The value of an RV warranty depends on some key factors and, largely, on individual preferences. Because RV extended warranties vary and contract language can be confusing, people understandably tend to hesitate before purchasing an extended warranty plan. We’re here to demystify extended warranties, filling you in on RV warranty Pros & Cons, and help you find a plan that will work for you.
Are RV Extended Warranties Worth It?
An extended warranty is an optional form of RV protection that requires a financial commitment. Naturally, people want to know if something is worthwhile before spending money on it; however, there is no straightforward, black-and-white answer to that question. Although they are not for everyone, they are designed for anyone!
The Pros
Budget-Friendly Repairs
Extended warranties are designed to pay for repair costs for the covered components outlined in the contract. Warranties can significantly reduce expenses associated with repairs—sometimes up to thousands of dollars. With high repair costs only going up, an extended warranty offers both security and value.
Additional RV Protection
An extended warranty covers what your insurance does not. Even the most extensive RV insurance policy will not cover component defects, unexpected breakdowns, or damage incurred in a major failure. The added protection fills the gaps for maximum savings and peace of mind.
Peace of Mind
RVs are large vehicles with many working components that are frequently subjected to movement. No matter how diligent you are with maintenance, RVs are bound to break down. Therefore, it’s important to be prepared for the inevitable. An extended warranty safeguards your travel budget and provides peace of mind knowing you are protected in the event of a breakdown.
The Cons
Coverage Exclusions
One thing to keep in mind with warranties is the list of exclusions. Every extended warranty has its coverage limitations. These typically include aesthetic components, such as paint, upholstery, or windows. Additionally, a reputable warranty will not cover regular maintenance items; it’s important to stay up to date on key maintenance concerns. Keep in mind that one policy may have more exclusions than another.
Premium Costs
Like an insurance policy, warranty protection costs money. Monthly premium costs vary depending on the company, level of coverage, model type, and term eligibility. Monthly premiums can seem high, and sometimes they don’t pay for themselves. Weigh the cost of potential repairs against your own risk tolerance.
Moreover, consider that 80% of RVs experience a major breakdown after just 5 years on the road. RV warranty term length depends on eligibility, but some terms extend past five years. Additionally, many warranty providers offer a discounted price for paying in full up front.
Potential Claim Denials
Prepare for the possibility of claim denials. This can be frustrating, so be sure to find a trusted provider who specializes in RV warranty coverage. Before signing a contract, always thoroughly read the fine print and clarify any lingering coverage questions to avoid potential disappointment. Always follow the provider’s instructions for filing a claim to ensure compliance with the policy!
Tips for Finding the Best RV Warranty
Research Providers
When it comes to RV warranties, it’s best to know what options are available before deciding. Here are some tips for choosing the best provider:
Consider a Broker – Unlike dealers, warranty brokers specialize in warranties for both new and used units. They typically offer a broader range of coverages, longer terms, and the option to customize.
Compare Quotes – It’s a good idea to receive multiple quotes in order to compare prices and coverages. This will help you get a realistic idea of how to budget if you plan to move forward with the process.
Read Reviews – This is a critical step in the research process. Read reviews on credible platforms and forums, such as Google Reviews, Trustpilot, or the Better Business Bureau. Focus specifically on testimonials written by policyholders who went through the claims process.
Assess RV Coverage Needs
Because there are different types of warranties and varying coverage levels, assess your needs during the quoting process. Frequency of travel, risk tolerance, and budget restrictions all play a part in the decision-making process.
Avoid These RV Warranty Red Flags
RV warranty pros & cons depend largely upon the quality of the warranty provider. For some, the cons outweigh the benefits. Be on the lookout for these RV warranty red flags:
- Overly Cheap Prices – Steer clear of companies that advertise suspiciously cheap prices Some providers sacrifice quality in order to advertise lower prices.
- No Inspection Process – Be wary of providers that do not require an RV inspection. RV inspections provide proof of a clean bill of health so a provider cannot claim that a covered component failure is a preexisting condition.
- Waiting Period – Waiting periods only benefit the provider. During the waiting period, determined by either mileage or time, the policyholder will assume unnecessary risk after they’ve already put money down on their policy. If a breakdown occurs during the waiting period, the provider will not cover repair costs!
- Negative or Obviously Fake Reviews – If a company has a low rating, especially across multiple review platforms, take a moment to understand why. Additionally, know how to identify fake reviews. According to the BBB, there are a few identifying features of fake reviews: generic reviewer profiles, vague or generic wording, and few details relating to the service. You don’t want to work with a provider spending this kind of time and money bolstering their reputation; a good reputation comes naturally with a good product.
Do You Need an Inspection for an RV Warranty?
Depending on the provider, they may require an RV inspection prior to signing an extended warranty contract. Some warranty providers will send a licensed inspector directly to your location.
Although inspectors may partner with a warranty provider or broker for the sake of customer convenience, they are receiving a fee for their labor regardless. An RV inspection guarantees thorough and impartial service—and may alert you to issues you may have otherwise been unaware of until it became a major problem.
A clean bill of health offers proof of your vehicle’s working condition and negotiating power. An inspection provides undeniable proof of health to a warranty provider and prevents the administrator from claiming an issue as preexisting.
The reality is that not all warranties are created equal, and it is up to the informed buyer to decide which provider and policy will best serve them. Choosing a reliable company and finding the right RV warranty is essential for maximizing repair savings and enjoying peace of mind on the road. An extended RV warranty is worth it for those who do the research.