Gooselover
NE OK
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Joined: 11/19/2002
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We have just purchased a 5th wheel after being without one for quite a few years. Question is, what, in YOUR opinion, is the best Extended Warranty company?
Charlie & Jeri
2013 Keystone Cougar 327RES
2013 Dodge Ram 3500 EC
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SDcampowneroperator
South Dakota
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Joined: 01/25/2011
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Wharever the premium is, put it in the bank. Insure yourselves.
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Lwiddis
Southern California :(
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Joined: 08/12/2016
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I agree with SD. If still not convinced ask for a copy of the exceptions and if there is any annual inspection. And for the cost of the annual inspection.
Winnebago 2101DS TT & 2022 Chevy Silverado 1500 LTZ Z71, WindyNation 300 watt solar-Lossigy 200 AH Lithium battery. Prefer boondocking, USFS, COE, BLM, NPS, TVA, state camps. Bicyclist. 14 yr. Army -11B40 then 11A - (MOS 1542 & 1560) IOBC & IOAC grad
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RetiredRealtorRick
Gulf Shores, AL
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Joined: 04/17/2020
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SDcampowneroperator wrote:Wharever the premium is, put it in the bank. Insure yourselves.
Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.
Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.
. . . never confuse education with intelligence, nor motion with progress
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Gooma
Iowa
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Joined: 12/26/2020
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For liability self insurance is not an option. For repairs self insurance is the only way to go.
Extended warranties are a money maker for the seller, but a loser for the buyer. To many restrictions and requiements, such as yearly inspections by the dealer
at the RV owners expense. A $2K account will cover any repairs you need. If you need any repairs you are at the mercy of the dealer whether you have an extended warranty or not.
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Edd505
Elephant Butte, NM
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Joined: 05/20/2015
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Save your money on extended warranty there is too much "fine print" sorry that's not covered or you failed to .... Put the money in a just in case account in the bank. If nothing happens you have vacation money if you do need it the moneys there. Most things in the RV are under $1500 so if your handy buy what you need, A/C, water heater, heater, stove, etc, if not hire a mobile RV mechanic.
2015 F350 FX4 SRW 6.7 Crew, longbed - 2017 Durango Gold 353RKT
2006 F350 SRW 6.0 crew longbed sold
2000 F250 SRW 7.3 extended longbed airbags sold
2001 Western Star 4900EX sold
Jayco Eagle 30.5BHLT sold, Layton 24.5LT sold
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Edd505
Elephant Butte, NM
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RetiredRealtorRick wrote:SDcampowneroperator wrote:Wharever the premium is, put it in the bank. Insure yourselves.
Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.
Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.
Your talking high dollar items not a 1200 A/C unit. I bought a brand new Splendide washer/dryer just under $1000 and did my install. Now I need to spend how much to insure that $1000? Not worth it. I own my home, two trucks and rentals, do I self in sue them, hell no, I pay State Farm. How many calls have you had, your warranty on your vehicle is about to expire ................
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rhagfo
Portland, OR
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Joined: 07/06/2012
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Edd505 wrote:RetiredRealtorRick wrote:SDcampowneroperator wrote:Wharever the premium is, put it in the bank. Insure yourselves.
Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.
Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.
Your talking high dollar items not a 1200 A/C unit. I bought a brand new Splendide washer/dryer just under $1000 and did my install. Now I need to spend how much to insure that $1000? Not worth it. I own my home, two trucks and rentals, do I self in sue them, hell no, I pay State Farm. How many calls have you had, your warranty on your vehicle is about to expire ................
Best extended warranty is self insured and be handy. Biggest cost we have had so far with is out refrigerator failed. Cost was $700 for new Amish cooling unit. I installed in a couple hours.
Russ & Paula the Beagle Belle.
2016 Ram Laramie 3500 Aisin DRW 4X4 Long bed.
2005 Copper Canyon 293 FWSLS, 32' GVWR 12,360#
"Visit and Enjoy Oregon State Parks"
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Second Chance
Wherever...
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Joined: 07/23/2013
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These are not warranties, but rather insurance policies with lots of fine print. They are another form of legalized gambling. The company is betting that nothing breaks that would cause them to pay out more than you paid for the policy; you're betting it will. As in all forms of legalized gambling, the house usually wins. Otherwise, these companies wouldn't be in business or make a profit.
Dave Ramsey and Clark Howard have commented on these plans many times, too. The standard seems to be that 80% of extended service plan revenue goes toward commissions and marketing. Only 20% goes toward paying for actual repairs, which means most people are getting a really bad deal. We prefer to set money aside regularly (earning interest) and pay for repairs as they come up.
Rob
U.S. Army retired
2020 Solitude 310GK-R
MORryde IS, disc brakes, solar, DP windows
(Previously in a Reflection 337RLS)
2012 F350 CC DRW Lariat 6.7
Full-time since 8/2015
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valhalla360
No paticular place.
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Joined: 08/19/2009
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RetiredRealtorRick wrote:SDcampowneroperator wrote:Wharever the premium is, put it in the bank. Insure yourselves.
Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.
Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.
If you are talking about:
- Your $300k house burning to the ground.
- You get cancer and it will be $100-150k by the time all is done all while out of a job.
- You hit someone in a crash and are found at fault with a 6-7 figure settlement likely.
Yes, insurance makes a lot of sense as the average guy can't afford to simply write a check.
For the risk of the air/con burning out, you are better to just put the $2-3k they charge for these rip off "warranties" in the bank and pay for any "warranty" work.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV
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