Extended Motor Warranty

[RangerDanger]

My new motor came with a 3 year warranty, still have until July 2017 on the original 3 years.  Yamaha has offered to extend the warranty up to an additional 3 years, cost for 3 years $900.  I'm at 50/50 whether its worth it or not.  Obviously if I break something significant it would be worth it, but I'm not planning on tearing it up either.  It doesn't cover the items that would be considered maintenance like starters and impellers with 20 exclusions like improper storage, poor or improper maintenance, and freezing, etc.  I did opt to extend the warranty on my ATV and never had to use it, which may contribute to my hesitation.  The motor is a Yamaha F70.

Thoughts? Advice? Experience?

[Jig Man]

I used to sell extended warranties and I loved guys who bought them.  If It were me and I'd had problems with the motor, I'd jump all over an extended warranty.  On the flip side,  if I had a motor that had been trouble free I'd keep on keepin' on and put the money back to cover other expenses.

[A-Jay]

 Extended Warranty Insurance is such an interesting deal.  One one hand, it makes us feel good knowing that we're "covered".  On the other hand, it makes us a little bummed out shelling out the Cash.    And I always find it interesting how the manufacturers are so willing to "Insure" a product while it's new and not really prone to failure but that same offer is rarely available down the road when the item actually has a decent chance of needing repair.    So when I look at this as a betting man, it looks like the manufacturers are betting that while the item is new - it won't fail, but they'll be happy to take my money,  At the same time, by purchasing the "insurance" I'm betting that the new item will fail, so I pay.    It's a tough call and a matter of what makes us feel the best about it all.

For me, I'd save the $900 and put it in the bank ~ call it the "Emergency Motor Fund".  Then after the warranty expires, if there is a repair need - use The Fund to support the cost.   You may not ever need it for a Big Repair & could use it for whatever ~ like routine maintenance.

That's my story & I'm sticking to it. 

A-Jay

[Way2slow]

That's where you have to be your own judge.  Like car insurance, pay dearly for it all your life and hope you hope you don't have to use it.  Of course, a lot of states have gotten smart enough to take that option out of your hands.  If it was one of the big V-6s, I would say without out a doubt, but the smaller motors are not quite as bad to replace if a major melt down happens.

[OperationEagle]

What you are paying for is peace of mind... that is, if something were to ever come up in the next three years (in excess of $900) you would be covered.

Companies have lots of data to help them price these warranties to maximize profit and minimize risk.  So you having a problem for those three years in excess of $900 is possible...but not probable....otherwise they would lose money.

In fact, they are so profitable that it is not unheard of that sales people are given nice incentives when they sell these "instruments".

Using reason...according to statistics, you shouldn't need this.  But from your emotional standpoint...peace of mind might have value. 

Just know what you are buying.

I find it funny that when I am at the car dealership I get sold hard on how reliable the car is...then as I am buying it they try hard to sell me the extended warranty to cover failures.

[AQUA VELVA]

I learned a long time ago that extended warranty's are rarely if ever worth the money.

[slonezp]

Follow the maintenance schedule and save your money.

[tander]

I don't think I have ever bought an extended warranty on anything and never wish I had so I am ahead of the game, If it makes you feel better, get it, I wouldn't.

[Ohio Archer]

I must be the in the minority as far as using an extended warranty.  Just before my truck's factory warranty expired I bought a 3-yr extended warranty.  About 6 months before it was due to expire I started having issues.  I paid about $1200 for the warranty and had about $3000-$4000 in repairs done.  So I came out ahead. 

I had two repairs on an '86 Merc Black Max...blown powerhead covered under the factory warranty and then a wrist pin snap ring came out and destroyed a cylinder on the replacement head just out of warranty ($1500 bill I had to cover).

I don't jump at every extended warranty offer that comes along but I do look at it as a safeguard insurance plan just in case.

[slonezp]

1 hour ago, Ohio Archer said:

I must be the in the minority as far as using an extended warranty.  Just before my truck's factory warranty expired I bought a 3-yr extended warranty.  About 6 months before it was due to expire I started having issues.  I paid about $1200 for the warranty and had about $3000-$4000 in repairs done.  So I came out ahead. 

I had two repairs on an '86 Merc Black Max...blown powerhead covered under the factory warranty and then a wrist pin snap ring came out and destroyed a cylinder on the replacement head just out of warranty ($1500 bill I had to cover).

I don't jump at every extended warranty offer that comes along but I do look at it as a safeguard insurance plan just in case.

I would bet your truck probably already had some mileage on it. The majority of boats aren't being used on a daily basis and in the case of bass fishermen, most of our time is on the trolling motor. If I used my boat on a daily basis and/or made a living with it, my answer might change. Personally, I put between 60-90 hours a year on the big motor and in the grand scheme of things that is nothing. I figure if the motor doesn't blow up in the first year and I follow the maintenance schedule, I should be ok in the long run.

[RangerDanger]

Thanks fellas.

I was telling a buddy if it was $500 or $1500 it would be an easy decision.  I see so many outs in the fine print, like proof it was stored properly....what?. 

[Ohio Archer]

4 hours ago, slonezp said:

I would bet your truck probably already had some mileage on it. The majority of boats aren't being used on a daily basis and in the case of bass fishermen, most of our time is on the trolling motor. If I used my boat on a daily basis and/or made a living with it, my answer might change. Personally, I put between 60-90 hours a year on the big motor and in the grand scheme of things that is nothing. I figure if the motor doesn't blow up in the first year and I follow the maintenance schedule, I should be ok in the long run.

It had 13K on it with 6 months left on the factory warranty.  I added the extended warranty just prior to the factory warranty expiring.  The repairs done under it were not major but the costs added up quickly.  I think I had 60K-70K on it when the extended warranty expired.  I bought it in Dec '05 and have approx 175K on it now.

[South FLA]

Trying to predict if you will have a problem or not down the road is impossible.  Another way to look at it is,  can you afford to fix your engine if something should arise out of warranty, if you can and cash-flow is not an issue I would forgo the warranty. If you can't really afford more than $900 in the future then you should get coverage for your engine, especially if you actually use your engine and enjoy your time on the water.  Nothing worse than being sidelined because you can't afford a re-power or repair.

 

 

[Catch 22]

On ‎2‎/‎11‎/‎2016 at 8:03 PM, AQUA VELVA said:

I learned a long time ago that extended warranty's are rarely if ever worth the money.

X2

Sometime there are so many exclusions its hard to understand them.

I looked at a major brand outboard that bragged about a 6 year warranty. I read into to find that after 3 years the only thing covered was the decals on it.

The dealer would not let me take a copy home to study it===red flag