Extended Warranties

[jleavitt11]

FYI...Here are the results of a study done on extended warranties. You be the judge.

A survey conducted by the Consumer Reports National Research Center in late 2013 found that 55 percent of owners who purchased an extended warranty hadn’t used it for repairs during the lifetime of the policy. And, on average, those who did use it spent hundreds more for the coverage than they saved in repair costs.
Among survey participants who used their policy, the median out-of-pocket savings on repairs covered by extended warranties for all brands was $837. Based on a $1,214 average initial cost, that works out to a net loss of more than $375. Factoring those who didn’t use their policy, the median savings was zero. And that may have something to do with why satisfaction with extended warranties is among the lower rated of all products and services surveyed by Consumer Reports, and why only about a quarter of respondents said they would definitely get it again.

 

[Lynn1130]

See post #5

 

[Kandy]

Boy Oh Boy Am I GLAD that the previous owner of our 2011 Heartland Augusta was able to pass the Extended Warranty to us in 2012. It is going to expire in 2018 and I'm getting really nervous.
Our extended warranty had to cover SEVENTEEN MAJOR issues within 1 year after we transferred title of the 5th wheel....YES, I SAID 17!!!!!!!!!!
Everything from the refrigerator to a crack in the Fresh Water Tank to the Lippert Level Up System.

I'm thinking as it stands now the extended warranty has replaced almost everything, including a new AC unit in the main living area, and they will jump at the chance to cover us BECAUSE EVERYTHING IS NEW!!! but just in case, I guess I need to be looking around....

Any suggestions, other than CW. out there?????
Thanks.

OUR $50 was well worth it!!!!

 

[esscobra]

had extra ride on previous unit and it paid for itself - even when had bearing failure and they paid for axle replacement- now with bigger unit and more expensive items I hope I never have to use it but it will pay for itself I a ting big breaks -

 

[carl.swoyer]

Boy Oh Boy Am I GLAD that the previous owner of our 2011 Heartland Augusta was able to pass the Extended Warranty to us in 2012. It is going to expire in 2018 and I'm getting really nervous.
Our extended warranty had to cover SEVENTEEN MAJOR issues within 1 year after we transferred title of the 5th wheel....YES, I SAID 17!!!!!!!!!!
Everything from the refrigerator to a crack in the Fresh Water Tank to the Lippert Level Up System.

I'm thinking as it stands now the extended warranty has replaced almost everything, including a new AC unit in the main living area, and they will jump at the chance to cover us BECAUSE EVERYTHING IS NEW!!! but just in case, I guess I need to be looking around....

Any suggestions, other than CW. out there?????
Thanks.

OUR $50 was well worth it!!!!

I purchased Extended Warranty for five years. It was thru cornerstone extended warranty. I paid $1800.00 the payout was over 10k. Never had trouble with getting approval's. I also have it on my new Carolina Skiff 21 ultra elite. I believe that you can get a policy through general RV.

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[SteveB949]

Looking for some help with a list of repair facilities that take the CornerStone RV Service Insurance. If not available, I'm in the Youngstown, Ohio area and need to find a repair facility that will take CornerStone. Any assistance would be appreciated. Thanks!!

 

[bwdt]

FYI...Here are the results of a study done on extended warranties. You be the judge.

A survey conducted by the Consumer Reports National Research Center in late 2013 found that 55 percent of owners who purchased an extended warranty hadn’t used it for repairs during the lifetime of the policy. And, on average, those who did use it spent hundreds more for the coverage than they saved in repair costs.
Among survey participants who used their policy, the median out-of-pocket savings on repairs covered by extended warranties for all brands was $837. Based on a $1,214 average initial cost, that works out to a net loss of more than $375. Factoring those who didn’t use their policy, the median savings was zero. And that may have something to do with why satisfaction with extended warranties is among the lower rated of all products and services surveyed by Consumer Reports, and why only about a quarter of respondents said they would definitely get it again.

Was this study done on just RV extended warranties or on extended warranties on everything like (autos, boats, any purchase item including homes)?

I was looking for more specific details. I would think that if the study was done on one particular class of products, the outcome might be more enlightening?

 

[Lynn1130]

I think that extended warranties in general get a "no go" from both Consumer Reports and Dave Ramsey. No obviously, they are not the end all for recommendations, but the percentages that get their monies worth out of them is lower than those that do not, or they would not be in business selling extended warranties. So, you take your chances that you will/won't get a payback. With that in mind, you make your decision and move on. I have bought a few over the years on first generation items and would say that I broke even. That probably is not the norm.

I doubt that it matters whether it is autos, RVs, TVs etc. It is probably pretty much the same across the board.

