The best exteneded warranty

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B

biz

Member
Joined
May 23, 2007
Posts
20
Location
High Rock Lake NC
Hi all
Any recommendations on an extended warranty, mine is about to expire (Xtraride). It actually is a good one, just wondering what the group would suggest?
 
I have nothing to compare to but I purchased mine from EZ Care when I bought my new coach and have been very happy with it... although it was pretty expensive.... I think my dealer got to me when he recognized a rookie..  ::)
 
I am talking with Jeff now at Wholesale Warranties....Still trying to decide if I need one or not.....Seems like a decent company with a good BBB rating, for what that is worth.........He would bind me with Assurance Solutions for a price that I find way under GS or others..........Low deductible......

They are exclusionary, which means all is covered except that which is excluded in the contract.....Better than the other way around......Just trying to decide if I want to gamble or not that I would come out ahead........

Steve and Liz
Fallbrook, Ca
 
You are in same situation I am.  On the plus side, if I have one problem with a fridge or slide it could cost more than the policy for 7 years.  I am generally against ALL extended warranties, but with all the technology on board, one problem could be very expensive.  I am thinking but am leaning toward the coverage.  Even if I buy it, I will still hope to never collect.
 
Besides "coming out ahead" there was another big consideration for us and that was peace of mind.  We were rookies and certainly over paid for our extended wty but with so much we didn't know, at least knowing that we had a good ext wty has give us less to worry about and, in our view, that has value whether or not our claims ever total up to the premium we paid.

Good luck...
 
The "best" extended warranty might be zealous maintenance.  Beyond that it kinda depends on whether you want to "self insure" (if it breaks, you pay) or not.  If a costly repair bill jeopardizes your financial security or has a huge impact on your life, then by all means get the coverage. OTOH, diesel engines, for the most part, are very reliable (there are millions on the road all the time)... as are most of the parts on a MH, individually.  There's also the deductible, how likely are you to have a really expensive failure?  I don't know the statistics but, like you say, it is a fairly complex system.

Risk is very interesting... if you take the cost of the extended warranty and bet it all on BlackJack in Vegas, or roulette... you have about a 45% chance of doubling your money betting conservatively, yet you can see that gambling is very profitable for the casinos.  Same thing for the warranty company... it is just harder to see what they do with their "winnings".

If you take the money you would have spent on the warranty and buy a CD, you get, maybe 2% ROI, guaranteed.  Not very attractive.  Maybe in these economic times, extended warranties are a better deal?  Especially if you plan to drive a lot and use the vehicle often.  If CDs were paying 12%, they'd double your money every 6 years.  After a while you'd have a "nestegg" to pay for repairs forever.

Please share your decision and rationale...
 
  If CDs were paying 12%, they'd double your money every 6 years.  After  a while you'd have a "nestegg" to pay for repairs forever.
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Unfortunately, if you had an engine or transmission go out on you that nest egg, and a lot more, will be gone forever :'( . I look at the policy as comfort food, it's easier sleeping at nite.
 
Diesels do indeed last for many hundreds of thousands of miles, but that does not mean they go for years without any repairs at all.  And they are also extremely expensive to repair.  They are just full of high dollar parts that do fail from time to time, e.g. lift pumps, injectors and injector pumps, charge air coolers, hydraulic pumps, etc.  I think that big diesels are actually more likely to need an expensive repair than an automotive gas engine. It's a high maintenance product, and repair bills in the thousands are all too common.
 
I wish we would have purchased one when we bought our MH as we've had to replace just about everything on it - including the engine.  We've spent about $25K since we brought it home last November!  If it's a new RV then I probably would say no, but if you're buying used, then absolutely get one!
 
RV Roamer said:
repair bills in the thousands are all too common.
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That's the crux of the matter, what does "all too common" mean?  ... is it 1 in 10; 1 in 100; 1 in 10000; 1 in 100000; ... what are the statistics of repairs that exceed the deductible?  The warranty companies have the statistics and that's how they derive the price they charge... or maybe I'm missing something?
 
MikeandShirley said:
I wish we would have purchased one when we bought our MH as we've had to replace just about everything on it - including the engine.  We've spent about $25K since we brought it home last November!  If it's a new RV then I probably would say no, but if you're buying used, then absolutely get one!
Click to expand...

Hindsight is almost perfect... now that you have all the repairs done and everything is working... are you going to buy an extended warranty for the future?
 
That's the crux of the matter, what does "all too common" mean?  ... is it 1 in 10; 1 in 100; 1 in 10000; 1 in 100000; ... what are the statistics of repairs that exceed the deductible?  The warranty companies have the statistics and that's how they derive the price they charge... or maybe I'm missing something?
Click to expand...

You aren't missing a thing - you hit the nail right on the head!  Obviously the average cost of repairs is much less than the policy premium. This is insurance, pure and simple.  Most people will spend less on repairs than the warranty cost (the insurance premium). Some will break even and a few will get back much more than they paid. And there is no way to predict which category any one of us might fall into.
 
Gary, you are absolutely right.  But most of us buy car, house, medical and life insurance just in case.  Obviously all insurance companies are in business for a profit. We just all want to feel protected, all warm and fuzzy.  We would all be better to self insure, but we don't.
 
Decided to get the ext warranty thru Wholesale Warranties......Got the Elite package.....

Now I don't know if I hope I make money on the purchase, by having things break, or if I would be happier losing money with nothing breaking......!!
 
Fullabunk said:
  We would all be better to self insure, but we don't.
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I respectfully don't agree with this point of view Fullabunk.  Clearly some portion of insured individuals have claims which exceed their premiums.  Insurance DOES protect us from the expense of catostrophic failures which could otherwise seriously impact our standard of living or at least our ability to continue RVing.  My view is that it is a "cost of doing business" to provide me with the peace of mind that's important to me. 
 
Fullabunk said:
Gary, you are absolutely right.  But most of us buy car, house, medical and life insurance just in case.  Obviously all insurance companies are in business for a profit. We just all want to feel protected, all warm and fuzzy.  We would all be better to self insure, but we don't.
Click to expand...

We aren't Bill Gates by any economic standard so we carry liability insurance on everything we can... the potential losses are kinda unknowable, like health insurance.  OTOH, when a vehicle gets to be kinda old, even though it is in excellent condition, we tend to drop back to liability only since the ins company pays very little on a "total collision loss" and the chances are what they are.  We vacillate on some questions... road service for instance or extended warranties on appliances.  Sometimes it seems to make sense but other times, who knows?  I've never, ever made a claim on these policies and if I had all the money back, I'd have a handy account for emergencies.  If I listen to all the horror stories of what could happen, I get paranoid and want insurance.  If I count the number of times people I know have made significant claims, it's very, very low and I back away and remember that there's a finite chance that I won't be here tomorrow anyway.  The US is way different about this than most other countries, as usual.
 
I have decided to buy the Wholesale Warranties policy.  Only time will tell if it was a good deal.  Even though generally against these type warranties (really insurance as mentioned). I decided to so in this case.  I had purchased my trailer from DirectRV saying over $5000 from the best local dealer price.  With my fear that my local dealer (same brand) won't give me top service, I decided to use a small portion of the savings to buy a policy that will allow me to take it anywhere I want if needed.
 
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