extended warranty for boats???

[Billdc]

How many have them? Is there one better than the rest? My original 2 years warranty on the VP engine/OD is about to expire. I'm looking for a decent program that will actually pay for repairs. Any thoughts are appreciated.

 

[jonesg]

Re: extended warranty for boats???

If it hasn't fallen apart up to now its safe to say it will be good unless abused.
Extended warrantees are mostly sucker deals playing on fear.

 

[Home Cookin']

Re: extended warranty for boats???

Somebody smarter than us did the math, figured the odds, skewed them to the house's favor, and set the price. Like all extended warranties, the benefit is to the seller.
However, with a big ticket item like an outboard motor, where a major repair will be catastrophic and on a "luxury" item, the peace of mind may be worth it. Like jumper cables or tow boat, you only need to use it once. But if you never use it, you lost the bet.
Also, it's a good idea to get it for a high use or multiple user boat; I share a boat with 6 others and we are glad we got it. But that's an exceptional circumstance.

 

[cwhite6]

Re: extended warranty for boats???

Depends on the cost for me. I have one on my wife's 2005 Ford Expedition. It cost us something like $600 when we bought the truck in 2007 with 20k on the clock. It paid for itself when we had a electrical problem with the truck after 40k or so. The repair would have cost me around $600, but was covered under the warranty. If I where to buy a new boat, I would get one and roll the price into the price of the boat. For me, the piece of mind is worth it. I also do not have the pleasure of lots of leisure hours I can use to work on a hobby toy. I would have it covered and fixed. But, that is me.

 

[Brewman61]

Re: extended warranty for boats???

I look at it this way-

I insure against the large devastating things that I would be unable financially cover- my house burning to the ground, (homeowners insurance),
Liability claims against me for any damage I may be held liable for (car, motorcycle, boat, and unbrella liability policy), and devestating medical expenses (health Insurance).

I self insure against small unlikely risks. Worse case? I need to pony up a few thousand bucks for a surprise repair. So far, I am extremely ahead financially. That's what emergency cash is for. Or in extreme circumstances, a major credit card. But such an event is statistically unlikely.

I bet if I bought every single extended warranty I've ever been offered, the cost to me would be tens of thousands of dollars. In the same period of time, I've spent a tiny fraction of that on repairs.

When you buy an extended warranty you're essentially betting that your stuff will break down. The company backing the warranty is betting it won't.
I'm thinking they have the inside track on this.

If you do buy one of these plans, negotiate like crazy on the purchase price.
About 50% of the cost is the sales commissions.