View Full Version : Extended Warrantys?
spamoose
03-01-2003, 04:24 PM
Just a question on ext. warrantys,my yamaha 2000 factory is up in june .Do any of you use any of the companies that offer extensions?Also is it worth it, the y.e.s quote for mine was 36 months for 914.00 dollars.Sounds like alot of money but if you have a major problem probably worth it ,anyhow just looking for some input..
spamoose
mp3553
03-01-2003, 05:41 PM
My feeling is if you need to pay for an extended warranty you shouldn't buy the product. Everytime a salesman/dealer brings up the issue of extended warranty, Kindly tell them if you think it is necessary that it is apparent the product is flawed and should take my business elsewhere. They back off in a hurry!
If you like "peace of mind" that something COULD breakdown, get it. Extended warranties are a income generating ploys for salesmen and insurance companies to make an extra buck. If the weren't profitable, they wouldn't be offered.
Choice is yours...
fishandhunt1
03-01-2003, 05:51 PM
Spaamoose
I have never had good luck with extended warrentys. The exp. I had was I baught an extended warrenty on my pickup, I asked the dealer what is covered he told me anything in the motor that oil touches to make a long story short. I started hearing a motor noise from down low take it to the dealer he says yes they hear the same noise and they start tearing the thing apart they find that 1 rod bearing was bad. they go to collect on the warrenty and they say that is not covered but if the rod was through the side of the block they would so dealer trys to stick me with it I say B####S#### you told me anything that touches oil is covered. Well the dealer polished the crank and put in new rod bearings and it did not cost me a thing. Then I cancelled the policy and got my $1,100.00 back Be Careful with them extended warrentys I know for a fact that dealer I delt with made about $290.00 for selling that warrenty to me. This is why these dealers push the extended warrenty so much I think. If you havent had any problems with your motor I would take that $900.00 and put it in a savings account for a rainy day and forget the warrenty. They do have these new motors pretty perfected these days . Good Luck Larry
i agree with the top two posts however outboards have not been the most dependable items in the past. always little thins but marine rates are probably $65 an hour or so. this is one that i bought,every motorized equip gets problems after 3-4 years,i think its not a bad idea. i never buy them on anything else. it may have been stupid, ill let you know in about 7 years.
boatman
03-01-2003, 09:46 PM
I had a extended warranty on my last outboard. 1700.00 for 3 yrs. ended up with a reed that broke and went through the engine. The extended warranty paid for all the repairs. The repair cost was well above what I paid for the warranty. All I paid was a 25.00 deductable. Are extended warranties worth it?? It sure was for me, plus when I sold the boat the extended warranty was transferable to the new owner. my 02 cents
All of the articles I have ever read from consumer advocate groups and personal finance columists, have all advised against purchasing extended warranties. I'm sure there are cases in which extended warranties did pay off. Boatman sites a prime 1st hand example. Consider answering these questions. 1)Has the motor been well maintained (followed the maintenance schedule in the manual to the letter)? 2)Are there any known problems with engine of your make and model (search anywhere you can. Other dealers, the web, etc.)? 3)Has the motor been very dependable so far? 4)Is your gut feeling that the motor will continue to be dependable for some time to come (at least for the period that the extended warranty would cover)? If it were my motor, and I came up with 1)yes, 2)no, 3)yes, and 4)yes as the answers to those questions, I probably wouldn't opt for the extended warranty. That's my .03 cents worth.
Extended warranties are MONEY MAKERS for the insurance companies offering them. In other words, they pay our much less for warranty work than they take in on premiums. This is in the most general sense, of course. There are individuals who used the warranties and it saved them the expense of engine work. If I bought a new engine I would be hesitant to buy an extended warranty if the engine was reaiable for the duration of the original factory warranty period.
Lanny
03-02-2003, 08:30 AM
Extended warrantys are moneymakers for dealerships and insurance companies but for most people it is easier to come up with $15 amonth to pay for the warranty than $5000 for a new powerhead. I always say I have two kinds of customers that come through the door with broken motors, the ones that are smiling and the ones that aren't. Guess which one has the warranty.
plainhook
03-02-2003, 08:40 AM
I purchased the warranty in 2001. Reason-Optimax has given troubles to me before. Also if you buy the right one you get all the money back if you do not need to use it. Just remember the time frame to claim it back. Anything for sale will profit someone else no matter what the item is. I like the idea of investing $1000 extra for my Optimax should trouble happen again. Who knows, running at WOT I could hit a rock!!!!
fishandhunt1
03-02-2003, 10:38 AM
Plainhook
If you are running at WOT and hit a rock your boat insurance will cover everything . MAYBE??????? MAYBE NOT!!!!!!!! remember you are dealing with the biggest legal SCAM ARTIST in the nation when you are dealing with any insurance company. Good Luck Larry
If you smack a rock at WOT, you better have marine insurance, because marine engine warranties wouldn't cover that.
Wiley Walleye
03-03-2003, 05:58 AM
You got your quote from YES, now go to your dealer and see what he can do. If he can't help you then I question him.
I usually am against extended but for two things I have bought. One, first big screen TV since high cost and never had one. On a 5yr extended, it went out at 4 1/2 yrs. Totally replaced with a new one.
I have Yamy and I am in the same spot you are. My dealer will help and I have time to decide. Last year I had a problem. Some of it was my fault and some of it wasn't. They made my lower unit and my trolling motor 100% and through in a few extras. The cost would have been way more than the 3yr YES extended.
When out on the water there are things that can simply happen. A good dealer will work with you if the fault is 50/50. I will probably go for the additional 3yrs. What I saved, last year more than covers it.
I know, if no problem, then you have the buyers blues.
Being back on the water for the next weekend and no cost was worth it for me.
If you want I will get a final price from my guy on the extended. E me on this subject. www.wilwal.jlw@verizon.net
Good Luck
Joe