When you’re considering purchasing an RV extended warranty, or extended service plan, you likely have a lot of questions, including “when?”. Fortunately, you can buy a coverage plan at virtually any time. However, you may be wondering when the best time is to secure coverage: Is there a right time to do so? Although you can certainly buy a warranty policy at any point in your travel journey, it is best to do so before the new year.
An RV extended warranty is a contract that provides coverage for various mechanical and electrical features. In the event of a breakdown or failure, the contract administrator will review your claim upon visiting a licensed repair facility. If the failed part or components are covered under the warranty, then the administrator will step in to cover the cost of repair. With repair costs skyrocketing, the best time to secure a protection plan is now.
Why should I have an RV warranty?
Before we get deeper into why timing is so important, you may first ask whether you should buy an RV extended warranty in the first place. Although you are not legally obligated to have an extended warranty, it is always wise to have additional financial protection. When comparing policy prices to the rising cost of already expensive repairs, a warranty is the obvious choice. When you own an RV, breakdowns are inevitable. A warranty functions as a safeguard to protect your travel budget from costly repairs.
At Wholesale Warranties, our extended warranties cover the major components—including some of the most expensive and most common breakdowns. These include slide-outs, hot water heaters, water pumps, leveling jacks, and the power train. Additionally, our policies are customizable to tailor to an RVer’s individual travel lifestyle. For instance, many of our policies offer multiple levels of coverage. You won’t spend as much money for a basic plan, which is great if that’s all you need. If you have a more luxurious model and want to maximize protection, you might consider a more inclusive plan. You also have the option to select specific add-ons. These include towing, air brakes, extended eligibility, luxury electronics, and more. Wholesale Warranties offers policies for motorhomes, towable trailers, and even tow vehicles. We understand that RVs come in a wide variety, so we meet you where you are.
When should I buy an RV warranty?
Regardless of what time of year you purchased your rig, whether it’s brand new or well-loved, January 1st is an important date. According to RV industry standards, your vehicle is considered to be one model year older as of the first of the new year. RV extended warranty price is determined by several factors, including model age. Reputable brokers will typically have a model age cutoff for warranty eligibility. At Wholesale Warranties, we offer policies for motorhomes up to 20 years old! Even if you aren’t using your rig most of the time, the industry sees that your vehicle is another year older.
It’s important to keep in mind that the likelihood of a major breakdown increases with each year on the road. According to our claims data, 30% of RVs will suffer a major breakdown by just their second year on the road. By the fifth year, that number leaps to 80% with nearly every RV experiencing a failure after eight years. Pricing will increase for all used units at the new year. It’s best to secure your protection plan by the end of the year—don’t pay more for the same coverage after January 1st.
What if I’m still under the manufacturer’s warranty?
If you have a new model, you may still be covered under the manufacturer’s warranty. However, you shouldn’t necessarily wait for it to expire before securing an RV extended warranty. We know what you’re probably thinking, is the coverage overlap worth it, though?
Some people do prefer to wait until the manufacturer’s warranty expires. But if you’re considering buying an extended RV warranty afterward, it’s best not to wait. Manufacturer’s warranties typically only last for a year, whereas we offer policies up to eight years! An overlap may seem unnecessary, and no one wants to spend money on something they don’t think they need. However, you will always get the best deal on a policy within the first year of ownership. You should consider locking in that price when it’s at its lowest. If you wait until the year is over, that price will go up.
RVs are least likely so suffer a failure within the first two years on the road, so you likely won’t even use the manufacturer warranty coverage by the time it expires. Once things do start to fail, though, you’ll be happy to have an extended warranty in place. The sooner you buy an extended RV warranty policy, the better the price.
If you’re thinking about purchasing an RV extended warranty, there is a lot of information to consider. We know that you want to act in your best financial interests, which is why you should think about securing a protection plan before the prices go up. Be sure to look into it now to ensure you receive the lowest rates possible. For a free quote, you can call one of our knowledgeable Warranty Specialists at (800) 939-2806. Or, you can take a couple minutes to fill out the form below!