Extended Warranty

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alrod013

alrod013

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Joined
Jul 18, 2010
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On the move!!
Had a problem with the wiring to the oil pressure sensor. It was shorting out and causing false readings. Had it towed to a repair shop. They fixed the problem, but the warranty company denied the claim. Said the part was not covered!! Was absolutely shocked to hear that. So, now I have to pay it myself and it isn't cheap. I use Easy Care and will probably cancel it. The people there were just not sympathetic at all. Has anyone else had a problem with them?
 
...and to think that I was just about thinking of upgrading the warranty that comes with my new-to-us RV we just bought.  It has a Easy Care warranty.  This isn't good to hear.  If they can't even handle something as straight forward as this, I don't know that I can trust any of the extended warranty companies.  It's a shame that they're developing such a reputation.....won't be long that no one will buy them and that will 'solve the problem'.  ???
 
I know several RVers that have had problems with warranty companies. In the case of Easy Care, if the part is not specifically listed in the contract, it is not covered. You don't know until the repair shop diagnoses it. Easy Care will not pay for that either because the part in question is not a covered repair. So, if you tell the repair shop to go ahead and figure out what the problem is, you better hope it is a covered repair or you will foot the whole bill. We had to stay in a hotel while the RV was worked on. Easy Care will not reimburse us for part of this because the repair itself was not covered.
 
3 things you have to be very careful about with extended warranties. First get an exclusionary policy. Many policies are inclusionary which means you are only covered for items listed. An exclusionary policy covers everything that isn't excluded.

Second, read the policy very carefully to make sure you understand what is covered and what isn't.
Third, read the policy very carefully to make sure you understand what is covered and what isn't.
 
To add to what Bernie says, read the policy very carefully to make sure you understand the exact procedure to follow when making a claim.  Many otherwise legitimate claims are disallowed because the policy owner didn't follow the correct procedure to file the claim.
 
I think you need to understand the concept here.  You buy a policy from a dealer who is getting a commission of about half what you pay.  The remainder goes to a company who is tyring to make a living and a profit.  Their job is to hold claims down so that what they received allows this.  Whenever you hear about somebody getting a big check from a warranty company, you know there will have to be a lot of folks who don't get anything, for them to survive.  There have been many stories about how somebody did not get paid because of some little thing that nobody could see coming.  Or their interpretation of the policy did not make sense but they are enforcing it. 

I know that some people seem to be happy with their policy but the library is full of stories of people who tried very hard to understand the policy and still did not get paid what they expected.
 
You buy a policy from a dealer who is getting a commission of about half what you pay
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COMer

Many of us here do not recommend buying a policy from a dealer for that reason. But we do suggest, if you want insurance (you buy car and life insurance and both you and the insurance companies are betting that you don't collect) against catastrophic expenditures, an extended warranty can help you sleep at nite. As noted, the insurance companies aren't philanthropic so you must understand what you are covered for and follow the rules. The stories from people not getting paid are usually from people who bought without understanding what they were buying and/or did not follow the rules. Don't blame the insurance companies.
 
Hi,
I understand the insurance process well enough that it has never made sense to me why insurance against small expenses (small moves as you grow older and save money, but insurance is expensive) was a good idea. If the insurance company will make money on it and can also pay a large commission, there must be a better way! How about, every time you're offered a repair policy (I do understand most of us can't handle liability this way - and the rich get richer) just put the $ in an account dedicated to repairs; you'll be amazed how fast it builds up. Combine this with buying stuff that has a reasonable original entry cost (repairs are almost always proportionate to original cost) and you'll be amazed at how well it works out. If you're really anal, you could also follow recommended maintenance schedules where applicable.
JM$0.02,
Ernie
 
Ernie

Sounds reasonable and very applicable to most items. However, when the cost of an diesel engine or Allision transmission is well into 5 figures, refrigerators mid-4 figures and so many other 4 figure repairs/replacements, the dedicated repair account can get wiped out many times over with the wrong type of repair. Right now I am spending a lot of money on non-covered repairs/maintenance but I don't worry about the engine or tranny going.
 
That's why small moves up (increases) over time and high deductibles make sense. My point is that many people insure well beyond reason; if you can afford it out of current assets, you probably don't need to insure it, and lose money doing so. Examples:

Life insurance other than term and even term once you reach a sustainable level (or term to leave a legacy).
Insuring appliances in almost every case.
Low deductible (less than $500 almost certainly) auto insurance
Collision insurance on a 10 year old car
etc.,
etc.

Not being argumentative here; you obviously have to determine your own comfort level, but if you put a pencil to it you'd probably cancel most insurance other than liability (I have and the savings amounted to about $3,000 per year).

Ernie
 
BernieD said:
Ernie

I don't worry about the engine or tranny going.
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I agree but it can still be torturous process. A friend several years ago looked over his policy carefully )he thought) and realized that several parts external to engine and tranny weren't covered but the cost was minimal so not concerned. Unfortunately, the part external to tranny failed and caused failure of tranny. The insurance company refused to pay because their was some language buried in contract that stated subsequent damage resulting from such non-coverd part was not covered.
 
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