As the economic market fluctuates and people consider their finances, RVers may be wondering when is the right time to purchase an extended RV warranty? All types of travelers, from avid full-timers to weekend RVers, tend to create and stick to a strict budget. When it comes to big financial decisions, it’s natural to want to know your options—and what will save you money.
Some RV travelers account for breakdowns and consequent repair costs in their budget. But what if you didn’t have to? Unfortunately, RVs are prone to mechanical and electrical failures; however, if you invest in an RV extended warranty, your policy administrator will pay the repair costs for all covered components. If you’re considering a warranty plan, you need to know when it is the best time to buy one.
What About the Manufacturer Warranty?
If you’re buying a new RV your first thought is likely: but what about the manufacturer policy? These warranties provide minimal coverage. A new RV is least likely to experience a failure during the first two years. The manufacturer coverages generally only last for about a year, so it’s best to lock in extended RV warranty protection earlier on for a better deal and more extensive coverage. Extended warranties offer better coverage and better terms.
So, does this mean you’ll have dual coverage? Yes, but that likely means good things for your wallet. The reality is, extended RV warranty companies know that brand new rigs have manufacturer warranty coverage. This typically covers only the first year they’re in-service, lowering their risk of claims. What does this mean for you? The best rates you’ll ever get, on the longest terms the companies will ever give, for the highest level of coverage they offer. That’s right, you’ll never get a better deal on an RV warranty than when your manufacturer coverage is still in place. So, yes, your coverage will overlap, but in the long run it is often worth it from a savings perspective.
If your engine is still under manufacturer warranty for a longer term, generally 3 -5 years, and you don’t want to pay for any dual protection, you have the option to purchase a coach-only warranty policy.
RV Extended Warranty Eligibility
As an RV warranty broker, we’ve worked hard to ensure the widest eligibility on the market for new and used RVs. That said, there is an age limit you’ll want to keep in mind. Even though you can purchase an extended warranty for a used RV, you need to buy a plan while your vehicle is still eligible. All reputable RV warranty brokers have age and mileage caps for their policies. At Wholesale Warranties, we offer extended warranties for motorhomes up to 20 model years, and towable RVs up to 15 model years old. You will want to secure protection before you no longer qualify.
Additionally, your RV must be under the mileage cap to qualify for warranty coverage. With Wholesale Warranties, you’ll be covered up to 100,000 miles. That is the approximate equivalent of driving across the United States 27 times! Plus, even if your engine has surpassed the 100,000-mile mark, you will likely still be eligible for a lower level of coverage. You can click here to get started on a quote and learn more about what your rig qualifies for.
Buy Before the New Year
You can buy a coverage plan at virtually any time. However, there are advantages to doing so before the new year. As repair and labor costs continue to increase, and as your vehicle ages and racks up miles, the best time to buy an extended warranty policy is always now.
Whether you’re financing a shiny new RV or operating a well-loved rig, January 1st is a key date. Regardless of what time of year you purchased your RV, the industry considers your vehicle one model year older as of the first of the year. The price of your RV extended warranty is determined by a number of factors—including age. Even if your vehicle is in storage for most of the year, your RV is another year older.
Keep in mind that the longer you are on the road, the greater the likelihood of a major breakdown. According to our claims data, 30% of RVs will experience a significant mechanical or electrical failure by their second year on the road.
Buy Before the End of Travel Season
At the new year, prices increase for all used units—which is another great reason to get an extended warranty while your manufacturer warranty is still in effect. It is the best choice to secure a warranty protection policy before the first of the year. You don’t want to pay more money for the same coverage!
Another thing to consider? RVs weren’t mean to sit around! Claims data shows a large uptick in issues occurring during winter storage. If you wait until spring to purchase your RV warranty, those repairs won’t be covered. Instead, they’ll be pre-existing conditions to your policy. Lock in your RV protection before the end of the year, however, and you can roll into spring travels knowing that your RV warranty will be there for you should any new issues pop up!
When you’re considering a new financial investment, such as an extended warranty, you want to make an informed decision. This is why you should consider securing RV warranty protection by the end of the year. To ensure you receive the lowest possible rate, fill out the short form below for a free quote.