 

[D_BTravelers]

We bought a new 2016 Big Country 3650RL in 2017 and it has had some continuing issues that we have had to address during the manufacturer's 1 year warranty period. The A/C's didn't cool the unit properly and had to be serviced along with some duct reconstruction, the coax for the satellite connections were bad in several spots and had to be repaired, one landing gear had to be replaced as it leaked fluid; but the big deal is the 4-door Dometic refrigerator which still does not cool properly. We have had it worked on 4 times as it wouldn't even hold temps while we were in N. Dakota on a trip last year; we live in Texas where it is actually hot. The refrigerator had been put into the cabinet frame crooked (unlevel when the coach was leveled) and the doors would not close without carefully making sure the center seal was closed properly. It did hold temps this last campout, but then it snowed outside also, so not a good test.
I have fixed the many small items that we all fix on our RV's: tightened screws, tighten plumbing pipes, etc. Due to the number and expensive nature of the issues with the AC and refrigerator we did purchase an extended warranty this year when the manufacturer's warranty expired. Our previous 2014 SOB travel trailer had a bad Venetian blind in the kitchen and cracked bottom shower door seal in our two years of ownership; we didn't purchase an extended warranty for it because we were comfortable with the unit's performance.
So I recommend you not purchase an extended warranty at the time of your RV purchase. Wait and see how your unit does and base your need, and your comfort level, on purchasing an extended warranty...or not. We priced several policies but the Good Sam was our choice.

 

[EWG]

I had a axel break Sunday afternoon on a 14 month old trailer. Because of the extended warranty, and a call Monday morning, and we were back on the road Monday afternoon with a new axel. Months later the mfg replaced both axels.

As far as Consumer Reports goes, I do not believe they had RV's in mind with their recommendations. I would weigh how much you will be using your RV. Two weeks a year or full time. Most of us agree that QC out of the factory could be better. Would I get another with a new RV. It would be a toss up.

 

[Kandy]

Boy Oh Boy Am I GLAD that the previous owner of our 2011 Heartland Augusta was able to pass the Extended Warranty to us in 2012. It is going to expire in 2018 and I'm getting really nervous.
Our extended warranty had to cover SEVENTEEN MAJOR issues within 1 year after we transferred title of the 5th wheel....YES, I SAID 17!!!!!!!!!!
Everything from the refrigerator to a crack in the Fresh Water Tank to the Lippert Level Up System.

I'm thinking as it stands now the extended warranty has replaced almost everything, including a new AC unit in the main living area, and they will jump at the chance to cover us BECAUSE EVERYTHING IS NEW!!! but just in case, I guess I need to be looking around....

Any suggestions, other than CW. out there?????
Thanks.

OUR $50 was well worth it!!!!

Well, the Extra Ride Insurance was a GOOD RIDE and now this July I have to purchase a new Extended Warranty.
Extra Ride won't cover us for more than 3 years for $2,600. That's STUPID since this last they replaced almost everything in the rig.
Wholesale Warranties will cover us for $2702 for 4 yrs.

I really hate to purchase this. EVERYTHING IS NEW IN THIS RIG including the Hydraulics, keyless entry and everything else. It really makes me nervous not to have extended warranty......we really don't know how to repair major issues.

I've heard of Cornerstone on this blog and Wholesale Warranties....can anyone suggest others for me to call...???
We expire in July.
Thanks

 

[mlpeloquin]

Just make sure your copay is low. Mine is $500.00 and $500.00 will cover a lot of repairs. Also make sure that the hangers are covered. My fine print covers all but the hangers. Don't ask why I now know!

 

[Lynn1130]

I am not sure what you are looking for but there are a ton of threads on this site about extended warranties. Generally they are not a good buy but it is really up to you. The Consumer Reports and Dave Ramsey chain of thought is DON'T WASTE YOUR MONEY. Again with that in mind do what you want, but it is pretty much a waste of money to purchase extended warranties. They would not be in business if they were covering that many repairs.

 

[R8RNAZ]

We bought an extended warranty from good Sam. Had 2 of 3 slides fail at 14 months. Paid for the warranty and then some.


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[kowAlski631]

Personally, we'd rather have insurance and never need it than need it and not have it. We pay monthly - more money in the long run but not a big lump cash outlay at one time. To each his own. Judge your needs and what you can tolerate for repairs. Don't rely on anyone else's opinions or experience - only yours counts.

 

[padre44]

Got Xtra Ride by Protective Asset Protection when purchased RV. Sold unit less than 2 years later and requested refund of unused premium as per literature. When nothing happened, I called and got quite an argument, saying I should have contacted dealer, even though their literature said they could be contacted directly. He finally told me they received the letter and cancelled the contract and that I should get a refund in 6-8 weeks back through the financing company. Over 2 months has gone by and nothing. These companies try to hide themselves on BBB websites because if you do a search you get nothing. They are scams as far as I'm concerned.

 

[carl.swoyer]

Got Xtra Ride by Protective Asset Protection when purchased RV. Sold unit less than 2 years later and requested refund of unused premium as per literature. When nothing happened, I called and got quite an argument, saying I should have contacted dealer, even though their literature said they could be contacted directly. He finally told me they received the letter and cancelled the contract and that I should get a refund in 6-8 weeks back through the financing company. Over 2 months has gone by and nothing. These companies try to hide themselves on BBB websites because if you do a search you get nothing. They are scams as far as I'm concerned.

Have they given you anything in writing stating that a refund has in fact been approved?
You can also file an official complaint with your state insurance commissioner and at that time accusing them off commingling funds.

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