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Old 01-10-2011, 08:47 PM   #1
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Gap Insurance and Extended Warranty

Quick question to the collective:

I've been offered Gap Insurance for an additional $969 and Extended Warranty (7 years) for an additional $2594.

Does anybody ever take these options? Are they worth it?

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Old 01-10-2011, 10:37 PM   #2
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A big no on the gap insurance! completely unecessary! and as far as the extended warranty goes, more than likely when the company comes out to look at the RV they will find any way possible to deny the claim. take it from me, I work in the auto service industry as a tech and the aftermarket companies are the worst. they will do anything possible to deny a claim. I have seen it first hand. If you want an extended warranty I would recomend the manufactures warranty. the dealer may try and tell you that it is just as good or better than the manuf. warranty, but they are not!!!

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Old 01-11-2011, 08:03 AM   #3
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Not in the industry at all, but Times Two on the advice below.

While it is possible that gap insurance will pay off "in your case"; for 99% of the rest you would be better served by putting that grand in the bank. Save it as a start on your next RV.

Same with the extended warranty. (Except for FR's 2nd year which my dealership never mentioned). Also a waste of money since the individual component OEM manufacturers warranty covers almost everything in the camper. The dealer, the insurance company, and FR will all tell you it is UP TO YOU to contact the heater manufacturer directly to get your heater fixed under warranty. Once the OEM warranty is up (could be 3 -15 years depending on what broke) only then will the insurance pay. Sometimes they don't even cover the entire cost of repair! Some have deductibles so high that you would have been better served to bank the whole premium and pay the bill if you do have a problem.

De-lamination is the only really BAD thing that can happen and annual roof maintenance should prevent that assuming the separation is not a manufacturers defect (which should show up in the first two years if you are alert and watch out for it).

My opinion only here. Others here have stated the extended warranty saved them a ton of money.
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Old 01-15-2011, 07:40 AM   #4
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One thing to consider with gap insurance is that if the camper is somehow destroyed, the primary insurance company will pay you the value of the vehicle "at the time of the loss," then the gap insurance will pay the deficiency balance on your loan. So there are factors like how much will the trailer have depreciated by the time of the loss, and no one can predict that. You never know at what point there will be a loss. Another factor would be how much balance would remain on your loan at the time of the loss - another thing that is dictated by timing. If you paid a lot down or had a big trade-in, gap insurance could make no sense at all. I do know that once a lender finds out his collateral has been totaled, he is going to want that loan paid off immediately, either from conventional/gap insurance or your pocket.
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Old 01-15-2011, 07:51 AM   #5
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That is very true. Gap insurance is like every other kind of insurance. Money paid in the hope it is totally wasted money.

If it ever becomes a "good deal" it is usually very bad news indeed.

Another thing to consider is your own financial situation. If you have a financial cushion, you could "self insure" your gap and keep the money in the bank. In the unlikely event that the gap between the value at "total" and the amount financed actually occurs; you will have the capital to make it up from your savings and press on with your replacement camper.

The amount you will be "self insuring" depends on your down payment and the length of time between purchase and loss as stated previously.
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Old 01-15-2011, 08:29 AM   #6
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I agree with the above saying no on both, I'll bet most of the extended warranty fee will go into the dealers pocket (I have a friend who sold RV's and said they made a lot on the extended warranty) get the additional 2 year from FR and then shop around if you feel you need a warranty, also read the real fine print to see what is and is not covered.

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Old 01-15-2011, 12:28 PM   #7
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extended warr

I have a 2011 378 motor home. The people I have been talking to, seems to like the one that Good Sams Club has.
I spoke to Good Sam, that said if you have a problem they will take of it.

What experience does any one else have.

Thanks John
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Old 01-17-2011, 03:17 PM   #8
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I agree that any type of extended warranty plan for anything is a waste of money. However, if you purchase gap insurance from Travelers, Allstate, or another major insurer it will add only around $30 annually to your premium. The gap insurance quote you received was from the dealer which is a huge rip off. If you have a minute check out this gap insurance buying guide.
Gap Auto Insurance Providers Buying Guide
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Old 01-30-2011, 03:03 PM   #9
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We have Progressive RV insurance. It offers "Agreed Value". It protects our trailer without considering depreciation for total losses. Proof of value is required for this option. Hope we never have to use it though....

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