[sharadrai]

Ok I searched for this and did not find anything. I just switched to Geico and here is what I discovered. If you are and your car is

1. The first owner of the car
2. The car is of the current year
3. The car is less than 15 months old
4. The car has less then 15000 miles on it.

You can add a Mechinical Breakdown Insurance on it for 30$/6months. Anything that happens on the car will be covered by the insurance. You can only have MBI on your policy till 7 years/100K miles which ever comes first. So at the end of it you will end up spending $420 over the course of 7 years for extended warranty.

Now the same warranty from BMW is $1800-2000 and the cheapest I found online was $1700. The Geico comes with a $250 deductible and they will cover everything on the car except for wiper blades, brake pads and tires. Now I really think its a great deal and signed up for it. What do you guys think? Am I missing anything ?

[e90fanatic]

i thought the mechanical breakdown is only for the first 15000miles or something

[sharadrai]

Originally Posted by e90fanatic

i thought the mechanical breakdown is only for the first 15000miles or something

oh no...It can only be added during the first 15K miles..

[Barry626]

Originally Posted by sharadrai

You can add a Mechinical Breakdown Insurance on it for 30$/6months. Anything that happens on the car will be covered by the insurance. You can only have MBI on your policy till 7 years/100K miles which ever comes first. So at the end of it you will end up spending $420 over the course of 7 years for extended warranty.

What do you guys think? Am I missing anything?

I also got this coverage & glad u explained it as u did.
Sales lady did not give me to many details about it.
She just said I'm pretty much covered 100%.
Her words even if u pour liquid into electrical system, your covered.
Yep bought just for that reason alone cause I do that often

$60.00 per year sounds like a great deal to me so I went for it.

[e90fanatic]

wow...im definitely getting it then! It covers everything except wear and tear right? How about diagnostic?

[e90fanatic]

wow...for me it's only 14.70/6 months...does anybody know if this is the wheel insurance or is it something else?

[e90wraith]

My only concern is that they might consider almost every breakdown due to wear and tear. For example, did wear and tear lead to a broken water pump? I've heard horror stories about third party extended warranty companies that will try to deny coverage by claiming virtually every item on the car is subject to wear and tear. Geico is a reputable company, so I'm optimistic that they don't play this game. If they do, I would certainly let Warren know about it. I would read the exclusions very carefully. From a cursory glance, they seem reasonable. I suppose you'll find out when you try to file a claim.

From Geico website:

Exclusions to this policy include such regular maintenance services 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. Multi-Risk 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.

[saalim]

Originally Posted by e90wraith

My only concern is that they might consider almost every breakdown due to wear and tear. For example, did wear and tear lead to a broken water pump? I've heard horror stories about third party extended warranty companies that will try to deny coverage by claiming virtually every item on the car is subject to wear and tear. Geico is a reputable company, so I optimistic that they don't play this game. If they do, I would certainly let Warren know about it. I would read the exclusions very carefully. From a cursory glance, they seem reasonable. I suppose you'll find out when you try to file a claim.

From Geico website:

Exclusions to this policy include such regular maintenance services 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. Multi-Risk 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.

hmmmm....that does sound fishy....but hopefully not. I went with Liberty Mutual....they have something called a BMW Performance Insurance. Basically, they garuntee that if something happens, they will use only BMW parts and not aftermarket parts. Also, I got a good rate. I dont know if other companies have this coverage or not?

BTW.....has anyone bought gap insurance?

[qwerty]

If you make a claim, wouldn't the premium go up?

[sharadrai]

Originally Posted by qwerty

If you make a claim, wouldn't the premium go up?

Nope. Any claims under MBI won't make the premium go up. Since its mechanical breakdown, you are not at fault.