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Mechanical Breakdown Insurance or Extended Warranty?

Discussion in 'Gen 2 Prius Main Forum' started by ScottY, Jun 3, 2005.

  1. ScottY

    ScottY New Member

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    Hello everybody,

    I am deciding on which one is better, GEICO's Mechanical Breakdown Insurance (MBI) or Toyota's Extended Warranty. Any suggestions will be great.

    I currently have GEICO for my car insurance, they offered me Mechanical Breakdown Insurance (MBI). MBI covers 7yr/10k miles bumper to bumper. I called them to make sure that they cover hybrid cars like Prius. Their answer is yes. According to their website, click, it seems like the same as Toyota's Extended warranty. I also ask if Toyota dealers will accept their MBI. Their answer is Yes, all you have to do is give GEICO a call and they will pay for the bill. But there's a $250 deductable.

    Comparing with Toyota's extended warranty, GEICO's MBI is alot cheaper. It's $30/yr. For 7 years, it's only $210. Compare to $980 for the Toyota Extended Warranty. You guys think it's a good idea to go for GEICO's MBI?

    Scott
     
    #1 ScottY, Jun 3, 2005
  2. Fredatgolf

    Fredatgolf New Member

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    I think that's too much of a blind question. Warranties are tricky animals and more details are necessary to say one way or the other. Some people love Geico and some don't. The no deductible thing is big but I don't know if it's that big. Personally, if I had to be insured by Geico in order to get the MBI, I would not get it.
     
    #2 Fredatgolf, Jun 3, 2005
  3. DanMan32

    DanMan32 Senior Member

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    Hopefully it is 7yr/100K and not 10K as you wrote. Otherwise, that might explain the price! :)

    The deductable may be why it is much cheaper. With the deductable, there's less risk to them in you filing small claims, such as the TSB reprogramming for the ICE failed to start condition.
     
    #3 DanMan32, Jun 6, 2005
  4. ScottY

    ScottY New Member

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    <div class='quotetop'>QUOTE(DanMan32\";p=\"96098)</div>
    Yes, it is 100k, my mistake. Acutally, I dont really want to get the extended warranty now. Base on the reputation of Toyota, I think this car can last for a while.
     
    #4 ScottY, Jun 6, 2005
  5. DanMan32

    DanMan32 Senior Member

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    It isn't the drivetrain I was worried about, but rather the bells and whistles as well as power steering and brakes. Any one of those could be a lot of money, and they are only warrantied for 3/36.
     
    #5 DanMan32, Jun 6, 2005
  6. V8Cobrakid

    V8Cobrakid Green Handyman

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    damn.. my misc bells and whistles are no longer under warranty :(
     
    #6 V8Cobrakid, Jun 7, 2005
  7. Bill Merchant

    Bill Merchant absit invidia

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    <div class='quotetop'>QUOTE(V8Cobrakid\";p=\"96277)</div>
    [font=Comic Sans MS:060a37eb25]Your sig says over 30K miles. If it's still under 36K miles, get the extended warranty now! Or trade for a new car...[/font:060a37eb25]
     
    #7 Bill Merchant, Jun 7, 2005
  8. V8Cobrakid

    V8Cobrakid Green Handyman

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    i'm around 38k. i barely make enough to pay my bills with my current job (hopefully my new job accepts me in august)... i can't afford an extended warranty.
     
    #8 V8Cobrakid, Jun 7, 2005
  9. DanMan32

    DanMan32 Senior Member

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    There are some third party extended warranty companies that will still take you, until you reach 100K. I used to get notices from companies all the time. They are a bit expensive though.
     
    #9 DanMan32, Jun 7, 2005
  10. bethmaup

    bethmaup New Member

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    Do a lot of research if you get a warranty from someone else. The financial guy on our radio station warned that the 3rd-party insurers might disappear. We have to agree, because we once paid almost $700 for a 3rd-party warranty for a Caravan, got $65 out of it to fix a door, and then got notification that the company had gone bankrupt. We were never able to get any of our money back, and this was only a couple of months after the standard vehicle warranty expired. Any ads for such that we've received since then go directly to the round file.

    Beth
     
    #10 bethmaup, Jun 7, 2005
  11. DanMan32

    DanMan32 Senior Member

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    Guess they should be regulated like any other insurance.
     
    #11 DanMan32, Jun 8, 2005
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