Extended Warranty or Car Insurance MBI?

[trenado88]

Hey ya'll,

I just received the call that I've been waiting since July. My maverick just arrived and will be prepped for tomorrow's Thursday 3/24 delivery.

Now the not so fun part with the finance people. I'm no fan of extended warranties and the way they're being sold to the customer.
Due to the fact that the hybrid is a new vehicle, I might be open to get some sort of extended warranty although my Geico insurance does offer mechanical Breakdown insurance (MBI) for about $40 per 6-month period and includes a $250 deductible per "event". I also saw a post of Ford protect with a dealer.

I need you all feedback. you guys are very knowledgeable and enjoy your bluntness lol Thanks.

Sponsored

 

[BostonMaverick]

There are resources on these forums that provide very transparent pricing on Ford warranties.

Personally I am going with a premium care, 8 year, 100k mile coverage period and adding same day rental + led light replacement.

All a warranty does is provide insurance against the potential cost of future repair. For about $2k in cost, I see value in it.

You have 3 years or 36k miles of bumper to bumper, 5 years or 60k power train coverage from the factory and additional coverage if you have a hybrid. You do not need to decide now unless you plan to roll the cost into an auto loan.

There is no wrong answer either way. Go with whichever option helps you sleep best at night.

 

[Darnon]

Geico's mechanical breakdown insurance is supposed to be pretty good, but of course bear in mind that it means you basically are locked into using them as your insurer for perpetuity. And insurance companies have that habit of increasing your rate a little every renewal no matter how much they claim loyalty discounts.

 

[ValenciaOrange]

There are resources on these forums that provide very transparent pricing on Ford warranties.

Personally I am going with a premium care, 8 year, 100k mile coverage period and adding same day rental + led light replacement.

All a warranty does is provide insurance against the potential cost of future repair. For about $2k in cost, I see value in it.

You have 3 years or 36k miles of bumper to bumper, 5 years or 60k power train coverage from the factory and additional coverage if you have a hybrid. You do not need to decide now unless you plan to roll the cost into an auto loan.

There is no wrong answer either way. Go with whichever option helps you sleep best at night.

Don’t pay 2k. Get it from Grainger Ford. You will thank me later.

 

[craigg]

I had the Geico MBI and thought that was all I needed until they raised my rates. I was shocked at how much rates went up. I had been with Geico for 20+ years with no accidents, claims, or violations. I ended up changing to Progressive. I lost MBI but will save over $500 per year. I decided to buy the Ford ESP through Grainger, $900 after points for 7 years/ 100,000 miles.

 

[Darnon]

I had the Geico MBI and thought that was all I needed until they raised my rates. I was shocked at how much rates went up. I had been with Geico for 20+ years with no accidents, claims, or violations. I ended up changing to Progressive. I lost MBI but will save over $500 per year. I decided to buy the Ford ESP through Grainger, $900 after points for 7 years/ 100,000 miles.

That was my concern with going with coverage through insurance. It gives them a lot of leverage since you're paying some 2-3 years before it kicks in and if you have to drop them then that goes into thin air. While historically I've switched providers every few years because of them slowly bumping rates. I actually went the other way (P to G) with my Maverick and knocked some $50 off monthly.

Sponsored