Extended service/warranty

This is an interesting approach!

 

I paid $849 for 6 year 100K Toyota Platinum.

 

I bought the Geico Mechanical Breakdown Insurance for $12.20 for 6 months. It can be continued up to 7 years or 100,000 miles. It has a $250 deductible.

I generally put around 15,000 miles a year on my truck. So my Toyota Drivetrain 60,000 mile warranty will run out after four years of ownership. I will hit 100,000 miles in around 6.67 years of ownership. Giving me coverage for 40,000 miles and 2.67 years after my Toyota Drivetrain warranty stops. I am making a HUGE assumption that the $12.20 every 6 months stays the same or at least does not go up much. If these numbers are right, or at least close to right, then it is somewhat cheaper than traditional extended warranties. It also depends on how many under $250 repairs I have as well as how many over $250 repairs I have in between 60,000 and 100,000 miles. 7 years*2*$12.20=$170.80 plus any repair under $250 plus ($250*any repair over $250) but only in between 60,000 and 100,000 miles is the cost.


From the Geico web site:

What is Mechanical Breakdown Insurance (MBI)?

Mechanical Breakdown Insurance covers many mechanical repairs to your car, protecting you from expensive repair bills. This coverage is only available for vehicles with less than 15,000 miles that have been purchased within the last 15 months. A $250 deductible per claim applies. Mechanical Breakdown Insurance is similar to a dealer's extended warranty protection. It's in excess of coverage provided by the manufacturer's warranty.


Mechanical Breakdown Insurance covers repairs to the following systems:




Engine
Steering Air Conditioning
Transmission Cooling Brakes
Drive Axle
Suspension Electrical



EXCLUSIONS: MBI does not include regular maintenance services such as tune-ups, suspension alignment, wheel balancing, filters, lubrication, coolant and fluids, spark plugs, brake pads and lining, brake shoes and tires (includes tire wear and/or tire damage). Breakdown repairs made necessary by intentional damage, rust and oxidation, misuse, or improper maintenance are not covered. Mechanical Breakdown coverage is in excess of coverage provided by the manufacturer's warranty.

 

Sorry but I'm pretty sure you can't . Vehicle has to be less than a year old and less than 15,000 miles i believe . I have it and had to buy even when I had my factory warranty .

 

From the Geico web site:

Special Protection for Your New Car
Your new car is your baby, so it deserves a little extra protection. MBI is available for new or leased cars that are less than 15 months old and with less than 15,000 miles.

Once you've purchased MBI, you can renew it for up to seven years or 100,000 miles (whichever comes first). After a $250 deductible on a covered loss, car repairs to all mechanical parts of the car (except for maintenance and wear and tear*)are covered. Interested? Call us at (800) 861-8380 to learn more.

 

Has to have been purchased in last 15 months.

 

FWIW I have used Geico MBI on some other expensive European cars where dealer warranties are hideously overpriced and online dealer discounts are hard to find. I have not Geico yet for a claim but the pricing seemed great. I was suspicious so I researched it online and most had favorable experiences. The catch is that you 'pay in' to Geico during the initial years of ownership while under factory warranty and this is not refundable if you sell the vehicle or switch insurance carriers. There is also a deductible and you have to wait for approval vs. no deductible and instant approval at the dealer. It 'should' work but I do not have any experience.

I have also used Ford ESP before and received a similar good deal to Jennifer @ Wolverine. I found a Ford Dealer who sold discounted ESPs somewhere on a Ford forum. It worked out great! I bought two very long ones for peace of mind. I used it for a few claims- small and large. Transmission on a 2005 Aviator and coil packs and seat cushion on 2011 Town Car. I sold both vehicles before the extended ESP warranty was up and received a pro-rated portion of the policy back. It wasn't 100% but was close enough given the discounted purchase price. I think the selling dealer keeps the profit if you cancel-and i was happy to let them have it...they earned it.

So for my Tacoma (when it comes!) I will be calling Jennifer@ Wolverine and for expensive European autos I will continue using Geico MBI.

 

Is this Toyota warranty comparable to the original 3/36 ? Most everything except wear items .

 

Should be. Usually punches out the factory warranty for all items except fluke-type claims like broken wiper blades or squeaky brakes when the truck is 2 months old.

 

is this thread really 2 years old?

 

Not even close to some of the ancient thread resurrections on other sites

 

imo: any non factory aftermarket insurance is a no-go. Do some searching, see how many have gone under and with them peoples money. LOTS of fine print. To include what happens to the policy if you get out of the truck early? Better off saving the $ for a repair and have a credit card with some reserve in case a big one is needed.

Don't worry, soon enough the "Auto Warranty" department will give you a call with some options. LOL

 

What did Geico say ?

 

I never called them. Was just talking to a buddy at the local car wash that traded his Tacoma off 3 years ago and bought a new Tundy 2 weeks before I bought my Tacoma. He said he had owned Toyota's all his life and never bought a extended warranty. He assured me my truck would not cause me any problems with what few miles I drive. Told me he would just keep the oil & filter changed once a year and drive it. If it does break down I'll just tell the dealership to fix it and borrow the money from the bank to pay for repairs. I'm not going to worry about a extended warranty.

Thank you for your concern though. Have a good day.