $6,500 to fix during that period, we'll unload it in a hurry as a lemon.

Of course, you need to think about it a bit. But do recognize that whatever premium you are being asked to pay has to represent a profit to the insurer. You will only do well should a catastrophic problem arise. As in all things, you pays your money and you takes your chances.

Generally not worth the money. Put the cost of the warranty into an account and save it, add to it if you need a repairs fund. At the end of the warranty period you should have all your money. Do get roadside service coverage from someone. We have it through our Progressive as part of our MH policy. Used it once for a tow.

The best insurance for many of the rv components is periodic maintenance, some of which is owner "Doable".

I purchased the "gold" warranty on my used 2007 Monaco class A. Also had the Good Sam roadside assistance. It was well worth it for me, but I am probably in the small minority that use it. If you get the most expensive warranty, you will see that most things are covered. I had to get towed 300 miles in Yukon a couple of years back, (covered by Good Sam) and then found out it was the fuel pump that went - a total bill of about $2500. It was all covered by warranty. If anything, make sure you get the Good Sam roadside assistance. It has always saved me money every year I had it.

In our experience, the roof AC, fridge, converter/charger, house and starting batteries and fresh water pump needed replacement at about 10 years. If the insurance policy covers these, parts and labor, without above described loopholes, it might be worth it to you. These things could add up to over $4000, parts and labor. Try to find out warranty company's track record for quick no hassle payments. I would set money aside in a bank account for expected and unexpected repairs and upgrades instead.