This could be the best kept secret for extended warranty
01-15-2019, 12:21 PM
#1
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This could be the best kept secret for extended warranty
I'm starting this new thread as I don't want anyone to possibly miss out from what appears to be one of the "best" extended warranty deals I've seen. A thread posted yesterday (https://rennlist.com/forums/991/1124...-warranty.html ) had some brief details on Geico's offering of mechanical breakdown coverage or MBI. I read it and brushed it off as a gimmick until I decided to both read more on this topic as well as speak to several Geico representatives. I typically first look at the list of exclusions and if still interested, I'll continue to read on. Let me begin to provide some basic details.
MBI warranty term: 7 years or 100,000 miles
One must purchase a Geico Auto Insurance Policy on a vehicle that is less than 15 months old with under 15,000 miles and maintain both the auto insurance policy along with the MBI endorsement throughout, no lapse in coverage is allowed should one wish to maintain this endorsement.
(you'll be paying for the MBI coverage during the remaining factory warranty period without there being a need to ever file until the expiration of the 4 year/50K Porsche warranty)
There's a $250 deductible for each covered claim and the vehicle can be repaired at any repair facility, including a Porsche Dealer. All claims must be approved by Geico, typically within 24 hours.
Although there's no fixed premium amount for the 7 years, my research has shown premiums for this endorsement to be approximately $150-200 annually.. If a vehicle is eligible for Geico Auto Insurance then It would be eligible for this warranty. One can opt out of this at anytime and it's not transferrable.
MBI warranty term: 7 years or 100,000 miles
One must purchase a Geico Auto Insurance Policy on a vehicle that is less than 15 months old with under 15,000 miles and maintain both the auto insurance policy along with the MBI endorsement throughout, no lapse in coverage is allowed should one wish to maintain this endorsement.
(you'll be paying for the MBI coverage during the remaining factory warranty period without there being a need to ever file until the expiration of the 4 year/50K Porsche warranty)
There's a $250 deductible for each covered claim and the vehicle can be repaired at any repair facility, including a Porsche Dealer. All claims must be approved by Geico, typically within 24 hours.
Although there's no fixed premium amount for the 7 years, my research has shown premiums for this endorsement to be approximately $150-200 annually.. If a vehicle is eligible for Geico Auto Insurance then It would be eligible for this warranty. One can opt out of this at anytime and it's not transferrable.
*MBI Exclusions
Exclusions to this policy include regular maintenance services such as tune-ups, suspension alignment, wheel balancing, filters, lubrication, coolant and fluids, spark plugs, brake pads and linings, brake shoes, and tires. Also, breakdown repairs made necessary by intentional damage, corrosion, misuse, or improper maintenance are not covered. Mechanical Breakdown Insurance coverage is in excess of coverage provided by your manufacturer's warranty. Read the policy amendment for the complete terms and conditions of this coverage.
I don't currently insure with Geico and can wait until next year before making a decision. This appears to be so much more than just a basic powertrain warranty as well as providing coverage for items that are not related to mechanical breakdown. I'm interested in others providing some feedback on this.
Exclusions to this policy include regular maintenance services such as tune-ups, suspension alignment, wheel balancing, filters, lubrication, coolant and fluids, spark plugs, brake pads and linings, brake shoes, and tires. Also, breakdown repairs made necessary by intentional damage, corrosion, misuse, or improper maintenance are not covered. Mechanical Breakdown Insurance coverage is in excess of coverage provided by your manufacturer's warranty. Read the policy amendment for the complete terms and conditions of this coverage.
I don't currently insure with Geico and can wait until next year before making a decision. This appears to be so much more than just a basic powertrain warranty as well as providing coverage for items that are not related to mechanical breakdown. I'm interested in others providing some feedback on this.
Last edited by SH2; 01-15-2019 at 01:43 PM.
01-15-2019, 01:09 PM
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If Geico was the last insurance company on the earth, I would self-insure or by a bike.
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01-15-2019, 02:25 PM
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01-15-2019, 02:47 PM
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They provide, free of charge, speed detection equipment to a vast set of local and state police forces. Those police forces then use that equipment to write tickets that result in increased insurance premiums. In any other context this would be called racketeering. In the context of red light cameras it is called racketeering.
01-15-2019, 03:25 PM
#10
Originally Posted by worf928
They provide, free of charge, speed detection equipment to a vast set of local and state police forces. Those police forces then use that equipment to write tickets that result in increased insurance premiums. In any other context this would be called racketeering. In the context of red light cameras it is called racketeering.
01-15-2019, 04:13 PM
#11
Do they pay Porsche's rates? My SA said with the exception of Fidelity, other companies use their own book to determine the time allowed for repairs and if they come up short, you have to pay the difference.
01-15-2019, 05:30 PM
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Which? That Geico funds your speeding tickets or that red light cameras are a scam?
Here’s a start:
https://www.thetruthaboutcars.com/20...here-be-light/
https://www.thetruthaboutcars.com/20...d-legislature/
Geico’s funding of speed enforcement is not something they run ads about but it has been well-reported since last century by Car & Driver, Motor Trend, Autoweek Etc. Back in the days when news was inked on dead trees. Sadly there’s no efficient way to search dead trees and that history hasn’t been turned into bits.
Same goes for red light cameras. Lots and lots of news over the years. Google “racketeering and red light cameras” and there’s plenty of reading.
https://voiceofoc.org/2014/03/santa-...mera-contract/
Here’s a start:
https://www.thetruthaboutcars.com/20...here-be-light/
https://www.thetruthaboutcars.com/20...d-legislature/
Geico’s funding of speed enforcement is not something they run ads about but it has been well-reported since last century by Car & Driver, Motor Trend, Autoweek Etc. Back in the days when news was inked on dead trees. Sadly there’s no efficient way to search dead trees and that history hasn’t been turned into bits.
Same goes for red light cameras. Lots and lots of news over the years. Google “racketeering and red light cameras” and there’s plenty of reading.
https://voiceofoc.org/2014/03/santa-...mera-contract/
01-15-2019, 05:43 PM
#13
I have the Geico MBI coverage on my 2015 C2. Haven't had to use it (yet) but it is inexpensive risk mitigation against things such as PDK failure.
01-15-2019, 06:06 PM
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I've heard that same Geico story from colleagues, so it's not just you - it is making the rounds among car enthusiasts.... one of my coworkers did it for his newish S3 before he had too many mailes. Downsides as mentioned are it's essentially useless for 4 years or faster if you drive a lot, and if you sell the car you paid for nothing (you may want to keep it but you never know), and you have to be with Geico (I'll let you debate that one, I hate them too).
I think there is no free lunch, they'll probably change the coverage 4 y down the road when you need a new motor, but who knows, sounds attractive ;-)
I think there is no free lunch, they'll probably change the coverage 4 y down the road when you need a new motor, but who knows, sounds attractive ;-)
