There are some good reasons as to why you might want to buy an RV extended warranty, but peace of mind and risk management for your budget are two of the most significant.
That’s because an RV extended warranty works like insurance against future breakage or failure of an item which is no longer supported by the manufacturer.
While an RV extended warranty is by no means an easy way to get everything fixed should anything go wrong, it can certainly offer you the extra coverage and assurance that comes with having added a safety net.
Specific Categories of RV Extended Warranty
There are a variety of RV extended warranty options available for purchase.
- Inclusionary Policy: This is the most common and affordable policy. Coverage is limited to the specific items listed on the contract.
- Exclusionary Policy: This policy only lists items which are NOT covered. This means if an item isn’t on the list, it’s covered. It is a more expensive policy but offers more comprehensive coverage.
- Consequential Damage: This policy covers damage that your warranty does not.
- Powertrain Only: This policy covers the breakdown of your engine, transmission, and drive axle—all of which are very expensive repairs.
- Coach Only Contract: This is an inexpensive policy option that covers most components, except for the powertrain. This is a good option for high-mileage RVs that don’t qualify for more robust coverage.
No matter which policy you choose, be aware that none of them will typically include the following:
- Regular maintenance
- Pre-existing items
- Roadside assistance
- Repairs for rust, corrosion, or poorly maintained vehicles
Beware of the Fine Print in an RV Extended Warranty Policy
Before you sign on the bottom line, make sure you understand the ins and outs of the RV extended warranty policy. On top of knowing the term limits and deductibles, there are a few other fine-print details you should find out.
Check RV Extended Warranty Coverage for Full-Timers
Not all policies are valid for full-time RVers and some require a surcharge.
Understand Transfer and Cancellation Policies
You want to make sure you can transfer or cancel your RV extended warranty should you decide to trade or sell your RV.
Follow Manufacturer-Recommended Maintenance Schedules
If you don’t perform all the required maintenance and keep records of it, any claim may be denied.
Follow Policy Procedure
Anytime you need to file a claim, be sure to follow the policy procedure exactly. RV extended warranty companies require any damage to be assessed up front, perhaps by their own inspector.
Approval needs to be given for repairs before they’re done and coverage will often only cover a certain labor rate, number of hours for repair, and repair shop.
So . . . Should You Get an RV Extended Warranty?
If you’re buying a brand new RV, it should come with a 1-year manufacturer-backed warranty. Whether or not you secured financing through Southeast Financial, we have extended warranties available. Ask us about extending that warranty by 1 to 7 years.
If you’re buying a “new” used RV then talk to Southeast Financial about an extended warranty that can cover you anywhere in the country.
If you have an older RV, talk with us and see what kind of warranties we have to cover older RVs, and for how long.
If you decide to purchase an RV extended warranty, we invite you to consider Southeast Financial instead of buying it through the dealership. Dealer-sold warranties tend to be very costly and offer far less coverage than those you can get through third-party insurers.
If peace of mind and a lower risk to your budget is worth it to you, an RV extended warranty is definitely a good way to go.
RV Warranty FAQ
1. “What Does an RV Warranty Cover?”
While most RVers are familiar with your standard comp and collision insurance, many struggle with how an RV warranty fits into the mix. A warranty is different from your insurance. Generally speaking, RV insurance covers bad weather, physical damages, collision, and accidents. RV warranties are an added protection package that covers electrical and mechanical component failures that your insurance won’t cover. Ultimately, adding an extended RV warranty will ensure that your rig has financial protection against inevitable failures. In the event a covered component fails, your warranty will step in to pay for the costs to repair or replace that item. This coverage extends to both parts and labor, which can add up quickly. On average, the cost of labor can be upwards of $150 an hour.
Your coverage will also vary on the type of policy that you elect to buy. Generally, you can expect most warranties to cover the cost of repairs for mechanical or electrical failures your rig may face. This can range from your engine and transmission to coach items like heating and cooling units, leveling jacks, slide-outs, appliances, and more. The warranty will cover the labor and parts, while you cover the deductible. Choosing the right RV Extended Warranty is essential to getting the best bang for your buck, while still receiving the best customer service. Let’s face it, RV failures are never fun, so finding a provider that will truly be there for you during that stressful time is paramount. Choosing from the right provider will ensure you are able to customize your policy that first your RV lifestyle and priorities, and travel with peace of mind.
2. “What Isn’t Covered?”
It’s important to have realistic expectations for your coverage. Not everything will be covered under a warranty. There are excluded components and causes of failure for every single policy on the market. Generally speaking, failures due to physical damage and anything caused by weather or accident will not be covered. Next, warranties will never cover aesthetic items, like paint, upholstery, windows, flooring, etc. Lastly, anything considered a maintenance task or item will be excluded by your policy. This includes things like oil changes.
3. “What are the eligibility requirements?”
This will vary for different providers. There is a standard for all warranty companies on the eligibility of motorhomes. On average, motorhomes need to be below 100,000 miles to cover the powertrain, and below 125,000 miles to cover coach-only components. Additionally, full coverage is usually offered for motorhomes aged 15 model years and newer, with powertrain only coverage available to vehicles aged 16 – 20 model years old. Eligibility changes happen every year as your RV ages. Remember, with every model year that your rig ages, and every mile you travel, the less coverage will be offered. This is why its so important to lock in your rate early on.
4. “Do I Really Need an RV Warranty?”
The answer to this is personal to every RVer, but with the current cost of repair, many travelers are leaning toward yes! No matter how new or old your RV is, it will need a repair at some point. This is inevitable, your rig will break down. As modern RVs become more and more complex, the need for a quality RV extended warranty is becoming increasingly important for travelers of all kinds. When you have added coverage in your back pocket, you can drive and travel with peace of mind. Based on RV warranty claims records, more than 3 out of every 10 RVs will need major repairs in only their second year on the road. This skyrockets to 8 out of 10 in their fifth year, and virtually ALL of them in their eighth year. The financial protection an RV warranty offers can be a huge help toward keeping you on the road, enjoying your adventures.