Extended Warranty

[yankees1]

What are your opinions on extended warranties? I will be taking possession of a new Passport in November and will need to decide by then. A friend of mine extended his regular one year warranty with an additional six years for one thousand dollars, bumper to bumper with a fifty dollar deductible. Worth it?

[jq1031]

Alot depends on the warranty company. Some have "hidden exclusions", others want you to pay the vendor & get reimbursed down the road & some pay the vendor direct using a major credit card (visa, etc). Get all the facts on how they settle claims & be sure they will still be around throughout the length of your contract! If I were to buy a extended contract it would be a MUST that they pay any repairs direct & at the time of service as agreed between you, the repair shop & the warranty company.

[LeeMedic]

Originally Posted by jq1031

Alot depends on the warranty company. Some have "hidden exclusions", others want you to pay the vendor & get reimbursed down the road & some pay the vendor direct using a major credit card (visa, etc). Get all the facts on how they settle claims & be sure they will still be around throughout the length of your contract! If I were to buy a extended contract it would be a MUST that they pay any repairs direct & at the time of service as agreed between you, the repair shop & the warranty company.

Totally agree! Just remember that Keystone warrantee passes pretty quickly.

[ftwildernessguy]

I never buy extended warranties. For anything. Ever. I figure I am thousands of dollars ahead of the game by now.

[woolfski]

We bought our extended warranty through a company called Corner Stone and glad we did. Our covered repairs have already exceeded the initial cost of the plan and we have never had a problem getting approved for repairs.
866-912-2768... They are located in Hickory, NC

[LeeMedic]

Originally Posted by ftwildernessguy

I never buy extended warranties. For anything. Ever. I figure I am thousands of dollars ahead of the game by now.

I buy them on high dollar items that I plan on not replacing for many years, like a RV trailer or a new car. With labor at $120 hr to work on an RV, it does not take long to spend $1800 which is what I spent on my extended warrantee that last for 7 years. Then you have to buy the parts. Look at the price of a refrigerator or AC unit that goes in an RV.

[bdaniel]

I agree about never buying an extended warranty. They are huge profit items for the seller. Most problems really do happen within the manufacturer's warranty period.

You should only insure something which you must have and can not afford to replace or you just want insurance for peace of mind.

I would take the money you would spend on the warranty and put it in a savings account. If you need repairs, take money out of the account to pay for them. If you do this for every item where you are tempted to purchase a warranty, I can almost guarantee you will never run out of money in the savings account.

I have the highest deductibles possible on my auto/home insurance for the same reason.

Just my 2 cents.