Mechanical Breakdown Insurance (MBI) - Any Experiences?

[plus 3 golfer]

I am considering whether to switch to GEICO and add MBI on my auto insurance policy for my C-MAX.  The cost is about $28 a year with a $250 deductible and can be added if the car was purchased new and under 15k miles and less than X months ago.  The coverage supposedly covers all mechanical systems (question whether it covers MFT) except specifically excluded items such as wear and tear and maintenance items.  It seems like a "no-brain" alternative to Ford's Extended Service Plan as it is pay as you go vs a large onetime payment of $1500+ (IIRC, via internet Ford dealers). I was quoted $1895 supposedly X-Plan pricing by my dealer.  I have purchased many new cars but have only purchased an extended warranty one time on a new 2000 Passat for $800 (and it paid off handsomely).

 

Has anyone filed a claim under GEICO's MBI or other insurers' MBI?  and if so were there any problems? any other issues with MBI?  Does the  MBI premium increase every year?  

 

Geico auto insurance is cheaper than my current insurer but home owners and umbrella are slightly more.  Overall, I can get full GEICO coverage including MBI for slightly less than I'm currently paying.

 

Thanks.

 

Ken

[wab]

Interesting....if the price doesn't go UP every yr.

 

 

FYI, before your regular Ford warranty runs out you can get "Ford ESP" online for MUCH less than your dealer will sell it.

 

In 2010 I got an online quote took it to our dealer asked him to meet or beat it, he was $20 higher told him to write it up.

[plus 3 golfer]

I did check on linea while back for the Ford ESP and IIRC the price was around $1500+- for a 6/7? yr / 100k miles with $100 deductible.

 

On other forums I have only heard good things about the Geico MBI. The Geico MBI rate although not guaranteed is supposed to be stable with some increase. One poster indicated that after 5 years the MBI was 25% of his premium. My premium on the C-Max will be $414 / yr with max liability limits including under/uninsured, $100 deductible comp with no glass deductible and $1000 deductible collision, road side assistance and MBI. So, even if one as to pay $100 in the 5th year for MBI, it seems like a bargain . Of course what this does though is lock one into Geico for 7 years of insurance.

 

Here's a link on the Geico MBI.

Edited March 30, 2013 by Plus 3 Golfer

[C-MAXER]

During the shopping stage, I check the online Ford ESP and it kicked back my request on the C-MAX along with a reply to the see my local dealer for pricing.    I'm pretty sure the website had a cookie of my zip code stored from when I was checking factory incentives so could this be a state of residence issue?

[plus 3 golfer]

I was able to get a quote shortly after buying my C-max from an out of state dealer on the dealer's website. As I recall I had to supply my name, address, and vin (maybe mileage too) to get an email quote. I believe I could have then purchased it with a CC. The only issue I can recall is that if you wanted to cancel within the stipulations of the agreement, you had to do it through the dealer that sold the contract to you unless the dealer was no longer in business.

 

 

I did commit to Geico. So, we will see how it works out.

Edited April 3, 2013 by Plus 3 Golfer

[Tom]

I bought Ford's extended warranty because I was concerned about the technology associated with hybrids and I wanted as much piece of mind as I could get -- so felt it was worth it to me.