EXTENDED WARRANTY through Insurance Carrier - Geico. 7 years/100,000 miles for $210! ??

[Terrible_One]

My home is worth much more than a car. That is no comparison. If warranties were not a money maker they would not sell them.

Buy a lottery ticket instead. You'll be better off.

Yes, typically they are money makers, just like every kind of insurance there is, including homeowner's insurance, car insurance, etc. They all make money on it, but the point is that it also works in your favor if you do happen to need it. Comparing it to a lottery ticket is also "no comparison" as we all have astronomically better odds that something on our vehicles is going to fail than we are to win the lottery. Multiple extended warranties of mine have also paid for themselves twice over...especially for German cars, lol.

 

[User_3336]

My home is worth much more than a car. That is no comparison. If warranties were not a money maker they would not sell them.

Buy a lottery ticket instead. You'll be better off.

We get it, you're NOT a fan of extended warranties . . . . Lottery tickets.. Now, there's throwing away money versus the odds of winning.

 

[User_3336]

Yes, typically they are money makers, just like every kind of insurance there is, including homeowner's insurance, car insurance, etc. They all make money on it, but the point is that it also works in your favor if you do happen to need it. Comparing it to a lottery ticket is also "no comparison" as we all have astronomically better odds that something on our vehicles is going to fail than we are to win the lottery. Multiple extended warranties of mine have also paid for themselves twice over...especially for German cars, lol.

Good point! Yep, its like insurance. I spent $40,000 on my truck. I'm certainly not going to fret over another $1000 to cover it for 7 years. I like peace of mine if something happens to it, I'm covered.

 

[djevox]

Good point! Yep, its like insurance. I spent $40,000 on my truck. I'm certainly not going to fret over another $1000 to cover it for 7 years. I like peace of mine if something happens to it, I'm covered.

I wish I could go back to 2020 or earlier and pay that little for my truck.

 

[ramhead]

My home is worth much more than a car. That is no comparison. If warranties were not a money maker they would not sell them.

Buy a lottery ticket instead. You'll be better off.

Obviously they make money off of them....just like life insurance, not everyone is going to wind up using it or benefiting from it but it does have its purpose and is very comforting to have when things goes wrong. I do though gauge my opinion on the fact that put minimal miles on my vehicles so I do get the max years/miles out of ext. warranties. I would agree they are probably not worth it for someone who puts alot of miles on their veh & not have coverage for the full term. But for my current Ram 8 yr warranty I paid $1300 for the Maximum (full) Care coverage. Yes, that's really only for 5 years (since it doesn't take effect until after the 3/36) but it works out to $260/yr. That's worth it to me for the peace of mind. As stated above there are also refundable plans where you get all your money back if you don't use the plan (more expensive but an option).

 

[Mountain Whiskey]

We get it, you're NOT a fan of extended warranties . . . . Lottery tickets.. Now, there's throwing away money versus the odds of winning.

Gotta play to win!

 

[ramhead]

We get it, you're NOT a fan of extended warranties . . . . Lottery tickets.. Now, there's throwing away money versus the odds of winning.

Gotta play to win!

Nah....Lottery tix are a joke. But I got a Nigerian Prince who is promising me a large fortune - he just needs my help in accessing some funds. I just gotta wire some cash to an offshore bank in a 3rd world country and then sit back and wait for my payday...then, it's easy livin' for me.

 

[Mountain Whiskey]

Nah....Lottery tix are a joke. But I got a Nigerian Prince who is promising me a large fortune - he just needs my help in accessing some funds. I just gotta wire some cash to an offshore bank in a 3rd world country and then sit back and wait for my payday...then, it's easy livin' for me.

You never win at those odds!

 

[Bluesurf]

I just saw this on YouTube, its important for all to understand what these non factory warranty's won't cover.

 

[User_3336]

I just saw this on YouTube, its important for all to understand what these non factory warranty's won't cover.

I'd never buy a third party extended warranty.

 

[RamGuy32]

EXTENDED WARRANTY through Insurance Carrier - Geico. 7 years/100,000 miles for $210! ??

I am getting my insurance binder for the new arrival and Geico mentioned to me that I can purchase an Bumper to Bumper Extended Warranty through them of 7 years / 100,000 miles for $30 per year for either the 7 years or 100,000 miles (whichever comes first). I only drive about 8,000 miles a year, so going to definitely be the 7 years. So that's $210 for 7 years (really +2 years after FCA warranty). Does this sound too good to be true?? I saw people posting about buying extended warranties through FCA from a few dealers and they were $1,000 to $2,000+. Does anyone have any experience with this?

Update:
So I just looked it up and read a few reviews. Take a look. I appears to be very good. They both say it actually covers more, and you can bring your vehicle to any repair place to be repaired, not just the dealer.

Geico MBI Review - The Truth about Geico's MBI
Geico's MBI Info

Anyone have experience or first hand info? How good is the coverage? FCA parts, dealers accept it?
Sounds way too good to be true, but is is Geico so they are reputable, and she said it is bumper to bumper.

I have it, it works well and no issues. It pays the dealer directly with pre-verification of coverage so you don't have to pay and then pray you're reimbursed.