230 Mike wrote:
Still, one serious strike can cost 3 times what you paid for the warranty.
Which would be covered by insurance. (Which you're also paying for)
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| Author: | calvinhead [ Wed Jul 15, 2009 1:39 pm ] |
| Post subject: | CANCEL EXTENDED WARRANTY?? |
I purchased 4 years of extended warranty through my dealer when I took delivery of my 2007 Horizon 220 in August of 2007. I was told by the salesperson that this would cover me for repairs, towing, etc. With only 14 hours on my boat the impeller went out and I had to be towed. After taking it to the dealer and finding out for sure what the problem was, FPC would not cover my claim because the impeller is a "wear" item and not covered under warranty. After checking further I've come to the decision that extended warranty is insurance for a "major" problem but is not going to help you for small issues that come up under normal boat use. So, now I need to decide on whether to cancel my extended warranty and get a refund. I initially paid $2400.00 and the refund is now at $1070.00 which I would take and put into savings in case something major did happen. Does anyone have any thoughts on this? |
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| Author: | captwalt [ Wed Jul 15, 2009 1:44 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
I wouldn't. Mine was used by the previous owner which got a whole new block justifying the cost with that alone. I have gotten the ignition coil replaced and a new starter thanks to the warranty. Your boat is pretty new and limited in use but as with all of them you will eventually have issues with them. The warranty becomes more valuable now. Furthermore, if u sell within then next 4 years the warranty is transferable and will make your boat more attractive to a potential buyer. |
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| Author: | Blessed [ Wed Jul 15, 2009 1:59 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
Money's been paid and gone, you've lived with it this long. Its been my experiance that as soon as I make a move like you are proposing something will happen - such as launching 8 pistons into orbit. You can pretty much expect that as long as you have the warrantee - nothing will happen. If you cancel the warrantee you will have a beautiful boat without an outdrive or engine. Look at it this way you already have money invested deterring Murphy from anything catastrophic happening to you. He's going to be busy with the guys whos warrantee just ran out last week. Don't pay your protection and the gold chain guys are gonna break your knees . . . The wear item clause is a bu!!$hit deal to be true. Just as with cars. AFAIAC everything on a vehicle could be considered a wear item: balljoints, rotors, glass, chrome, ramble, mumble, curse, kick . . . . That crap is wearing out as it sits in the parking lot. |
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| Author: | 230 Mike [ Wed Jul 15, 2009 2:11 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
$2,400???? Holy CRAP!!!!! You're correct that it's not meant to cover "normal wear" items (though I would argue it's not normal for an impeller to fail at 14 hours). Still, one serious strike can cost 3 times what you paid for the warranty. |
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| Author: | nhprinter [ Wed Jul 15, 2009 3:44 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
230 Mike wrote: Still, one serious strike can cost 3 times what you paid for the warranty. Which would be covered by insurance. (Which you're also paying for)
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| Author: | 230 Mike [ Wed Jul 15, 2009 4:34 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
Very true. Just saying, the extended warranties can and have paid off for people. If the question were, "I'm thinking of paying $2,400 for an extended warranty, should I do it?" I would answer with an emphatic no - for a single engine/drive, I wouldn't pay more than a few hundred dollars for it, and then only if I couldn't talk the dealer into throwing it in. But it's already been paid for, and they can have real value. |
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| Author: | pet575 [ Wed Jul 15, 2009 5:00 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
There are MANY things that are considered "wear items" on these boats. For example, an exhaust manifold gasket is a "wear item" as I have recently learned through fellow member blackmagicweekends (who happens to be my brother). Given that the money is spent, I think you keep it and you have a certain amount of insurance for the major repairs mentioned above. Review that list of things considered "wear items" now, though, so that you have no further surprises when something else goes bad (which I hope does not happen to you). Unfortunate truth is that the extended warranty is an insurance policy, and is therefore written to exclude coverage for as many things as possible. It is out of your control at this point. The only control you DID have was gone once you purchased it. |
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| Author: | yrless11 [ Wed Jul 15, 2009 5:35 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
Since the impeller went, is there a chance that you overheated your boat? It might be worth the warranty in case the engine got damaged. I doubt that is covered under normal wear items. |
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| Author: | FWFord's [ Wed Jul 15, 2009 6:27 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
I wish I had an extended warranty policy about a month ago when the outdrive ate itself internally for $4700.00. A boat with only 70 hours. Insurance would not pay because there was no external damage (as if I hit something). All it takes is one major internal mechanical failure and you will be sorry you cancelled it. Boat insurance will not pay for the repairs, my policy anyway. A prop is nothing in the big picture and if cancelled you will get less than 1/2 back. I would drop the whole idea and go boating with some peace of mind! |
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| Author: | SW Florida Dave [ Wed Jul 15, 2009 8:08 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
I wouldn't be without our warranty. We purchased the mercruiser plan and spent around $7000 but with the cost of anything related to a boat I would consider it money well spent. I don't have to worry about anuthing but a deductable for the next 6 years. |
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| Author: | calvinhead [ Thu Jul 16, 2009 2:04 pm ] |
| Post subject: | Re: CANCEL EXTENDED WARRANTY?? |
Yes, the decision time on this passed almost 2 years ago when I purchased the boat. I pride myself in making sure I'm getting the best deal and I got a great deal on my boat. I felt so good about it that when the salesman pitched the extended warranty I just went brain dead and signed on the dotted line. The commission he lost on the discount was probably made up on the warranty. Live and learn. Thanks for the input! |
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