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Old 29 August 2010, 22:25   #1
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Extended Warranties - Worth It?

Hello Wise Boaties...

Last fall I took delivery of a gently used demo Yamaha F150. I have been impressed with the engine to date, and had no problems.

Last week I received a letter from Yamaha inviting me to purchase an extended warranty for "peace of mind". It suggested I should contact my local dealer to discuss options, so I did just that.

The dealer, after a short discussion, basically said that I have a bomb-proof engine; that they had sold lots of them; had had no problems of any significance... and that the warranty was $700+ for a year up to $1200+ for three years. His suggestion was to pass, which I thought was interesting.

Here's my dilemma... My previous Yamaha 150 (2 stroke) blew not one, but two heads, for no particular reason... and each one cost me about $6000 to replace. My experience with Yamaha at the time wasn't especially pleasant and my concern is that even with an extended warranty, there would always be some loop-hole for them to duck responsibility.

Anyway, I would be interested in knowing if you folks shell out for these (expensive) warranties. I like the idea of knowing that a huge repair is somewhat less likely, but I could by a lot of go-go juice for $1200!

Thoughts?
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Old 30 August 2010, 10:39   #2
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If you don't buy the warranty it'll go bang for sure

If you buy it'll last forever

$400 a year I'd ask for a list of whats not covered

and probably buy it if most items are covered

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Old 30 August 2010, 10:48   #3
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I'd pick the dealer's brains a bit more. I suspect he's got an agenda-like, for example he's sick of warranty claims being refused and people having to cough up for expensive work themselves and blaming him...
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Old 30 August 2010, 18:17   #4
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We did talk about what was covered, but essentially it was "major components" and obviously not the wear and tear items. If I blow the head on this baby (and in spite of how it probably sounds, I DO look after my engines...) I can't help but think that the onus will be on me to prove that it wasn't something I did.

I guess on the other hand, one thing is certain, if I don't buy it, then any problems definitely won't be covered!

So do you guys buy them?
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Old 31 August 2010, 02:58   #5
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Stoo, how old is the engine and what hours was it used before you bought it, I have used these engines before and touch wood have never let me down, I see them all the time on other RIBS and engineer rates them.

Yam do a five year warranty as standard now so what they offering as extra?
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Old 31 August 2010, 20:02   #6
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C2, I bought the engine two years ago this fall. It only had 23 hours on it, used at a Hurricane dealer I know well. I put 85 hours on it last season but will likely do less this year, although not a lot.

I am not aware of a 5 year warranty over here... As far as I know it was just 2 years, but I guess I'd best have a look to confirm the details. As has been mentioned, no matter what I decide, it will likely be the wrong decision, but at least one way, I will be out of pocket for less!
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Old 31 August 2010, 22:34   #7
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Extended warranties are, in general & actuarially, very expensive insurance. The manufacturer's don't hype them for cars & computers and everything else out of the goodness of their hearts because on average they pay out more than they charge you and lose money on them.
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Old 01 September 2010, 05:18   #8
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Originally Posted by captnjack View Post
Extended warranties are, in general & actuarially, very expensive insurance. The manufacturer's don't hype them for cars & computers and everything else out of the goodness of their hearts because on average they pay out more than they charge you and lose money on them.
So you're saying for the customer it's worth it statistically in that the manufacturers run at a loss??? They don't run the schemes at a loss as far as I know, why would they?

IMHO, it is just insurance. Which by definition is their calculated risk. They will try to ensure the total premiums collected outweigh their total costs of admin and claims. For the individual it is peace of mind, if you can afford the premiums but can't afford to replace an engine, it is for you if you want to continue boating in the event of engine failure. If the cost of an engine is a small percentage of your savings or disposable income you have the luxury of choice to gamble. If you can't afford the premium or engine, unlucky.
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Old 01 September 2010, 06:09   #9
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If I were running a big Yam, I'd want all the insurance I could get.
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Old 01 September 2010, 06:42   #10
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If I were running a big Yam, I'd want all the insurance I could get.
Do you have bitter experience of breaking big Yams in the past?
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