Extended Warranty Service Plans

[BillyandKris]

Forgive me if this subject has been discussed to pieces. Here goes: We currently have the Good Sam Extended Warranty to cover things like major appliances, etc. We have $300 deductible. Would like to hear opinions and know of other good companies to choose from. Or is Good Sam the best one to have? We have a small Fifth Wheel camper. Thanks. Lots of good advice on this forum.

[NYCgrrl]

This is how you figure out if an extended warranty is sensible or not:
Look online for the useful life of the items you are looking to place on an extended warranty. For instance the average lifespan of a refrigerator is say 10 years. You subtract out the years its under the manufacturer's warranty. Let's say that it's 2 years thus leaving you w/ 8 years. Now just multiple the cost per year of the extended warranty by 8 years and compare that to the price of a new fridge. IF the extended warranty costs more than the new fridge than it's not worth it.

[cochise49]

Have bought the extended warranty for last three rigs. So Far...money saved outpaces cost of the warranties. Not by much though. The best part is spreading the expense out instead of being hit all at once. An issue if you are living on a fixed income.

[austinjenna]

I am not a fan of them normally but seeing as how the rv's are all built like junk I went ahead and did it. On my first fiver it paid for itself when I needed new ac units.

[craig7h]

I for one am a beleiver in the extended warranty plans. Yes its a gamble if you will use or not, but then so is life. Oh its kind of like a life insurance policy.

Any way I have GS plans on my camper and truck. I have used the one for the truck saved myself over $2000.00 on repair work. I think GS policy is not as limited to where you get your items repaired at as others may be. I just saw add on GS web site about if you go to them for repairs under extended warranty they give you a break on the deductable. I am happy with the GS extended warranty plans and will stick with them.

[wearenh]

n7bsn wrote:
You do understand that all "Warranty" plans are the only form of gambling that is legal in all states, right?...

Not quite true ... also legal gambling industries: STOCK MARKET, INSURANCE (all kinds)

[fla-gypsy]

Not a fan

[n7bsn]

You do understand that all "Warranty" plans are the only form of gambling that is legal in all states, right?
Like all forms of gambling, the house always wins.

My grandfather, a self-made millionaire back when it was tough to get that rich had a saying.

Never insure something you can afford to replace.
Always insure something you can't