Geico Mechanical Breakdown Insurance?

Today I was messing around online with my Geico Insurance. I have a 2018 Tacoma DCSB SR that I bought new about a year ago. I have 14600 miles on it. I went ahead and bought the Geico Mechanical Breakdown Insurance for $12.20 for 6 months. It can be continued up to 7 years or 100,000 miles. It has a $250 deductible.

I generally put around 15,000 miles a year on my truck. So my Toyota Drivetrain 60,000 mile warranty will run out after four years of ownership which is three years from now. I will hit 100,000 miles in around 6.67 years of ownership or 5.67 years from now. So I figure this Geico Mechanical Breakdown Insurance will cost 5.67 X 2 X $12.20 = ~$138.40. Giving me coverage for 40,000 miles and 2.67 years after my Toyota Drivetrain warranty stops. I am making a HUGE assumption that the $12.20 every 6 months stays the same or at least does not go up much. If these numbers are right, or at least close to right, then it is somewhat cheaper than traditional extended warranties.

Does anyone here have experience with Geico Mechanical Breakdown Insurance?

https://www.geico.com/auto-insurance/mechanical-breakdown-insurance/

 

Hm you should see what it covers fully. From what I’ve heard about it, it doesn’t cover to much but $12.20 for peace of mind doesn’t sound to bad to me!

 

I carried it on my Macan for the exact reasons you mentioned. I also used it as a negotiating point when buying my taco and got 7/100 warranty. Never had to use it in either case.

 

It SEEMS like it is close to bumper to bumper with a $250 deductible. So the gamble is hitting the deductible a bunch of times or hitting close or under the deductible a bunch of times. Also it ties you to Geico for a number of years.

 

Agreed. You have to carry it 4 years before it has any value to you. I’m betting Geico makes a bit of money with zero risk because people sell before 4 years.

 

And they're making money to begin with because most of these new Tacomas are very good running vehicles, and extended warranties are just a ripoff. They wouldn't be so happy to sell you an extended warranty if your average person gets their money back on them, which would mean they are losing money.

 

as with any insurance when you file a claim they will try to 'Loop Hole" out of covering it.

 

Yeah I'd want to see exactly what it covers and what it doesnt

 

You can still by a Toyota Extended Warranty, at least you know what will be covered.

 

They most likely figure people won't read it......therefor OP should.........

Never heard of it, which means nothing of course, but doesn't seem like a must have to me. Geico must see it as a winner.
Is your dog taking a dump?

 

I have some whole life insurance to sell you

 

I like how people say to get the Toyota extended one. Ive seen more denied warranties through Toyota than any other manufacturer for dumb shit. You drove your truck, denied. Theres dirt on your tire, denied. You towed 1000lbs on a sunday, denied.

 

More like:

Sample 1. I bought a Tacoma and a few weeks later I decided my wife was too fat for a RTT, but I love her just the same so 30 foot camping trailer it was. Hey guys do you think it's a good idea to tow this thing? Sure bro just leave it in ECT. ....Days later bro my truck overheated trying to tow my new camper up to Big Bear at 70 MPH.

Sample 2. I went off roading this weekend with a bunch of bros from the local Raptor club. I mean never mind their trucks are fully built legit pre-runners. I tried to keep up and my shocks are blown and my Camry motor has a rod knock. The wife sure is pissed because Toyota denied the warranty citing abuse. Something about the OB2 and engine data saying over rev. I guess I missed a down shift, but it was worth it. I have to tap my home equity for a new engine and some King shocks. F-ing Toyota man i'm half tempted to sell this thing and get a Raptor

 

seems like a waste to me...the whole point of owning a tacoma is the reliability. As others have said, depends on what is actually covered. If I was driving a Ram or something else (not likely) then its different story.

 

It's not bad, but keep in mind it could count as a claim which could raise your rates.

 

Supposably according to the vast knowledge of the internet, the Geico mechanical warranty claims do not have any effect on your regular car insurance.

I think this is one of the key things in Geico's math. They know statistically how often a new car buyer will trade in their vehicle. They know statistically that the vast majority of new vehicle buyers will trade out of the vehicle before or shortly after the traditional warranty has expired. I personally very much fall into this category. However, I am considering keeping this truck for a longer period of time.

Geico has also no doubt done the math on the statistical probability of a claim being made in between 60000 miles and 100000 miles of the few customers that have not traded their vehicle in yet. Geico probably also understands that of those new vehicle buyers that actually go past 60,000 miles, a good number of them will trade before their vehicle gets to 100,000 miles. So Geico doesn't actually have to cover all the way out to 100,000 miles in the vast majority of cases.

Where this seems like really a pretty good deal, is for the small minority of new vehicle buyers who will take their newly bought vehicle all the way out to 100,000 miles or 7 years. I generally do not fall into this category, but with having a stay-at-home wife and a big gaggle of kids, I am thinking more and more of keeping my truck much longer than what I normally do.

I think another key component to the Geico math in requiring you to buy this warranty before you reach 15,000 miles or I think it is 1 and 1/2 years of the ownership is this eliminates people who have a lot of problems with their vehicles that are about to go out of warranty. They probably have mathematically figured that those who buy warranties close to the expiration of the manufacturer's warranty probably have problems that they know about or they have had a lot of problems and therefore want an extended warranty.

 

Seems like a pretty decent deal if it is truly bumper to bumper and you plan on keeping the truck long enough for it to be worth your while.

 

When I did my research, it seemed like a good deal considering a Macan transmission is about $16k to replace. I ended up selling not because I didn’t want to keep it, but because I wanted a Cayman more. So Geico made 3.5 years of free money off me. But I had the comfort of knowing I would be able to keep the expensive to repair car past warranty a few years if I wanted to. It was money well spent for me, even though I didn’t use it for repairs, only for options and peace of mind.

 

This is my exact thought as well. The cost is so low per every 6 months it will not change my mind on trading early. My concern is if I do decide to keep the truck past warranty I could have an expensive repair. The constant shifting transmission and all this crazy complex 2018+ safety sensor stuff does give me concern. Add in the complex Atkinson cycle engine and all the associated stuff. Plus traditionally I do my own car repairs including major repairs. But the ability to do any sort of significant repair in your driveway has long past.

The warranty won't keep me from trading early but it will provide protection from a major breakdown out to 100,000 miles if I keep it that long.

 

Most manufacturers in house extended warranties suck tbh.