Geico MBI Insurance

[aerostar]

Do any of you guys have Geico Mechanical Breakdown Insurance?

It almost seems too good to be true?

It costs $142 dollars a year and covers your car bumper to bumper for ALL non-warranty repairs for up to 100,000 miles.

If I keep my car 7 years it only costs $994. There is a $250 deductible, though.

The only thing is I have to start the insurance before 15,000 miles.

Any ideas? Is it worth it?

[GATORB8]

What would it cover that wouldn't be covered by your new car warranty (or excluded):

*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.

EDIT: Is the premium locked in? It almost sounds like an extended warranty that you start paying for while you can't use it. What if the premium triples once you are out of OEM Warranty?

[bodega_bladerunner]

http://f30.bimmerpost.com/forums/sho...d.php?t=945741

[aerostar]

Right, I meant I would use it as a sort of extended warranty as it covers non-maintenance repairs when I pass my warranty period.

However, does anyone know if the rate also increases? $900 for 7 years sounds way too good to be true.

[bodega_bladerunner]

from the discussion in the link I posted above, it seems I may seriously have to consider getting a refund on my extended warranty and going with the Geico MBI

[aerostar]

I doubt your 2012 135i still has under 15k miles... or maybe you're lucky!

But it seems like an amazing coverage. I've been reading these horror stories on the forums lately and am getting scared for when my warranty expires. That's why I've been looking into all these companies.

[GATORB8]

Originally Posted by GATORB8

EDIT: Is the premium locked in? It almost sounds like an extended warranty that you start paying for while you can't use it. What if the premium triples once you are out of OEM Warranty?

May be outdated, but info on premium hikes from 2008 here: http://www.fi-magazine.com/forum/top...?TOPIC_ID=2230

yrs 1-3 expect price increases of 1-2% per year
yr 4 is a 10% increase on previous year
yr 5 is a 50% increase on previous year
yr 6 is a 25% increase on previous year
yr 7+ is a 30% increase per year on previous year.

So using your quote:

Yr 1: $142
Yr 2: $145
Yr 3: $148
Yr 4: $163
Yr 5: $245
Yr 6: $306
Yr 7: $398
Total: $1547

May still be worth it, but at $250 deductible, you may be able to get an ESP for close that would be refundable if you traded the car in or totaled it.

[aerostar]

Originally Posted by GATORB8

May be outdated, but info on premium hikes from 2008 here: http://www.fi-magazine.com/forum/top...?TOPIC_ID=2230

yrs 1-3 expect price increases of 1-2% per year
yr 4 is a 10% increase on previous year
yr 5 is a 50% increase on previous year
yr 6 is a 25% increase on previous year
yr 7+ is a 30% increase per year on previous year.

So using your quote:

Yr 1: $142
Yr 2: $145
Yr 3: $148
Yr 4: $163
Yr 5: $245
Yr 6: $306
Yr 7: $398
Total: $1547

May still be worth it, but at $250 deductible, you may be able to get an ESP for close that would be refundable if you traded the car in or totaled it.

I just asked Geico about the price increases. I also quoted the percentages you quoted.

The rep said that they do not have a fixed increase but will increase depending on the total plan's performance.

I would assume it's a mix of vehicle age + how many claims are made by BMW's in the previous 6 months.

[WHL102]

Wow, too bad it needs to be started at less than 15k. Wish I knew about this! The increase over time is significant but $400 in the 7th year of ownership for peace of mind does not seem like that much!

[aerostar]

Originally Posted by WHL102

Wow, too bad it needs to be started at less than 15k. Wish I knew about this! The increase over time is significant but $400 in the 7th year of ownership for peace of mind does not seem like that much!

Yeah, my car has 13,000 miles so I just went for it.

I read a LOT of reviews online and 99% are positive. I'm sure if a large company like Geico were scamming people that wouldn't be the case.

[bodega_bladerunner]

Originally Posted by aerostar

I doubt your 2012 135i still has under 15k miles... or maybe you're lucky!

whoops! Reading > me