Deek Posted January 22, 2013 Share Posted January 22, 2013 My 09 RT goes off warranty next month. I've only got about 15k miles on it, but I do next to zero maintenance on my bikes (too old and decripid!) and have the scheduled maintenace performed at my local BMW dealer. The cost is worth it to me. I'm a little concerned about going off warranty next month. I can just see me on a trip somewhere and have the final drive or something else expensive go out. So I thought I'd solicit opinions here........ Some of the extended warranties seem to only apply if something is without question a "failure", not a "worn out" part. Some seem to only pay if you have the repair done in one of their approved shops, etc. I've never had an extended warranty, so I'm hoping folks here can relate their experience. I'm also wondering if anyone has found some sort of "trip insurance", like you can get when you go on vacation or off on a cruise. I've never heard of one like that for motorcycle repairs, etc, but maybe there is such a short term thing? Thanks. Link to comment
Paul Mihalka Posted January 22, 2013 Share Posted January 22, 2013 Your bike is low mileage and apparently you are not a high mileage rider. I consider high mileage over 20K/year. I this case I don't think a extended warranty is worth the money. The only benefit you might get is that that you sleep better at night. I only consider the warranty worthwhile if your usage falls way above the estimate of the insurance company. In that case you win, they loose. They love low mileage riders. Makes them a lot of money. Link to comment
Heyfrank Posted January 22, 2013 Share Posted January 22, 2013 I bought my 07 rt in 2012. It had a transferable warranty for $25.00 which helped my decision on purchase. Fuel strip went last month and took to dealer. The dealer faxed the dianose to aftercare in late afternoon and it was approved the next day. That day a new fuel strip was installed (338.00). I had no co pay. I would check them out.I heard the warranty price was lower than most.http: extended warrenty //www.aftercareservicecontracts.com/ good luck Link to comment
Deek Posted January 22, 2013 Author Share Posted January 22, 2013 Thanks, appreciate the info. I am fairly low mileage on any one motorcycle, as I usually own and ride two.....I like having a spare, and one that's a bit different than the main ride (BMW). Link to comment
Deek Posted January 22, 2013 Author Share Posted January 22, 2013 I bought my 07 rt in 2012. It had a transferable warranty for $25.00 which helped my decision on purchase. Fuel strip went last month and took to dealer. The dealer faxed the dianose to aftercare in late afternoon and it was approved the next day. That day a new fuel strip was installed (338.00). I had no co pay. I would check them out.I heard the warranty price was lower than most.http: extended warrenty //www.aftercareservicecontracts.com/ good luck Thanks, I will do some research on this one if I decide to get an extended warranty. Sounds like they only offer the extended warranty if the current warranty is still active.....that gives me about 3 weeks to decide I think! Link to comment
BerndM Posted January 22, 2013 Share Posted January 22, 2013 I bought my 2005 RT in 2010, so 5 years old with 23xxx miles. The extended 3 year unlimited miles "bumper to bumper" warranty cost me $1300 and allows me to sleep like a baby. No worries at all. I have used it twice with a $50 co-pay for the obligatory fuel pump controller and a fuel strip. Link to comment
philbytx Posted January 22, 2013 Share Posted January 22, 2013 Been riding/driving for 50 years and never bought one, never needed one for RV's, cars or motorcycles. Worry not, as it is all really down to fate innit Link to comment
Antimatter Posted January 23, 2013 Share Posted January 23, 2013 Anecdotally, I can say that I've stopped buying them for most big ticket items. In my experience, they're pretty good for anything under around $500, but on any 'big' items (like motors and transmissions) you will have to fight with the provider to get coverage. You have to remember that the basic business model for all insurance is the sucker bet - i.e. you take bets on games you're pretty sure you can win. Most insurance companies have a division that works specifically to hamper and minimize payouts because, in the business, they're considered a loss. If you do decide to purchase an aftermarket warranty, be sure to read the whole agreement cover to cover, including any additional amendments that you may need to request from the provider. And be ready to fight for reimbursement if you have a large claim. I'm not trying to sound cynical, but insurance companies are in business to make money. The way to do that is to collect premiums and avoid paying claims. Link to comment
