Opinions wanted re: Extended Warranty

[drewkaree]

I've got a week to make a final decision on this.

I've currently got a 3-year YES warranty. The dealer is offering 3 other packages, basically bundling options into the following: 4 years additional coverage on the boat (really, the engine IMO) A ceramic coating. A trailer coverage package.

I'm not going with the trailer package or the ceramic coating, this only pertains to the 4 years additional coverage. It offers free towing for boat/trailer. I already have free unlimited towing through my boat insurance, so this isn't a perk, and it can't be broken out, ala carte to drop the cost. It covers anything on the boat, including the engines. I've purchased a 2019 AR 210, twin TR-1 engines, which seem to be fairly bulletproof. To me, this seems to be the major item for coverage. I'm looking for opinions of what you might do, and why.

4 years of coverage is priced at $3200. Like I said, I'm not going with the trailer coverage or the ceramic coating, I'm simply considering the 4 additional years @ $3200

 

[Beachbummer]

This would give you 7 years total, is that correct?

 

[drewkaree]

This would give you 7 years total, is that correct?

Yes, I believe it's on everything other than "structure". I wasn't given the specific literature to view, and I have to make a decision prior to the engines being put into use next Monday.

 

[Beachbummer]

$3000 is a lot of money. It's very unlikely you will attend that much between year 3 and year 7.

Like all insurance its a gamble. I would keep the money and pay cash for any needed repairs. It also means if and when the time comes you can select the mechanic and parts of your choice.

I like having leverage, and with an extended warranty the money has already changed hands. It's hard to get leverage that way.


There is a small chance horrible things will happen, and if you follow my suggestion you may curse me for not spending the 3k now. Only you will suffer the consequences but if it was me and my boat and my money, I would pass. I'm quite handy and can compete some repairs myself, so that's a huge factor for me. I feel on many repairs I can do just as good a job. (Maybe slower, and not all repairs, but most)

 

[MidnightRider]

After seeing how hard it is to squeeze warranty work out of Yamaha I personally would be more inclined to put the $3k into some type of investment as a fund to pay for any work needed in the future. You don't have to get too far in reading the stories on this forum to become pretty jaded on trusting Yamaha to come through on any warranty work.

 

[drewkaree]

Like all insurance its a gamble. I would keep the money and pay cash for any needed repairs. It also means if and when the time comes you can select the mechanic and parts of your choice.

There is a small chance horrible things will happen, and if you follow my suggestion you may curse me for not spending the 3k now.

I'm quoting this, because I'm taking it as permission to curse you ?

I'm quite handy and can compete some repairs myself, so that's a huge factor for me. I feel on many repairs I can do just as good a job. (Maybe slower, and not all repairs, but most)

While I haven't worked on this type of engine before, I am confident in my mechanical skills. I've pulled engines on cars before, and I hate spending money on simple stuff like brakes or an oil change, but I have thrown cash at fixes that would cost me slightly more than what I could get the parts for. From what I've seen looking around the forums, working on the engines is pretty easy. Interior wouldn't be covered (wear and tear), and IMO I see any structural issues working themselves out within the first (FREE!) 3 years of warranty.

 

[haknslash]

I’d skip it. Also be sure to read the fine print. Dealer warranties are often not like manufacturer warranties and are usually only good with that particular dealer. If that dealer goes under or moves to a different product I bet things change lol. Be sure to weigh out all the stipulations.

 

[Matt Phillips]

I agree with @haknslash above as dealer warranties come and go as often as dealers do. be weary.

I'm generally not a fan of extended warranties as they can be money well spent elsewhere. However, I'm on my second Yamaha with YES and I'm for that one as I've used it on both boats. On the 09, it was included and I ended up using it about 2-3x over the 5 years. On the 17, I had a ballast bag lose a seam as well as the center ballast pump went out...all covered under YES. I do believe it has a bit to do with the dealer and how good they are as well

 

[NORCAL-GAS]

Screw Yamaha and their warranty. They’ll deny before they do anything. Keep the leverage in your court.

 

[captras]

Put the $3200 in a savings account... chances are you will not need it and even if you do, probably not all of it. It will draw interest till you need it and will have the money left if you don't!

 

[drewkaree]

As a former warranty manager I can tell you extended warranties are a big money maker for a manufacturer- if you get what I am saying...

Also, I was quoted much less than $3200 for an extended warranty for my 2019 AR210. Of course I said no..

If you don't mind, do you remember the price and what this was? Not the additional YES warranty, but this was something they offered "above and beyond", correct?

I've never bought a new car before, and like I said, I'm confident enough in my mechanical abilities that I always just laughed when I was offered an extended warranty on a used car, so this is something I wouldn't consider for any other routine purchase, so you could (fairly) say I'm simply looking for some confirmation bias

 

[drewkaree]

I was consolidating all the paperwork I got, and found the basic description of services. Looking at this today, it appears the towing would run me $150, so that really becomes a cost to me in the end, meaning it takes value AWAY from the offer. In getting some time between being presented with this and my outlook on it today, there might have been a chance I'd have taken it (maybe 25%), but as I sit here typing this, I feel it's definitely something that doesn't match up, cost to value to me.

Confirmation bias strikes again! You guys can now say you've SAVED someone some money, instead of all the arm-twisting you do to force every member's wallet open against their will

 

[haknslash]

Towing??? That's what your boat insurance is for as you should already have some type of towing in your policy. This just seems like a way for a dealer to milk someone unsuspecting IMO.

 

[drewkaree]

Towing??? That's what your boat insurance is for as you should already have some type of towing in your policy. This just seems like a way for a dealer to milk someone unsuspecting IMO.

Yeah, I've already got that with the insurance. I'm guessing that's thrown in there for folks who don't/won't carry insurance on their boats (it's not mandatory in WI). I asked if there was some sort of way to break that out, kind of ala carte to bring that cost down, and it's there whether you ever need/use it or not.

I'm also guessing this is for the kind of people who aren't about to get their hands dirty and would rather throw cash at any repairs

 

[Jores]

One of the problems of an extended warranty is they sell by years not seasons, so a boater in your location can only use the boat for less than half the time (because of cold /winter weather) than a boater in Florida or other southern state. They would get full use of the warranty, whereas, you will not. John

 

[swatski]

I would say it depends how long you plan to own this boat.
If you plan on selling within next few years, purchasing extra warranty may be justified. For it helps sell a boat.

Other than that, you will always lose money on those extended warranty deals.
(IMO)

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[Skysurfer2010]

If this is the Yamaha warranty I'm fairly certain you can purchase it at any time before the original expires. However, you have way more bargaining power now. Later the only option is usually full price.

With that said, it's nice to have however I wouldn't pay for it.

 

[drewkaree]

This was the dealerships extended warranty, I already had the Yamaha extension with the boat show specials.

We ended up not even discussing it before going over the water presentation, and if it were to come up now, I would straight up decline.