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It's not that they're willing to cover a 4yr old vehicle, but more that they're covering a new vehicle for up to 7yrs - this means in order to keep this coverage, you'd have to maintain yourself as a Geico customer for an uninterrupted 7yrs. It's kind of a way to keep you in the fold. If you stay for 7yrs, they've a customer for 7yrs. If you trade it in before a claim, free money (most folks probably would trade their BMW in by year 3-5) for Geico.
It was this coverage that kept me from switching to another carrier who quoted me $300/6mo.
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