Good Sam Extended Service Plan / Yes or No and why
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If you have answers, please help by responding to the unanswered posts.
Foto-n-T
Well-known member
Ney, don't bet against the house they have already done the research and know who's side the odds are on.
You will also find that "my" opinion is not shared by many.
You will also find that "my" opinion is not shared by many.
Gary RV_Wizard
Site Team
There are two questions implied:
1) Should I buy any extended warranty?
2) If the answer to #1 is yes, then is GS the one to buy?
An extended warranty is simply an insurance policy, so the basic question is premium cost vs covered risks. With any insurance, the notion is that many (most?) will NOT get back as much as they pay in, but a few will recover much, much more because they have very expensive repairs. Routine repair costs will rarely equal the annual premiums. So what is your risk of needing repairs that cost in excess of $750/year (plus deductible).
As for Good Sam, their chief feature is the ability to pay year by year rather than an upfront payment for 3-7 years. That makes them somewhat more expensive on an annual basis if you ignore the interest you might have received on the upfront payment in some other policy. You will see quite a few complaints that GS is pretty good at finding escape clauses to avoid payments, but it's hard to judge whether they are significantly worse than any other insurer. Too many people fail to read and understand the numerous things not covered in a service plan, so get shocked when a bill is not paid. However, if I were buying one today, I would probably choose another insurer, e.g. the Cornerstone plan or RV Shield extended service plans.
1) Should I buy any extended warranty?
2) If the answer to #1 is yes, then is GS the one to buy?
An extended warranty is simply an insurance policy, so the basic question is premium cost vs covered risks. With any insurance, the notion is that many (most?) will NOT get back as much as they pay in, but a few will recover much, much more because they have very expensive repairs. Routine repair costs will rarely equal the annual premiums. So what is your risk of needing repairs that cost in excess of $750/year (plus deductible).
As for Good Sam, their chief feature is the ability to pay year by year rather than an upfront payment for 3-7 years. That makes them somewhat more expensive on an annual basis if you ignore the interest you might have received on the upfront payment in some other policy. You will see quite a few complaints that GS is pretty good at finding escape clauses to avoid payments, but it's hard to judge whether they are significantly worse than any other insurer. Too many people fail to read and understand the numerous things not covered in a service plan, so get shocked when a bill is not paid. However, if I were buying one today, I would probably choose another insurer, e.g. the Cornerstone plan or RV Shield extended service plans.
Frank Hurst
Well-known member
- Joined
- Sep 21, 2009
- Posts
- 589
Gary, can you give some reasons why you would choose Conerstone plan or Rv Shield plan? I have Good Sam at the presant time and have not had a problem so far. Refrigerator, air conditioner compresser and work on a slidout. I just don't want to be surprised later on a major issue.
COMer
Well-known member
- Joined
- Aug 25, 2009
- Posts
- 1,663
I also vote "ney" with Joe. The basic concept is that it's an insurance policy where GS has figured out that you will not be able to collect enough to cost them money. I would vote with them, assume they are right and put the $750 yearly into savings to cover any expenses I have. As Gary reminds us, only a few benefit from a policy and most of them have to work to get it. For most people, it is not a good investment.
Frizlefrak
Well-known member
In three years, you will have paid $2250 in premiums. The salient questions are:
1. Do you think, based on past experience you'll have $2250 in repairs? ( I never have).
2. Can you perform most mild to moderate repairs yourself and mitigate labor charges on these?
3. Will it put you in a financial bind if you don't have the coverage and do need a major repair?
Weigh those three questions, and you'll have the answer.
1. Do you think, based on past experience you'll have $2250 in repairs? ( I never have).
2. Can you perform most mild to moderate repairs yourself and mitigate labor charges on these?
3. Will it put you in a financial bind if you don't have the coverage and do need a major repair?
Weigh those three questions, and you'll have the answer.
Gary RV_Wizard
Site Team
I wouldn't want to try without having policy copies in front of me. You would have to get copies of the actual plan documents and compare coverages and read the fine print on exclusions. A friend whom I know to be thorough just shopped plans for his 2004 DP and decided that Cornerstone was a clear winner over GS and others - more coverage for less $. I had good service from RV Shield myself, but would want to review the current policy materials before buying again, cause plans get adjusted all the time.
