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Topic: Disaster insurance on engine and transmission (Read 916 times) previous topic - next topic

Disaster insurance on engine and transmission

I am not one to buy insurance on the typical mechanical items (e.g., AC units, refrigerator, etc) in the coach, but the engine and transmission might well be an exception.  The recent experience of others has shown that when someone serious goes wrong, the bill could be huge (i.e., >$15,000) and a real budget buster.  It would be nice to have "disaster" insurance on these big items, even if it had a $5,000 deductible.  Does anyone have any experience with insurance of this sort?  Does it even exist?  Thanks in advance. 
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George Hatfield

  Never ever use World Line Motors of Nacogdoches for service!

Re: Disaster insurance on engine and transmission

Reply #1 –
George, I doubt that a carrier would be willing to write this type coverage, the problem gets to be what is normal wear and tear against what is abuse and neglect etc.  The only option might be an extended warranty type coverage but these are usually very expensive. And of course on a new MH you have warranty coverage from the manufacturers for the componets.  Granted an engine or tranny can be a major cost but I guess you have to take that risk on when you buy a MH.
Gary B

Re: Disaster insurance on engine and transmission

Reply #2 –
When we purchased our 02 from MOT a few months ago they offered an extended warranty on our coach.  If I remember correctly it included major components.  Different deductibles were offered.  Cost was $3,000.00 for 4 years...(we declined).

I will call MOT tomorrow and re post with the correct numbers.  I am going by memory, which is, shall we say, ......I will call MOT in the morning
We are only strangers until we meet; however, some of us are stranger than others

Re: Disaster insurance on engine and transmission

Reply #3 –
Quote from: Jeff Savournin –
When we purchased our 02 from MOT a few months ago they offered an extended warranty on our coach.  If I remember correctly it included major components.

Most of these plans are not really warranties, but rather service plans.  You'll want to review the contract and coverage terms carefully - generally they exclude a lot of items and you will have to follow the recommended maintenance intervals to the letter on everything or they can easily deny a claim.  For example, if the recommended oil change interval is 6 months or 5000 miles, whichever comes first, you'd better have solid documentation showing the oil was changed every 6 months and not a day over.  And you'd better have those even if it's something unrelated like the cooling system that fails or you claim is very likely to be denied.  Their goal is to find a way to not pay out and the terms will be written to protect their interests.

I've often read that it's better to take the cost of the policy and invest it yourself in a low-risk, fairly liquid instrument so you have the cash if you need it.

Just food for thought...

Michelle
Learn every day, but especially from the experiences of others. It's cheaper!  - John C. Bogle

2000 U320 36' non-slide / WildEBeest Rescue
2003 U320

Re: Disaster insurance on engine and transmission

Reply #4 –
Michelle ... I agree completely.  It is ALWAYS a better idea to "pay yourself first". If you want a sensible plan for emergency repairs, pay yourself a premium every month in the form of a bank deposit to have in readiness for the eventual repair bills that are a part of life.  Those companies are not in business to lose money!
Carol & Jeff Savournin
Usta have a '93 U225 36', Usta have a '95 U320 40', Usta have a '02 U320 40'
Usta have a 2006 Born Free, Usta have a 2011 Phoenix Cruiser
Usta have a 2012 Jeep Wrangler Unlimited 4dr
"Your time is limited, so don't waste it living someone else's life."  Steve Jobs

Re: Disaster insurance on engine and transmission

Reply #5 –
Michelle and Carol, I agree that extended warranties are expensive and risky since it appears that the insurers try their best to get out of their obligations when something does go wrong.  What good is insurance when the chances of collecting are small?  We too had a chance to buy an extended warranty when we purchased our coach at FOT.  We declined.  What I was wondering about was something different...  a true disaster insurance with a huge deductible.  I don't recall seeing anything like that on the market. 
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George Hatfield

  Never ever use World Line Motors of Nacogdoches for service!

Re: Disaster insurance on engine and transmission

Reply #6 –
Never seen anything like it either.  But I heard the other day a question asked of a car guy on the radio.  He explained with extend service plans, that 7% of the premiums are returned to be spent on repairs.  All the rest is profit, split with the dealers, sales force, admin. and overhead.

Seems we need to self insure against that huge expense we hope we never see.
Dave Cobb
Buckhorn Lake Resort The Club, #6202, Kerrville TX
check the map.  I do rent it out when I am traveling!
2001, U320, 36' #5887, in Kerrville, FT Club #17006, (7/23 to present)
2024 Jeep Grand Cherokee L, Summit, white
EX: 98 U295, 36' #5219, (mid door), (4/13-10/23)
EX: 93 U225, 36' (4/11 to 4/13)
 

Re: Disaster insurance on engine and transmission

Reply #7 –
I seem to remember seeing an article recently in the FMCA Mag' I think about just such a policy. It showed repair costs for such an incident and then what it would cost thru the policy when deductibles are taken into account. I will have to look for it
John
Coachless, now use aircraft. 2003 Ford Travelair TC280 class C. Super shape. Just for 1 yr .
1994 Ford E350 ClassC,total renovation inside and out. Now sold.
2000 U295  36' Cummins 350 c/w Banks Stinger, Resonator upgrade,Solar, LED lites.Residential fridge with slide out pantry. Build 5674. Sold
ex 92 GV 022C ored Cummins. Sold
ex 95 GV240 cat 3116. Sold
2017 Mini cooper s & 2016 land Rover LR2 HSE  LUX.
jhaygarth@aol.com    SKP #130098
treat everyone as you would like to be.