Should i extend YES warranty for 2 years for $1450

[markp]

I have a 2018 SX195
I have had 3 different claims since a bought boat brand new. Mechanically boat has been flawless.
1) Ski looker door replacement. ( defective)
2) Defective rear seat cushion.(replaced)
3) Driver's seat caption chair plastic bottom cracked badly. (replaced the entire seat)
YES warranty took care of all 3 ( yes they did take some time )

My Current YES warranty expires on 7/3/21. I have the opportunity to extend it for 2 years for $1450.
#3 above would have cost my $900 if i had to replace myself.
Should I /would you but the 2 extra 2 years for $1450 ?

thanks for your input.
-mark

 

[HangOutdoors]

You are going to get some that say extend it and some that don't buy warranties at all. I am in the camp of buying extended warranties on certain things. Cars, Boats, Refrigerators, Cell Phones, Laptops or tools/equipment that will take heavy abuse. Depending of the price of course.

If there is any chance you may sell in the next year or so, it could make it more attractive to the buyer. I extended my warranty out to cover engine failure, gas tank failure and electronics failure for the most part on this boat. Anything else I could take care of myself. If any of those items has issues the cost to repair would be substantial.

It all comes down to how you feel about the current status of your boat and how much risk you want to absorb or mitigate with extending the Warranty over the next two years. I personally have benefited from warranties on some items and on others I have not and wasted money.

 

[WV Hillbilly]

Never insure what you can afford to lose. Said another way, if you took that 1450 and put it in the market, what do you think your rate of return would be? Would it cover the expense you expect to be covered by the warranty?

I agree with HangOutdoors, I like the warranty that comes with many items but I have never purchased an extended warranty after the first one nor have I purchased a warranty that wasn’t part of the original price. I have had good luck with large ticket items and tend to try to take good care of them. I also agree that if you are thinking of selling, the extended warranty is at least a break even and an easier sell. Most cars and trucks with a “dealer certification” warranty are easier to sell than from a private seller and command a bit more money.

 

[ZGhost]

Normally I would say yes but in times like now, if my boat is going to sit for weeks and months to be serviced under warranty, no one will go for that and let the season blow by. There are people opting to repair stuff themselves while still under the first year warranty because they don’t want their boat or car to sit hostage at the dealership. Therefore IMO, I wouldn’t. But to each their own!

 

[RobbieO]

I purchased the Y.E.S warranty with with my new boat and will probably extend it when the time comes. That being said, I don't like the fact that while my boat sits at the dealer, the warranty time period ticks away, and I'm losing play time on the water. Unfortunately, the dealer that I bought my boat from has terrible reviews, and now I'm experiencing it firsthand. Waited 2 months for an appt, now it's been a week to do an oil change. My boat will never go back to this dealer. All that said, I like the security of at least keeping the engine under warranty.

 

[Elliott]

My boat came with a free 3 year Yamaha warranty extension (bought at the end the season in 2017). It will expire in SEP 2021, and Yamaha offered me a 1 year add-on for just over $1K. Unless something changes, I will not extend. The price seemed high for just a year.

I have had no mechanical or any other repair to date. My Ritchie compass leaked out within the first 3 months, and it was replaced under warranty. About 6 months ago, it did the same thing. Although it was covered by Yamaha and Ritchie, I threw it away. I installed a bigger compass on a bracket on my JBP console organizer. I then used the old hole to install a FELL Marine MOB system - an exact fit.

 

[NewBoater]

I had the choice as well and I did not extend it. Figured if something happens I can pay for it out of pocket. Fingers crossed ?

 

[ugamarkj]

I think I'm on my 5th claim since I bought the boat in November.

 

[NewBoater]

If it was a covid boat from 2021 I would be trying way to extend it for 10 years with all the corners they have been cutting. Mine was a 2018 I got in 2020 so it had a few years under its belt and no issues so hoping it continues the same way for me. That’s why I chose not to extend mine but I understand why others chose to extend theirs. It’s piece of mind especially for peoples boats that have been problematic from day 1 or problematic over the first free warranty period.

 

[FSH 210 Sport]

I’d buy that extended warranty. I buy extended factory warranties on all my vehicles, one repair can yield a huge return on that investment. Current extended wait times at the dealer will be easing over time as the logistical system continues to recover, as well as purchasing patterns returning to normal.

 

[Adrian @ JB Solutions]

On the 195 I wouldn’t, if you are handy. On my 252 I bought it because of the 12” screen and e throttles. Almost everything else I’ll fix my self.

 

[tdonoughue]

I think a key factor on the equation is exactly what @adrianp89 references: how much are you going to work on your boat yourself? For some of us, even if we had the warranty, we are going to want to fix it ourselves to make sure it is done to our satisfaction. And, with resources like this forum, we all have access to a lot of experience to allow us to undertake things way beyond our individual abilities.

However, if you are one who takes the boat to the dealer to get things fixed much more than to do you it yourself, that is quite different.

A couple of other factors/truisms:
- YES is insurance. Any insurance product is sold at a profit (statistically, they are collect more money from you and all of the insureds than they are paying out). That means that statistically you won't get your money back in full from buying. You are paying for the security against a large loss, knowing that most likely you will overpay for taking care of smaller (or no) losses.
- There is no right answer. This comes down entirely to risk tolerance and price.
- There are a couple of high-dollar issues that can happen with Yamaha boats. Connext issues, ECU issues, block issues, timing chain issues... The more of these systems you have, the bigger the potential YES benefit. If I had a Connext in a boat that had had timing chain issues and a motor that had a history of the oil cooler bolt issue (I know, there is no such boat, but follow me here), I would be more likely to buy YES. On the flip side, if I had a non-Connext, no-known-issue boat that just had an ECU, I might be more likely to pass.

My 2 cents. Ok, I wrote a bunch. Maybe 3 cents.

 

[HangOutdoors]

The primary reason I have my warranty is for electronics, defect major in hull and losing an engine which needs major work and or replaced. Beyond that i will do it myself