While RVing has always found favor with American families, the game-changing events of 2020 have certainly cast it in a new light. According to the recent North American Camping report by Kampgrounds of America, a rising number of people are looking towards buying or upgrading their RVs in 2021.
In fact, RV sales are expected to skyrocket this year, with forecasts suggesting a 33.8% increase over 2020.
There’s something undeniably magical about hopping into a recreational vehicle and letting the road take you places. But owning an RV isn’t always a joyride.
Almost all RVs are prone to occasional breakdowns. And, although these issues are part of the RV ‘lifestyle’, they can burn a serious hole through your pocket.
Simply purchase an RV extended warranty.
An extended warranty for RVs covers RV repairs and labor charges long after the manufacturer’s standard warranty ends. In other words, it’s a protection plan that saves you the heartache of unpredictable RV expenses.
In most cases, a recreational vehicle extended warranty includes transmission fixes, slide-outs, brakes, and electrical repairs, among other things. Moreover, you can tailor the coverage to suit your specific needs. But note that, unlike RV insurances, extended warranties do not cover damages caused by collisions, theft, or natural calamities.
There are quite a few perks to obtaining an RV extended warranty. Besides reducing expenses in the long run, they can also help boost the resale value of your rig.
Extended warranties do come with a price tag, and as a new RV owner, you may be curious to know what they cost. Truth be told, there’s no uniform answer. These warranties can set you back for anything between $1,000 to $20,000, based on several specifics.
In this post, we’ll look at the five major factors that influence an RV extended warranty cost.
1) The Type of RV You Own
The cost of an extended warranty can vary quite a bit, depending on thetype of RVin question. As a rule of thumb, pricier vehicles often lead to higher RV extended warranty costs.
For example, motorhomes (Class A, B, and C) are dramatically more expensive than towable RVs and fifth wheels/toy haulers. This is because they have far more engine components than travel trailers. Consequently, they’re susceptible to a wider range of problems. So, if you own a luxury motorhome, prepare to shell out for a steep recreational vehicle warranty.
On the other hand, an extended warranty on a travel trailer may be cheaper because it does not have an engine and is subjected to less wear.
2) Age and Mileage on Your RV
Constant travel strains every part of your rig, paving the way for a world of problems. Although the average RV can last for 20 years or 200,000 miles (whichever comes first), plenty of things can go wrong with a camper that’s on its last legs. A few such problems include:
-Malfunctioning airbags -Fogged windows -Engine problems -A worn-out generator -An inverter that’s just about to quit working -Heavy rust
Since older RV models are more likely to have issues, you may have to pay a higher price to secure an RV extended warranty for them. The same applies to RVs that have been on the road for a long time. In contrast, brand-new campers with fewer miles on them are eligible for low-priced coverage plans.
3) Extended Warranty Coverage
Recreational vehicle warranty prices also differ according to the kind of policy you purchase. Generally speaking, you can choose between:
-Exclusionary warranties -Inclusionary warranties
For exclusionary warranties, the RV extended warranty company will provide you with a list of specific repair problems not covered by the contract. Everything else falls within the coverage. These are the most extensive (and most expensive) extended warranties available to RV owners.
Inclusionary warranties work in the exact opposite way, meaning you get a list of what is covered. This list is fairly substantial, usually including mechanical parts like engines, powertrains, as well as HVAC systems, slide-outs, and leveling systems, among other things. Being more affordable than exclusionary warranties, they are a lucrative option for RV owners looking for a budget-friendly recreational vehicle extended warranty.
The warranty price may also shoot up if you decide to opt for add-on benefits like roadside assistance and extra coverage for wheels/tires.
4) Time Frame for Coverage
In case you plan to use your RV long-term, chances are that it will need major repairs down the line. Hence, it’s best to settle for a plan with a larger time frame.
Not to mention, longer warranties have significantly lower annual/monthly coverage rates. A five-year warranty will cost you much less than a one- or two-year plan.
Since new rigs get the longest coverage, try to obtain an RV extended warranty right out the gate. This way, there will be no lapse in RV protection, even when the standard warranty expires.
5) Who You Purchase Your Warranty From
In the end, it all comes down to who you buy your RV extended warranty from. Many RV dealerships offer extended warranties, but since they make big profits off each sale, you’ll probably end up paying more for the same coverage as a warranty provider. As a result, it’s far more cost-effective to team up with a reputable warranty company.
As there are plenty of warranty providers in the market, focus on finding a trusted service that does the most to protect your investment. Not only will this give you a bigger bang for your buck, but it also make filing claims much easier.
Before you sign with an RV extended warranty provider, take a moment to read the fine print and conduct your research. Check if the company makes its contacts available online. Look at reviews and testimonials from other clients. More importantly, ensure the warranty provider is backed by an insurance company. This is because it’s the insurance company that’ll foot your bills once things take a turn for the worse.
Now that you know the five major factors that affect the price of a coverage plan, you may find it easier to weigh your options and select the most suitable extended warranty for your needs. Once that’s done, you’ll be able to embark on your next road trip without stressing about agonizingly expensive repairs.
Buying an RV extended warranty can be confusing the first time around, which is why we’re here to help. From comprehensive coverage solutions to ideal add-ons, we offer an array of benefits that can guarantee your peace of mind when you’re on the road. Get in touch with us today for a free quote!
Published September 3, 2021