No, you cannot get mechanical breakdown insurance for high mileage cars from most insurance companies, which generally require drivers to purchase coverage before a car has 15,000 miles on it. One major exception to this is USAA, which insures cars with up to 250,000 miles as long as they are less than 10 years old.
If a driver with a high mileage vehicle does not qualify for mechanical breakdown insurance, they should consider getting an extended warranty instead. An extended warranty is similar to mechanical breakdown insurance in that both pay for repairs to a car’s major systems when they stop functioning properly. But many extended warranty providers offer plans for vehicles with over 100,000 miles.
Extended warranties usually require a full upfront payment of $1,500 to $3,000, and they can be purchased from auto manufacturers or third-party companies. Drivers can choose between different levels of coverage, some of which offer additional perks such as rental car reimbursement and 24/7 emergency roadside service.
CarShield costs at least $99 per month and up, though prices vary by state, driver, and specific vehicle. CarShield sells vehicle service plans, which are similar to extended warranties, and a plan from CarShield covers the cost of repairs to the car's systems and mechanical parts. Six different plans are available from CarShield, so drivers can choose between several levels of coverage.… read full answer
To qualify for a CarShield plan, cars must fulfill certain eligibility requirements, though the company does not disclose the exact requirements.
CarShield Plans Cover:
Plans may cover slightly different things, but this list provides a good example of CarShield coverage.
CarShield vs. Extended Warranties From Major Insurers
Although exact coverage may differ for the providers above, all of them cover the main parts or systems. These include the engine, transmission, brakes, suspension, and steering.
It’s also worth noting that mechanical breakdown insurance from a car insurance company is often a cheaper alternative to a third-party vehicle service plan or extended warranty. For more information, check out WalletHub’s guides to mechanical breakdown insurance and extended warranties.
The best mechanical breakdown insurance is from Allstate, Mercury, and Geico. These companies cover the most vehicle components at the lowest prices, and their mechanical breakdown insurance policies apply to cars for much longer than plans from competitors.
In general, Allstate’s Vehicle Service Contract is the cheapest option and covers the most components, while Mercury’s Mechanical Protection lasts the longest. … read full answer
Mechanical breakdown insurance (MBI) is a type of coverage that pays to repair your car when it suffers from a major mechanical failure. Because it is a specialty add-on, MBI is not offered by all major insurance companies.
Some insurance companies market their mechanical breakdown coverage as a vehicle service plan or extended warranty, which may offer broader coverage than traditional MBI. Most insurers specify an age and mileage limit for their MBI policies and service plans, too, so it’s possible that your car may not qualify for coverage.
The specific cost of mechanical coverage will vary based on factors such as your vehicle’s make, model, age, and mileage. Most insurance companies allow you to pay monthly, though AAA and Mercury both require a lump-sum payment for up to four and seven years of coverage, respectively.
Yes, Geico offers mechanical breakdown insurance for cars that are less than 15 months old with less than 15,000 miles. Geico mechanical breakdown insurance (MBI) is a policy add-on that insures a vehicle against mechanical problems, such as transmission or engine failure, which are not covered by standard car insurance.
However, mechanical breakdown insurance will not pay for routine maintenance, wear and tear, or damage caused by an accident. Other exclusions to Geico mechanical breakdown coverage include tune-ups, wheel balancing, and suspension balancing, among others.
Geico Mechanical Breakdown Insurance Cost
The cost of Geico mechanical breakdown insurance varies depending on the car, but the average MBI policy costs around $100 a year. Customers will also need to pay a deductible of $250 before Geico MBI goes into effect.
Mechanical breakdown insurance from Geico is a good alternative to an extended warranty from the vehicle manufacturer, which might provide the same type of coverage but will usually cost around $1,500 total. For more information on whether Geico MBI is worth it, check out WalletHub’s complete guide to mechanical breakdown insurance.
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