Extended Warranty for used Boat - Is it worth it

rich2925

rich2925

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I have been looking into an extended warranty for my boat and wonder if it is worth it,

Boat is a 2007 Fairline T38 with twin D6-310's

Annual cost is £1300ish and seems to provide £25k of cover. (excess #250), I am sure if I proceed I will shop around a bit more.

Good to hear any opinions on this, or recommended providers
 
The dealer we bought our boat from included a 3rd party warranty.

The issues we had were Throttles losing neutral point and Legs dropping over night and not staying in place at full speed.

Neither was covered y the warranty company. Luckily for us the dealer is a sound guy who sorted everything but i did feel he had wasted his money on the warranty.
 
I suggest you spend the money on a good survey. IMO any "warranty" on a used boat will be very difficult to claim on as so many items will be claimed to be natural wear & tear and therefore not covered by the warranty.
 
I would doubt it.

The bet is = will i have a claimable item in excess of £1550 during the next 12 months on a 2007 boat.

I imagine the items claimable will be catastrophic not routine - and in fairness to the Green lumps they dont seem to have a history of letting go that often.

Volvo Paul sees whats does wrong every day, but the question is will it be covered!
 
I suspect he usual wear leading to failure of turbos, compressors, heat exchangers, drive rams, etc won't be covered. My suggestion would be to save the money, find a good mechanic and work out how to get non VP parts for the bits that fail.
 
rich2925 said:
Annual cost is £1300ish and seems to provide £25k of cover. (excess #250), I am sure if I proceed I will shop around a bit more.
Click to expand...

This is my take on these things, for what it's worth. Say you have the boat 10 years. That's £13,000 in warranty premiums. Actually it's more as the premium is sure to rise, so call it £15,000. So the question is, over that decade, what is the likelihood of you having to spend more than £15,000 in repairs outside of regular maintenance AND that would be covered under the warranty?

Now you might say 'I don't know' but you can be sure that someone has looked into it fairly carefully and worked out that he can take your £15,000 and pay you little enough back from it in warranty claims such that he and his staff can earn a wage and pay for their office out of it (not just yours obviously, out of all his incoming premiums from people like you).

Now you might say 'well I'm only keeping the boat five years' but arguably that's even worse value because you pay half for half the cover, but the cover is the first half of that 10 years, ie you're insuring it through the section of the next decade when the engines are newer than they would be in the second half.
 
We have just bought a used boat & have spent a considerable amount with a good VP dealer having it pulled apart & put back together with all new bits where necessary, everything else cleaned & serviced.
Don't have the bill yet but will be considerable, this is my insurance, time will tell.
 
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