Do You Need an Extra Car Repair Policy?
by Jay MacDonald
Tuesday, January 18, 2011Bankrate
Want to keep costly auto repairs from breaking your budget after your manufacturer's warranty expires? One option may be mechanical breakdown insurance, or MBI, a little-known insurance product that acts like an extended warranty on new and used vehicles but with several advantages, including payment terms, that may make it a good choice for some.
http://finance.yahoo.com/insurance/arti … ance-autos
i have read and considered these policies and don't know if they are a good deal or not...
Those policies are a real money maker for the seller as the cost far outweighs average repair bills.
They also typically have very limited coverage for what they will repair and very tight controls on what you have to do to get repairs (go over the recommended oil change 10 miles and you lose the warranty). Many require repairs at a particular location; if you are traveling or move the warranty is worthless.
From what I've seen at least half of them are basically scams, with such tight coverage limits and requirements that it is nearly impossible to actually use them. Caveat emptor.
They might (might) be a good deal for someone that just could not spend a few thousand to repair a major problem and would have to dump the car for far less than it's worth if a transmission or engine went. Anyone else is almost sure to spend far more for the warranty than they will ever get out of it.
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