Frank Hurst
Well-known member
- Joined
- Sep 21, 2009
- Posts
- 589
Gary, Thanks. Maybe I should do some research on my policy.
Frizlefrak, Over the past 3 years I have just about broken even. What if it had been an engine or the transmission? Talking to a L&N investigator at a major train wreck. Someone ask if they had insurance. He laughed and said, "We are larger that any insurance company, why should we pay them to cover us?". So if I had the money for major repairs on the engine or the transmission I would not carry an extended warranty.
Frizlefrak, Over the past 3 years I have just about broken even. What if it had been an engine or the transmission? Talking to a L&N investigator at a major train wreck. Someone ask if they had insurance. He laughed and said, "We are larger that any insurance company, why should we pay them to cover us?". So if I had the money for major repairs on the engine or the transmission I would not carry an extended warranty.
maddog348
Well-known member
Frank ~~
Not trying to step n your toes BUT ~~I am seeking the same answer myself ~~ However ~~ I am not looking at GoodSam by the year [ when 'quoted' on line about 1k /yr and $500 ded.]. Too much for this old lady. Looking at quote at XtraRide [appears better coverage thanGS] 5yr ?? deductable amount ?? opiton being discussed. Any Yeas ?? Nays ?? on that front ? JM2? Kate
Not trying to step n your toes BUT ~~I am seeking the same answer myself ~~ However ~~ I am not looking at GoodSam by the year [ when 'quoted' on line about 1k /yr and $500 ded.]. Too much for this old lady. Looking at quote at XtraRide [appears better coverage thanGS] 5yr ?? deductable amount ?? opiton being discussed. Any Yeas ?? Nays ?? on that front ? JM2? Kate
DakotaRed
Well-known member
If I had to do it over again, I would not use Good Sam Extended Warranty. The first problem I had was an administrative issue, and the person on the other end of the phone was an idiot and could not be reasoned with. I got that issue straightened out, but our second issue was more significant. We had an engine problem with our Cummins engine. Cummins replaced the head under warranty (within 5 year warranty period on engine), so I went after the extended warranty for our hotel stay. We are full-timers so had no other options, but to find a place for the two of us plus our German Shepard dog. After getting turned down by many places we finally settled in, and were there for a little over two weeks. The extended warranty had so many loop holes that they ended up paying for only 2 days. They didn't cover days that didn't have a full 8 hours of labor, nor did they cover weekends. Are we supposed to sleep in the street over the weekend? Also, they didn't cover the period when the repair shop was waiting for the new head to come from Cummins. Again, something completely out of our control.
Frank Hurst
Well-known member
- Joined
- Sep 21, 2009
- Posts
- 589
Thanks for all the comments. I need to start doing some research.
Frank
Frank
Gary RV_Wizard
Site Team
DakotaReds comments are typical of what I hear from GS policy holders. On the other hand, I don't know that other policies would be much better. I have also heard that GS is enforcing the "lack of required maintenance" loophole to the hilt, e,g, being late on a recommended oil or coolant change.
For example, many plans exclude shipping on any part, even though it is unreasonable to expect a shop to stock parts for a zillion different RVs or engines or chassis. Nobody stocks expensive parts anymore, but many (most?) extended service programs ignore that. And most exclude consequential damages, another gaping loop hole. Seemingly minor clauses get invoked in unexpected ways.
For example, many plans exclude shipping on any part, even though it is unreasonable to expect a shop to stock parts for a zillion different RVs or engines or chassis. Nobody stocks expensive parts anymore, but many (most?) extended service programs ignore that. And most exclude consequential damages, another gaping loop hole. Seemingly minor clauses get invoked in unexpected ways.
BigTonyB
Member
I just purchased a 2001 MH from Camping World along with a GS 4 year extended warranty. IMO, it,s worth it for the peace of mind when buying a 12 year old unit.
There are so many expensive components in a motor home, a string of bad luck could put you in the poor house.
I hope they never need to pay out a penny, that would mean 4 years of trouble free RVing!
There are so many expensive components in a motor home, a string of bad luck could put you in the poor house.
I hope they never need to pay out a penny, that would mean 4 years of trouble free RVing!
