Best RV Extended Warranty

Don't overlook one of the best reasons to be self insuring for RV repairs... YOU get to choose who does the work and where/when it gets done. No restrictions on who you have to use and if you actually use your RV and travel there is no telling where you will be when something breaks down. If you are several states from home and your warranty is only good back at the dealer you bought it from it can be a problem.

Your can negotiate the costs of repairs knowing that cash talks. If the the prospective repair facility/person is backed up you have the option of finding someone else which is rarely the case with a formal warranty contract. Most RV dealers service departments are backed up for months and no one has a lower priority than the guy who is obligated to come back to them for the needed repair.

For self insuring to actually work you need to have the discipline to actually create a repair fund and then regularly add to it. The best time to do so is when you buy, take the money the warranty folks are asking for and put it in your account. Don't use these funds for anything except repairs/replacements of necessary gear. Chances are if something expensive is going to fail it will happen the first year you own it.

I have seen actuarial tables that are used in a number of industries. When I was a commercial tow boat captain 92 percent of the folks who plopped down big bucks for the coverage never had a claim. That number is fairly consistent across the marketplace including RV warranties.

As always... Opinions and YMMV.

:C

Gooselover wrote:
We have just purchased a 5th wheel after being without one for quite a few years. Question is, what, in YOUR opinion, is the best Extended Warranty company?

Your saving account..

Gooma wrote:
For liability self insurance is not an option. For repairs self insurance is the only way to go.
Extended warranties are a money maker for the seller, but a loser for the buyer. To many restrictions and requiements, such as yearly inspections by the dealer
at the RV owners expense. A $2K account will cover any repairs you need. If you need any repairs you are at the mercy of the dealer whether you have an extended warranty or not.

There is NO requirement for yearly inspections to keep a ESC active. There ARE yearly inspections for the "Warranty Forever" ripoff program that some dealers include in the purchase price of new RV's. Doug

PS. I have been in the RV business for 43 years and have NEVER seen a yearly inspection requirement for an ESC. Just the Warranty Forever. Which is not a comprehensive ESC. It covers very few items.

Gooselover wrote:
We have just purchased a 5th wheel after being without one for quite a few years. Question is, what, in YOUR opinion, is the best Extended Warranty company?

My opinion/experience is all EW company policies have way way more exclusions than their policies actual coverage.
Then when time comes for them to pay up to fix repairs under their coverage they find some excuse not to.
BTDT with my current 5er in sig.
Luckily the service mgr at my rv dealer ship had delt with them before and went above their 1-800 number goons. He got results to repair the broken/cracked pin box mount area and the big slide gear assy that had stopped working and had to be sent back to its mfg for repairs.
The only reason I bought a EW policy was the trailer was a 3 month old repo (death in the family) and like new except a very noisy gear box on the big slide.

Do your homework,,, Find the policy that you THINK fits you best… get a quote… take that money and open up a seperate account with your bank, or credit union, whichever..

Take the cost of the monthly nut it WOUKLD HAVE cost you for the extended warranty and put it in the account and allow that to earn interest…. As you need something, withdraw from that account…

I recommend the company called: DO NOT PURCHASE

RetiredRealtorRick wrote:

SDcampowneroperator wrote:
Wharever the premium is, put it in the bank. Insure yourselves.

Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.

Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.

If you are talking about:
- Your $300k house burning to the ground.
- You get cancer and it will be $100-150k by the time all is done all while out of a job.
- You hit someone in a crash and are found at fault with a 6-7 figure settlement likely.

Yes, insurance makes a lot of sense as the average guy can't afford to simply write a check.

For the risk of the air/con burning out, you are better to just put the $2-3k they charge for these rip off "warranties" in the bank and pay for any "warranty" work.

These are not warranties, but rather insurance policies with lots of fine print. They are another form of legalized gambling. The company is betting that nothing breaks that would cause them to pay out more than you paid for the policy; you're betting it will. As in all forms of legalized gambling, the house usually wins. Otherwise, these companies wouldn't be in business or make a profit.

Dave Ramsey and Clark Howard have commented on these plans many times, too. The standard seems to be that 80% of extended service plan revenue goes toward commissions and marketing. Only 20% goes toward paying for actual repairs, which means most people are getting a really bad deal. We prefer to set money aside regularly (earning interest) and pay for repairs as they come up.

Rob

Edd505 wrote:

RetiredRealtorRick wrote:

SDcampowneroperator wrote:
Wharever the premium is, put it in the bank. Insure yourselves.

Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.

Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.

Your talking high dollar items not a 1200 A/C unit. I bought a brand new Splendide washer/dryer just under $1000 and did my install. Now I need to spend how much to insure that $1000? Not worth it. I own my home, two trucks and rentals, do I self in sue them, hell no, I pay State Farm. How many calls have you had, your warranty on your vehicle is about to expire ................

Best extended warranty is self insured and be handy. Biggest cost we have had so far with is out refrigerator failed. Cost was $700 for new Amish cooling unit. I installed in a couple hours.

RetiredRealtorRick wrote:

SDcampowneroperator wrote:
Wharever the premium is, put it in the bank. Insure yourselves.

Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.

Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.

Your talking high dollar items not a 1200 A/C unit. I bought a brand new Splendide washer/dryer just under $1000 and did my install. Now I need to spend how much to insure that $1000? Not worth it. I own my home, two trucks and rentals, do I self in sue them, hell no, I pay State Farm. How many calls have you had, your warranty on your vehicle is about to expire ................