Quote:
Originally Posted by The X Men
I guess my problem with the GIECO MBI is not so much the total cost, but the fact that they can cancel you at anytime. $250 deductible is also way too high. Paying from day 1 means that for the first 4 years, you are prepaying for year 5 to year 7 which you may or may not use, lets face it, no one can predict what happens in 5 years from now.
If GIECO double your insurance rate and you decide to change insurance company, you lose every penny of the MBI. Like most low cost insurance polices, GIECO will fight you on the dealer's hourly rate. The last thing I would want is to have my car sitting at the dealership while the dealer and GIECO fight over how much should the repair and parts cost.
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Fair points, but you can run into similar problems with a manufacturer's warranty about what they will/won't cover. End of the day, most people who purchase these types of coverage end up losing money - if they didn't the dealers/insurance companies wouldn't have these plans available.
So there are definitely pluses and minuses with any type of warranty (manufacturer or insurance), and I'm weighing the pros and cons of each. Honestly, the best kind of insurance is the one you don't have to use (especially when talking about life insurnance
I did just come across this site as well which might be of interest to folks, might be worth checking into some other options for their costs and ratings:
http://extended-car-warranty-service...enreviews.com/
I still have a couple of weeks until my delivery, so I'm using this time to educate myself on the pros/cons of all the different options and then making the decision based upon having a better picture, so I appreciate any pros/cons of any plan and also any suggestions others might be able to offer.
Based on what I've seen for costs of manufacturer warranty, that would cover several deductibles on the GEICO side, but unfortunately you never know how good/bad your insurance company/warranty is until you need them, and then its too late.