Plateau casualty insurance

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Stamper5498

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Joined
Aug 7, 2015
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19
Got a quote from wholesale dealer warranties on a esp for class a motor home. Listed plateau casualty as the insurer. Any one have any experience with these folks
 

Gary RV_Wizard

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Feb 2, 2005
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West Palm Beach, FL
None of the service plan underwriters are well-known names and most  states don't regulate them the way car or health insurers are handled.

I've not heard of any service plan insurers who went out of business or otherwise defaulted. Most people's issues are over what is or is not covered by the plan. Rarely would you deal direct with the insurer on that - there is always a claims agent designated for the service plan and it is their interpretation of the contract, always extremely strict, that causes people to get angry.  I would worry more about what the ton of fine print in the contract says than the insurer's financial health rating. 
 

Optimistic Paranoid

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Jan 19, 2013
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Gary RV_Wizard said:
None of the service plan underwriters are well-known names and most  states don't regulate them the way car or health insurers are handled.

In at least some states, the laws require them to be backed by an insurance company.  At least according to the Federal Trade Commission:

https://www.consumer.ftc.gov/articles/0054-auto-service-contracts-and-warranties#auto

Find out if the auto service contract is underwritten by an insurance company. It?s required in some states. If the contract is backed by an insurance company, contact your state insurance commission <http://www.naic.org/> to ask about the solvency of the company and whether any complaints are on file.

Insurance regulations generally require companies to:

  * maintain an adequate financial reserve to pay claims.
  * base their contract fees on expected claims. Some service contract
    providers have been known to make huge profits because the cost of
    their contracts far exceeds the cost of repairs or services they
    provide.
  * seek approval from the state insurance office for premiums or
    contract fees.

Check out the dealer and the administrator with your local or state consumer protection office <http://www.usa.gov/topics/consumer.shtml> or local automobile dealers association <http://www.nada.org/> to see if any complaints are on file against the company. You also can search online for complaints.


The original poster should check out other pages on the FTC site that deal with extended 'warranties'

 

Gary RV_Wizard

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Joined
Feb 2, 2005
Posts
76,153
Location
West Palm Beach, FL
Sound advice from Paranoid, but I'll stick with my opinion that the greatest source of issues and complaints is NOT with the underwriter (insurer) itself.  The only cases I've heard of in my 20 years here on this forum (and others) where the insurer refused payment turned out to be fraud by the selling agent.  He sold the policies but did not pay the premium to the insurer.  I'm not aware of any such complaints agaisnt Wholesale Warranties, but haven't researched them either.

Stamper did not mention the name of the repair service policy he is considering. Others here may have some experience with the coverages of that particular policy. Googling the policy name frequently produces a litany of complaints from disgruntled buyers, but you have to read between the line to separate the buyer misconceptions from actual problems with the policy or the claims agent.
 
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