Extended warranty

[Bird_chaser]

We are about to take delivery of our Reflection 303, and we were wondering if there are any recommendations and experiences with extended warranties. These contracts are pretty expensive and I am concerned that they may be a waste of $$$$.

[Tom_Diane]

Bird chaser wrote:
We are about to take delivery of our Reflection 303, and we were wondering if there are any recommendations and experiences with extended warranties. These contracts are pretty expensive and I am concerned that they may be a waste of $$$$.

It still comes down to a matter of choice. As for me, I took one out with our TT. We took a lightning strike at a campground. It fried the DVD player, fried a component in the fridge and while in the shop they replace a faulty gas detector. My deductible was 75.00, the bill came to just under 500.00 parts and labor. Fast forward 1 year later, we traded the tt for a new 5er. I got refund of 1300.00 that I did not use on repairs for the tt. I added that to the down payment but was offered a check if I chose. With 5er we had some things done nothing serious, but the bill was still around 300.00 but my cost was 75.00. I took the EW because of the cost of replacing the A/C, fridge or the stove top or oven. It covers most everything on the RV. I will agree with those who say that its smarter to put money into an account for repairs. Another point made that some cant do the repairs themselves. In my case, I took out an EW with X-TRA ride again because I trusted them and still do. No hassle repairs. Little did I know that the money I had squirreled away was going to be eaten up by medical expenses. Wouldn't have made the purchase had I seen this medical stuff coming down the pike. That said, if I hadn't had the EW for some of the small repairs, I would have been on the hook for 3 or 4 hundred dollars that was sorely needed for my medical. I have funds elsewhere but they are for the DW when I succumb to this disease. Just remember, there are time limits on the warranties, mine is for 8 years and we can purchase another for less years when this one expires. Read the fine print on what is covered. I wont comment on other warranties but can on X-TRA RIDE. I got what I dealt for. So I took the platinum plan at about 1900.00 over 8 years. peace of mind for me.

[wbwood]

mark5w wrote:

Allworth wrote:
It is too bad that more people cannot look at TOTAL cost of ownership rather than just the monthly payment.

With the price of Rv's today looking at monthly payments is the way many can afford them. They still look at the TOTAL cost of ownership but in an affordable way. Maybe you can but not everyone can put aside money for repairs so they do the next best thing they could afford.

Most people would not own RV's if they couldn't finance them. Same as with cars and homes. No matter what it is, if you finance it, it's not an ideal "total cost of ownership". Financing a $200,000 home for 30 years will end up costing you somewhere between $400,000-500,000 depending on down payment (if any) and finance rate.

[mark5w]

Allworth wrote:
It is too bad that more people cannot look at TOTAL cost of ownership rather than just the monthly payment.

With the price of Rv's today looking at monthly payments is the way many can afford them. They still look at the TOTAL cost of ownership but in an affordable way. Maybe you can but not everyone can put aside money for repairs so they do the next best thing they could afford.

[Allworth]

If you have to roll the cost of the EW into the loan, it is definitely not worth it. You can make repairs with what you pay in extra interest over the life of the loan.

It is too bad that more people cannot look at TOTAL cost of ownership rather than just the monthly payment.

[eluwak]

JoeH wrote:

eluwak wrote:
We got one. It has a full refund policy on it if we don't end up using it. Otherwise we could be out a lot, a little, or ahead depending on what happens.

Please let me know what company offers that.. sounds like a good deal

We got our unit from RVWholsalers, and it was something they were offering. Of course you pay more for it to get the refund policy. Not sure if they still offer it. It's not exactly cheap peace of mind, but we don't exactly have the greatest luck either.

[JoeH]

eluwak wrote:
We got one. It has a full refund policy on it if we don't end up using it. Otherwise we could be out a lot, a little, or ahead depending on what happens.

Please let me know what company offers that.. sounds like a good deal

[Bumpyroad]

wbwood wrote:


That is good for those who do their own work. And also for those who may have the extra money to set aside to put in an account. I would almost guess that most who do go with the extended warranties, do not have teh cash set aside to do that. If they did, then they more than likely would be putting it down on the RV.

my point exactly. those standard/canned answers when this issue is raised that suggest to put the money into an account blah blah blah, don't take into consideration that the entire cost of RV and the EW are being financed in probably 80%+ of the cases.
bumpy

[wbwood]

Allworth wrote:
When we bought our first trailer seven years ago, we got a quote on a "premium" EW. We then put that amount in a MoneyMarketAccount at an on-line bank.

We have paid for replacement of a couple of failed items (microwave, etc) out of the account, but now have a sizable amount of money available if we should have a major failure

Consider it "self insurance" and better than paying somebody else during the times when nothing fails.

