Gap insurance, service contract/ extended warranty

[DougConnie4ever]

Is it wise to buy on a brand new coach ...

1. Extended warranty if so from who
2. Gap insurance if so why

Thank you all

[Fuji]

We purchased a Winnebago preowned motorhome at a local camping world. We were sold good Sam gap insurance we suffered a loss on our unit and now it has taken over two months for gap to pay and they have denied pain because they say there is a policy limit adjustment they do not cover the paint protection that was installed on the unit and they do not cover the tire on that we had installed at the time of purchase Furthermore gap insurance is what they call and I repeat they call self service you have up to 210 days to provide them all the information and it is up to you to follow up and at the end of the day they make their calculations and determine if they are going to pay the difference  or a portion or nothing at all so read the fine print carefully 

[way2roll]

Not sure if you noticed but this thread is 10 years old. I suggest you start a new thread as this complaint seems to be a different spin on the original thread. 

[DustyR]

81SHOVELHEAD wrote:
Yes to Both
As mentioned earlier Depreciation of the unit once it leaves the lot
makes Gap insurance worth it.
Extended warranty yes .
With all the new technology, to me having an experience technician making repairs is worth the value ( 100 dollar deductible is worth the not having the stress of working on something I am not trained to do
Just my 2cents anyway

X-2

Peace of mind and two bionic knees make the extended warranty nice for peace of mind.
Gap insurance definitely worth it.

[81SHOVELHEAD]

Yes to Both
As mentioned earlier Depreciation of the unit once it leaves the lot
makes Gap insurance worth it.
Extended warranty yes .
With all the new technology, to me having an experience technician making repairs is worth the value ( 100 dollar deductible is worth the not having the stress of working on something I am not trained to do
Just my 2cents anyway

[dadmomh]

Depends on your situation. In earlier years DH was physically able to fix anything and everything and we would not have considered an extended warranty. Fast forward to retirement and older age and all the cr.. that goes with it. We did get one on our new TT and I was totally shocked that he even considered it, but with leg problems, a new high-tech hip, 2 surgeries on his hand....not to mention that sometimes the old brain just doesn't kick in, it's a comfort for us. Totally aside from all the above is the cost involved....retirement can put a nasty dent in your spending compared to earlier years and with a $100 deductible, we're just happier. 25 years ago he would have said "H... NO!". Things change. Evaluate your own circumstances.

[Randu]

I never purchase extended warranties, glass etching, fabric protection, wax-no wax finish protection, or any of 20 other things that RV and Car dealers try to sell. These are just profit builders they try to sell that do nothing more than add to THEIR bottom line.

GAP insurance is the only item that I see as a value but purchase from your bank or Credit Union. DO NOT purchase from dealer. I have found that the bank providing the financing is usually a few hundred or more less than dealer. The purpose of GAP insurance is to protect you and the financial intuition as a win /win for both.

Say you purchased something for 50,000 and with taxes, plates, and what ever add on items ended up financing 54,000.

You drive or use for a month and then its totaled. Insurance considers item "used" with the deprecation that happens to anything the second it comes off the lot. After much negating, you settle for 48,000 leaving you 6,000 short of payoff. GAP comes in and pays off the difference. That is why I purchase GAP from the lender as paperwork flows smoothly. 1st they got the insurance check as lein holder and they help with the GAP claim.
End result is paid off note and your not paying on something you no longer own or can use.

One more thing to consider is 2 years down the road when the item purchased has deprecated faster than the balance owed has dropped.
This could leave you double or more in the hole than the example above.
Randu

[wmoses]

DougConnie4ever wrote:
Is it wise to buy on a brand new coach ...

1. Extended warranty if so from who
2. Gap insurance if so why

I predict that there will be many, many responses to this thread with no definitive answer. That said, let me offer my opinion.

1. Yes - If you are not prepared / able to work on your vehicle yourself this is the way to go provided you read the fine print to see what is covered vs what is likely to go wrong, and the dealership is fairly close by, reputable and fair to deal with. In many cases one repair will pay for the extended warranty, espeically on these units and their components, for which QA seems to be a dirty word.
   
2. Yes - Gap insurance is a good idea whose benefit is inversely proportional to the rate of depreciation of the asset insured.
   

Now lets watch the different opinions flow in. 🙂