Dave_in_TX Posted January 23, 2013 Share Posted January 23, 2013 I agree with Paul. considering your mileage, an extended warranty isn't likely to be cost effective. I purchased an extended warranty for my 07 R1200RT and it paid for itself but by the time I traded that 07 in (a little more than five years later), it had 140k miles on it. I think I paid about $800-$900 to extend the warranty to five years from purchase. Link to comment
na1g Posted January 23, 2013 Share Posted January 23, 2013 General wisdom is to not buy extended warranties. Buy good quality stuff (I think BMWs qualify) and don't look back. Maybe if looking at a used model with a known history of breakdowns (fuel strip, fuel pump controller, etc.) the warranty might be warranted. When I worked in retail sales we were told to push the extended warranties since it was like "free money" for the store. In any such warranty a few people will get their money back and then some, but most won't. Of course if you sleep better and ride happier with the coverage, go for it! pete Link to comment
Deek Posted January 24, 2013 Author Share Posted January 24, 2013 I chickened out......looking at my current RT, it will need new tires in a month or so, and an extended warranty was getting to be expensive......since I want the warranty to help me sleep better on trips.........heck, I ended up buying a 2013 RT today. Heck, it has a nice warranty and excellent tires.......so it was a bargain, right? Link to comment
Jagman Posted January 24, 2013 Share Posted January 24, 2013 I'll see if I can use that same reasoning on the wife next time I'm looking at a new bike...... there is a slight possibility it might work... Link to comment
Selden Posted January 24, 2013 Share Posted January 24, 2013 An extended mileage warranty is a bet between you and the insurance company. Ask yourself: who is likely to have more actuarial information? An actuary mathematically evaluates the probability of events in order to minimize financial losses. As Paul suggests, if you are a high-mileage rider, an extended warranty may put the odds on your side, but in general, as in a casino, the house usually wins. Link to comment
Heyfrank Posted January 25, 2013 Share Posted January 25, 2013 Good for you. That is a good example of getting two birds with 1 stroke of the pen. Sleep well. Link to comment
RTinNC Posted January 25, 2013 Share Posted January 25, 2013 I bought my 2005 RT in 2010, so 5 years old with 23xxx miles. The extended 3 year unlimited miles "bumper to bumper" warranty cost me $1300 and allows me to sleep like a baby. No worries at all. I have used it twice with a $50 co-pay for the obligatory fuel pump controller and a fuel strip. +1 ...but a very personal decision on bikes. I have had one on all my BMW's. Helped me sleep at night and helped sell 2 of my bikes! Will get one on my new 2012 GSA this month. It extends the factory to 7 years total so cost is about $300 for each of the added 4 years. Like I said helps me sleep at night but not for everyone. Link to comment
Deek Posted January 25, 2013 Author Share Posted January 25, 2013 I'll see if I can use that same reasoning on the wife next time I'm looking at a new bike...... there is a slight possibility it might work... Ha! I am blessed with a terrific wife who understand me oh, so well! But she still keeps me around. Link to comment
RTinNC Posted January 26, 2013 Share Posted January 26, 2013 I'll see if I can use that same reasoning on the wife next time I'm looking at a new bike...... there is a slight possibility it might work... Ha! I am blessed with a terrific wife who understand me oh, so well! But she still keeps me around. +1 !!!! I say the same thing all the time ..."my wife tolerates me better than anyone I have ever met" Link to comment
ltljohn Posted January 26, 2013 Share Posted January 26, 2013 I have had extended warranties before. One of them paid for itself two did not. I will not buy another one. My thought is to take the money the warranty would cost and put it in the bank. If something happens I have some money toward fixing it. If nothing happens I still have my money not the warranty company. Link to comment
Peter Parts Posted January 26, 2013 Share Posted January 26, 2013 Insure or not insure: kind of an ink-blot personality test. While the economics favor not buying the add-on, "sleepless nights" are not fungible (yes, it is good word). Ben Small insurance story. Last night, ManuLife made a substantial deposit into my chequing account, at the end of 10 years of critical illness insurance. Since I didn't "use" the insurance, as per the rider, every penny I paid them was refunded. (This enforced savings plan was esp. sweet since it bridged who-knows what losses I would have had if that money had been invested.) Now THAT's insurance you'd like. Link to comment
philbytx Posted January 26, 2013 Share Posted January 26, 2013 Ben, Less inflation losses....... Actuaries RULE !! LOL Link to comment
Recommended Posts
Archived
This topic is now archived and is closed to further replies.