Renew or not to renew, that is the question!! (1 Viewer)

[Coolbeanz]

when we purchased our Motorhome last year it came with an MB&G gold level warranty for 12 months. This is about to expire so we are considering whether to renew. It costs £269 for 12 months or £459 for 24 months. The first thing we discovered is that we are only covered for the first 90 days in Europe. When we had one of their policies on our previous Motorhome and the brand new water pump failed they were brilliant and reimbursed us without question however I know that one of the big issues with these policies is that in reality they have so much wriggle room to get out of covering whatever has gone wrong. When our window got stuck last year and wouldn't open or close it turned out the switch had failed and they refused to pay saying that switches weren't covered. Does anyone have good experiences with claiming? As the Motorhome is only 2 years old should we just invest the money in an ISA for when and if we do need a repair? Would appreciate your thoughts

 

[MillieMoocher]

It's always a tough call....

We were offered the same warranty on our new MH which I seriously considered taking up.

I asked for the policy wording and after a good hard look thought that the things that were most likely to go wrong and would bother me most weren't actually covered. For us, the warranty wouldn't start until the Hymer/Fiat manufacturers warranties had expired. I considered that anything that was going to go wrong would be likely to happen during manufactures warranty period, and anything after that would probably be excluded as either wear and tear or just not covered.

Only you can really answer the question.....if you had a £1,000 repair that would have been covered by the warranty and you didn't buy the warranty, would it materially impact your life/lifestyle? Where would that materiality point sit? What is the probability of a repair costing you the "material" amount AND being covered by the warranty?

 

[Gellyneck]

Considered it when ours was expiring and, as above, read through the wording and discussed on the phone with them. At the end of the day decided there were so many items excluded and the terms were open to so much interpretation (even the guy I spoke to said if we were to claim against the warranty it would be decided at that time) I couldn't fathom out what was and wasn't covered! So, said no thanks.
Remember, you may very well have some comeback under recent legislation.

 

[The Wino]

If you have the cash to pay for a repair if needed it must be worth taking a punt on not taking out the policy as they must collect a fair bit more in premiums than they pay out or they would go bust!

 

[mitzimad]

insurance companies have huge amounts of data to set the price of warranties which ensures they come out on top personally i find saving the money works better

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[Derbyshire wanderer]

Personally I would not buy a warranty extension due to
1 You may not need to claim so will save the premium
2 If you need a repair you are relying on their decision before getting the job started
3 If something goes wrong it may not be covered
4 It's easier to decide who and when will repair or replace yourself as you have complete choice without restrictions
5 If there is any excess, the premium plus excess may me a lot more than the repair cost

And finally because the insurance industry generally does not put the consumer first so will be looking for the cheapest option even if it is not ideal for you

 

[Minxy]

What surprises me is that when you bought it as a 1 year old motorhome that it actually NEEDED an extra warranty ... surely it should have still been under the manufacturer's warranty? From your account info you apparently have a Hymer B588 ... so AFAIK it should have had a 2 year warranty anyway if it had been originally sold via a dealer in the UK although I'm aware that some bought in mainland Europe only come with 1 year ... was this the case with yours?

As for extending the warranty ... personally I wouldn't bother for the reasons others have given.

 

[CazPaul]

You will have plenty of contact with them as the renewal is due, they want you to pay up and then don't want to know you for another 12 or 24 months.

Save the cash, whatever goes wrong probably won't be covered anyway in my experience.

 

[nomadic]

In my opinion a better investment is ADAC membership, the plus contract, around 100€ , will not pay for any repair but will get you to a repair garage, or bring you back home if necessary.
www.ADAC.de

 

[Coolbeanz]

What surprises me is that when you bought it as a 1 year old motorhome that it actually NEEDED an extra warranty ... surely it should have still been under the manufacturer's warranty? From your account info you apparently have a Hymer B588 ... so AFAIK it should have had a 2 year warranty anyway if it had been originally sold via a dealer in the UK although I'm aware that some bought in mainland Europe only come with 1 year ... was this the case with yours?

As for extending the warranty ... personally I wouldn't bother for the reasons others have given.

It was under manufacturers warranty until May this year but also came with the MB&G warranty supplied by Edgehills. I suppose that's because the dealer potentially has liability for things that may not be covered under a manufactures warranty? All these replies have helped us and we have decided to leave the money in premium bonds rather than pay it to MB&G

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[Coolbeanz]

In my opinion a better investment is ADAC membership, the plus contract, around 100€ , will not pay for any repair but will get you to a repair garage, or bring you back home if necessary.
www.ADAC.de

We did look at ADAC previously but our insurance now comes with full European breakdown and recovery included so that gives us peace of mind.

 

[Coolbeanz]

Thank you all for the very helpful replies, the money will be invested in premium bonds instead so if my numbers come up I'll be doing another big thank you dance on here

 

[Gellyneck]

Thank you all for the very helpful replies, the money will be invested in premium bonds instead so if my numbers come up I'll be doing another big thank you dance on here

Naw, naw, naw.
You've not understood the unwritten rule for Funsters offering advice.
Any financial winnings accruing from money saved must be equally split amongst those proffering the advice.
ps wise move on non-extension of warranty.