One consideration is that being retired I do most repairs, including major work like replacing the thrust bearing in a landing gear leg, myself.

That is good for those who do their own work. And also for those who may have the extra money to set aside to put in an account. I would almost guess that most who do go with the extended warranties, do not have teh cash set aside to do that. If they did, then they more than likely would be putting it down on the RV.

[eluwak]

We got one. It has a full refund policy on it if we don't end up using it. Otherwise we could be out a lot, a little, or ahead depending on what happens.

[Allworth]

When we bought our first trailer seven years ago, we got a quote on a "premium" EW. We then put that amount in a MoneyMarketAccount at an on-line bank.

We have paid for replacement of a couple of failed items (microwave, etc) out of the account, but now have a sizable amount of money available if we should have a major failure

Consider it "self insurance" and better than paying somebody else during the times when nothing fails.

One consideration is that being retired I do most repairs, including major work like replacing the thrust bearing in a landing gear leg, myself.

[wbwood]

mark5w wrote:

Veebyes wrote:
Do you feel lucky? Well, do you? I'd rather spend the money up front, get a product with a good reputation than fill the bank accounts of some extended warranty company. They exist because there is money to be made.

Maintenance comes with a product. Things break, especially if an eye has not been kept on them for wear & tear. Much cheaper to maintain & replace before a roadside failure than to ignore & rely on extended warrantees.

Please tell me of this miracle Rv manufacturer with perfectly built products. Check out all manufacturer forums. EVERYONE has issues.

Maintenance does not guarantee a product will not fail. HOw do you maintain a radio, a microwave, a faucet, a toilet that cracks or a light fixture??

Replacing items on your own could add up.

Warranty for me!!

And on too of that, if that product existed, you will pay more for it in the long run anyway.

[2-MTnesters]

When you purchase the extended warranty it kicks into effect after the factory warranty expires. You aren't "Double Warranting" your camper. I know this because when we purchased our previous 5er I bought the 5yr extended warranty. We were warranted for 7years. This is fact because when we traded for the current 5er (5years after purchase) I was able to get reimbursed for the couple of years that remained. I also got the extended warranty for this one as well. If 12gal water heater takes a dump I'm out $100 instead of $1200 and so on. Piece of mind is worth something.

[paulcardoza]

Extended Warranties are a HIGHLY PERSONAL decision, based on your financial situation, tolerance for risk and type of rig you own.

If you own a DP, a major engine or transmission failure COULD cost you over $10,000 in repairs. An AquaHot replacement unit is $8,000 - $10,000. A fridge replacement is $1200 - $1500, much less than the other items mentioned, but not insignificant either.

IMHO, the decision comes down to:
If you suffer a major failure will your rig sit dead in your driveway while you continue to make loan payments, but cannot afford the repair?
or...
What is your tolerance for risking the situation above?

If you can live with either of those, don't get an EW. If either of those would eat at you constantly, seriously consider an EW, if for nothing else but peace of mind.

If you decide to buy in...... RESEARCH is paramount! This is one situation where reading and understanding the "fine print" mandatory. you need to be 100% certain you understand what is and what is not covered. Remember the cost is always negotiable. Since your rig is new, you'll probably be able to negotiate a better deal, but be 100% sure that the EW term kicks in AFTER the manufacturer warranty expires.

Lastly, prepare yourself for the reality that you will probably never recoup the premium paid in claims made. Obviously, as others have said, that's how the warranty companies make their money (and they make lots of it). Look at an EW as an insurance policy, because that's exactly what it is.....

When we bought our 2003 Executive in 2011, we did a 2 year EW (XtraRide Platinum). Expensive but excellent coverage and service. We didn't come close to recouping the cost (alternator was the only repair), but those two years gave us peace of mind while we got to know our coach.

We decided not to renew, but MIGHT look into a policy that covers the drivetrain only, just to cover a major catastrophy. We'll see......

[mark5w]

Veebyes wrote:
Do you feel lucky? Well, do you? I'd rather spend the money up front, get a product with a good reputation than fill the bank accounts of some extended warranty company. They exist because there is money to be made.

Maintenance comes with a product. Things break, especially if an eye has not been kept on them for wear & tear. Much cheaper to maintain & replace before a roadside failure than to ignore & rely on extended warrantees.

Please tell me of this miracle Rv manufacturer with perfectly built products. Check out all manufacturer forums. EVERYONE has issues.

Maintenance does not guarantee a product will not fail. HOw do you maintain a radio, a microwave, a faucet, a toilet that cracks or a light fixture??

Replacing items on your own could add up.

Warranty for me!!