Mechanical Breakdown Insurance, Coverage for Car Repairs

1. Mechanical Breakdown Insurance: Coverage for Car Repairs

2. If you've just bought a brand-new car and are wondering how to protect it, getting car insurance is the most obvious choice. After all, car insurance is mandatory in almost all states in the country. Now that you've got the best car insurance to cover your car from accidents, fire, theft, and other mishaps, it's time to consider some add-ons. If you really want to keep your car protected and not break the bank in the event of it breaking down, you might want to consider adding Mechanical Breakdown Insurance. While mechanical break insurance, or MBI, isn't a legal requirement in any state, it can help you cover the cost of an unfortunate mechanical breakdown. By now, you might be thinking: "But doesn't my car warranty cover breakdown repairs?" Well, it does. A mechanical breakdown insurance coverage resembles an extended warranty or a car service contract more than liability or collision insurance.

3. While mechanical breakdown insurance does cover trips to the mechanic for repairs that weren't caused by an accident, so does your car's warranty. However, they could help you out a great deal when your car's warranty runs out, and you've forgotten to buy an extended warranty package. MBI will cover repairs for a busted engine, a leaky intercooler, or even something as simple as a bent wheel. Let's find out the benefits of mechanical breakdown insurance and whether you need one for your car. MBI will cover a busted engine or a puncture in your air conditioner line, for example. While the coverage appears plausible in theory, many experts doubt its utility. Car breakdowns can be costly, but they happen infrequently. Comparing rates from other insurers, on the other hand, is one of the most effective strategies to find low-cost coverage.

4. What is mechanical breakdown insurance, and how does it work? Mechanical breakdown insurance addresses catastrophic faults in your vehicle that are often not covered by standard auto insurance. MBI covers any major vehicle system breakdown, whether it's faulty brakes, transmission problems, electrical issues, or any other major vehicle system malfunction. Fill out an online claim form, just like you would for any other car-related issue, and the company will refund you for the repair costs. MBI does not cover routine tune-ups, tire problems, or damage caused by bad maintenance. Any damages incurred due to a car accident or crash are covered under your collision or comprehensive coverage. In terms of coverage, there is a lot of overlap between MBI and your car's warranty. The warranty will cover many of the things that can go wrong with a new car. MBI plans, on the other hand, are a little broader than a standard warranty and may cover breakdowns that don't meet the guarantee's specified definitions. MBI plans also outlast warranties, which typically last three years.

5. Unlike other types of car insurance, MBI is not available from every provider, and not every vehicle qualifies. Geico is the largest provider of MBI, and customers can select the coverage online and obtain quotes. To qualify for MBI, your vehicle must be less than 15 months old and have less than 15,000 miles on the odometer. Mercury Insurance is one of the smaller companies that offer mechanical breakdown insurance. Mercury's MBI is a little more expansive, accepting a broader range of vehicles as long as they are still under warranty. Unfortunately, you must purchase MBI coverage while the warranty is still active to avoid it being terminated. MBI policies from Geico and Mercury are valid for six to seven years or 100,000 miles, whichever comes first.

6. What is the cost of mechanical breakdown insurance? Once you've found cheap auto insurance for your car, MBI should be too expensive to tack on to your car insurance policy. Mechanical breakdown insurance typically costs between $30 to $75 a year. The actual rates may depend on several factors, such as the make and model of your vehicle. What Is covered by mechanical breakdown insurance? Unlike ordinary insurance policies such as liability insurance, mechanical breakdown insurance does not cover you after an accident. Instead, it is more cost-effective to fix parts that fail due to regular wear and use. Your car can stop working without causing a collision. Even the best-maintained components in a car might fail as it ages. The best car insurance will not cover the cost of replacing your transmission if it breaks down unexpectedly. Mechanical breakdown insurance can save you money on repairs by covering the costs of specific car components. MBI policies are similar to extended warranties in this regard.

7. The parts covered by an MBI coverage may differ from one provider to the next. With a few exceptions, the most comprehensive coverage will cover nearly all car parts. Here's a list of items that are not often covered by mechanical breakdown insurance: • Brake pads, wiper blades, and other wear-and-tear equipment. • Glass, upholstery, and other non-mechanical or electrical parts. • Parts damaged due to misuse, abuse, or neglect. • Damage caused by using aftermarket parts. Is it necessary to have mechanical breakdown insurance? Mechanical breakdown insurance is not required by state law. If you're leasing a car, your lessor may need you to obtain additional auto warranty coverage, such as mechanical breakdown insurance.

8. Every vehicle will almost certainly require unforeseen repairs at some point, and all drivers should plan accordingly. You have the option of saving for repairs on your own or purchasing additional car protection, such as mechanical breakdown insurance. Each choice has advantages and disadvantages. You'll have paid for unwanted coverage if your vehicle doesn't suffer a covered failure and you don't use your mechanical breakdown insurance. On the other hand, some drivers value the peace of mind that an MBI coverage can provide. An MBI policy might help protect you financially if your vehicle requires a very costly and unexpected repair.

9. Pros and cons of mechanical breakdown insurance Unlike extended car warranty, mechanical breakdown insurance is regulated by the state insurance commissioner. However, it is only available for newer vehicles, whereas extended warranties are available for high-mileage vehicles as well. Both can be cancelled at any time. However, mechanical breakdown insurance isn't typically refunded. So, choose wisely before purchasing mechanical breakdown insurance. The best way to find cheap car insurance with mechanical breakdown insurance is to compare quotes from several insurance providers. You could do so in less than 10 minutes by logging on to a website like way.com, where a team of analysts can help obtain quotes at no cost!