Exteended Coverage

[down_home]

Our 05 Revolution comes out of coverage from Good Sam or was Camping World Extended Coverage.
We have one sore spot with coverage but overall we have had good luck on the couple of things. Still we spent way more than what the repairs would have been.
Still I think it wise to get coverage again.
The Selling Dealer wants more than what we paid for seven years for four more years or 7,000.00 and change.
That seems way too high and Retired Folks have to watch expenses.
I've seen some coverages, on the net for 3,700.00 etc but the language on coverages leaves a lot of gaping holes.
A lot of times Dealers will sell plans at what they think they can get for them and pocket high profits.
All for free enterprise but we have to survive.
Anyone get a better deal or got some insights?

[timmac]

I purchased a 4 year extension warranty for the 08 Bounder I bought 2 months ago, I used all my savings for the down and could not afford if the motor blew a rod, or trans issues or anything expensive till I build my money back up, it cost me $5800 bumper to bumper for 4 years and only raised the monthly payments about $25, not a fan of extended warranty but on a toy this expensive I figure its a least a back up for 4 years..

Will I buy another warranty on this Bounder when 4 years are up, probably not..

[charles]

I have purchased one extended policy in my life and that was over 30 years ago. I told myself then never to do it again and I have not. In all these years I never had anything go wrong that would have been covered so I think I am way ahead of the game at this point.

Nick

[WyoTraveler]

That is great information Kirk. Really something to think about before buying an extended policy.

[I_am_still_wayn]

down home wrote:
Still we spent way more than what the repairs would have been.

Still I think it wise to get coverage again.

This makes no sense. You paid way more than you got back. Now you want to do it again.

[Kirk]

The issue of the so called "extended warranty" is one that is a frequent topic of heated debate in the RV world. It is a very complicated question and not really well understood. What the policy really amounts to is a health insurance policy for the RV. Like any type of insurance, it will only rarely pay our more than the price of the premiums, unless you happen to have a major repair beyond what is considered to be normal. Just as "home owners insurance" on your house nearly always costs more than you get back, the purpose is to protect you in the event that you should have a major loss. No business can continue to exist if they pay out more than they take in for the majority of customers.

Let me suggest that before you make this decision, you would be well to read this article from Escapee's Magazine which addresses these contracts and how to determine if you should buy one and what to look for in the event that you choose to do so. The purpose of insurance is to protect you from a major loss that could be a financial disaster, but it seldom will save money if you don't suffer such a loss.

[et2]

I was never a proponent for extended coverage. We recently purchased a class A DP. My wife was very vocal about needing a extended service contract, just due to the many things that could go wrong. We purchased one in spite of my protests. It was around the $7000 price tag. To me it was a waste, as there is around 2 years on most appliances and chassis. The engine has a 5 year 100,000 mile warranty itself. And the warranty covers only five years. I can't believe I let her talk me into it, but I love her and she was part of the purchasing process as much as I was.

You already have a track record of finding out it wasn't worth it in the past. Being a older home I'm sure one will be up there in price. Bottom line is its a toss up. Put the money aside for repairs. Even if you have a big repair bill your savings fund might pay for it or take off some of the financial hurt. And you will collect the interest while it sits.