Are Ford Protect Plans worth it?

[Tonecapone]

If you have Geico auto insurance the policy on new cars under 12 months old comes with 7 year 100K warranty. They call it mechanical breakdown insurance but it covers bumper to bumper justlike the ford esp and you can take it to any repair shop you like. I did the math and I think the cost is 4 bucks a month for the coverage. Its one of the reasons that I have stuck with Gieco for so long.
Tone

Called Geico this morning to find out for sure and the MBI is indeed 7 years 100k which ever comes first. For my 2015 F150 platinum it cost me $100.47 a year which is around $8.37 a month. My initial thought of 4 bucks a month was way off. That totals to $703.29 over the course of seven years. The MBI for my wifes 2016 Suv is $98.54 a year which is slightly even though her vehicle was almost half the price of mine. Just some food for thought.
Tone

 

[Lightman]

Called Geico this morning to find out for sure and the MBI is indeed 7 years 100k which ever comes first. For my 2015 F150 platinum it cost me $100.47 a year which is around $8.37 a month. My initial thought of 4 bucks a month was way off. That totals to $703.29 over the course of seven years. The MBI for my wifes 2016 Suv is $98.54 a year which is slightly even though her vehicle was almost half the price of mine. Just some food for thought.
Tone

This sounds too good to be true - which makes me squeamish like most 'aftermarket' warranties. I'd like to hear accounts from folks with this Geico coverage actually having problems, and getting them resolved as 'hassle free' as the factory ford warranty....WITH NEW, OEM PARTS. A lot of people are surprised when it comes to repair time that their aftermarket coverage is only putting aftermarket, cheaper parts in. Perhaps this is the best deal going...hoping so for those that have chosen it - just seems awfully cheap. Then again geico is primarily designed for high risk (read high premium) clientele...so folks who don't 'need' geico might actually overpay on their premium comparatively to get a cheaper warranty..

 

[Tonecapone]

This sounds too good to be true - which makes me squeamish like most 'aftermarket' warranties. I'd like to hear accounts from folks with this Geico coverage actually having problems, and getting them resolved as 'hassle free' as the factory ford warranty....WITH NEW, OEM PARTS. A lot of people are surprised when it comes to repair time that their aftermarket coverage is only putting aftermarket, cheaper parts in. Perhaps this is the best deal going...hoping so for those that have chosen it - just seems awfully cheap. Then again geico is primarily designed for high risk (read high premium) clientele...so folks who don't 'need' geico might actually overpay on their premium comparatively to get a cheaper warranty..

I dont know anything about Geico being high risk insurance. I have an almost perfect driving record and have tried state farm, erie and liberty in the past. I originally went with geico because it was the cheapest long before I purchased a new vehicle found out about the MBI. I still shop around every two years or so for better rates and for me geico is still the cheapest. However I also have two vehicles, a motocycle and homeowners with them also so I am sure that helps.
Tone

 

[armyturtle]

A lot of people are surprised when it comes to repair time that their aftermarket coverage is only putting aftermarket, cheaper parts in.

As far as I'm reading with Geico and their MBI policy, this would be YOUR fault then because you are allowed to take your vehicle to ANY repair shop to have the work done. It's not as if Geico is colluding with particular shops to cut costs and only approve "cheap" parts. In fact, their MBI spells out exactly that they allow use of OEM parts.

Personally, I'm going to re-run the numbers today between my current insurance [Ameriprise] and Geico for the quotes on the total insurance package minus the MBI add-on (something Ameriprise doesn't even offer) that way I can compare apples to apples first. If it's close enough, I just may jump ship.

 

[armyturtle]

So I ran the numbers and comparing Ameriprise (who gives me a substantial discount for being with them for 5+ years) is about $204 cheaper per 6 months (not counting the MBI). For me, adding mechanical breakdown insurance [MBI] to it, increases the 6 month premium rate by $61 to a total of $265 difference between the two companies.

Paying $265 more per 6 months ($44 /mo) for Geico with MBI isn't exactly terrible. Hell we've blown that on Starbucks in a 2 week span. The only piece of the puzzle for me I still can't nail down though is what the likelihood I'll need to even use an extended service plan.

 

[Lightman]

Armyturtle, that's good info. Hopefully folks can save some money going the geico route.

 

[armyturtle]

Damn it, I'm like a woman with all the back & forth here. Now I'm thinking against the Geico MBI & insurance because of this post I found (raises some very good points): F&I Forum - I absolutely, positively HATE......GEICO!!

Honestly, I might at this point just got with www.floodfordesp.com AND tack on the Premium maintenance plan. At the end of the day, I want to be able to service my vehicle without worry that the dealership/mechanic may **** my truck up (on purpose or accidental) and leave me on the hook for the repairs.

Someone pointed out earlier that this might not be a good idea because if you only have one dealer near you, or you move to an area that only has one or two and that dealer sucks, you're stuck. For me, it's unlikely I'll ever leave the SF bay area, which has 5 Ford dealerships within a 35 mile radius of me; bump the radius up to 50 miles and there's 10-15 more.

Nope, don't want to go 50 miles for truck service, but in the unlikely event that all 5 dealerships around me suck ass, it's a nice option to have.

Really cool I've got all this time on my hands to teeter back and forth while I wait for Ford to ******* figure out when they're going to actually start shipping these things!

 

[codeman]

In my opinion, Ford (and especially depending on your dealer) are a bunch of low-life crooks. They will try not to honor warranty claims wherever they can get away with it. You're better off doing the work yourself, unless you can clearly prove the issue. In which case, sometimes you're still better off doing the work on your own.

The Ford Protect service plan, is an utter joke. If you do your own fluid changes, there's no point. You're essentially paying to have your tires rotated and some FordTech monkey walk around your vehicle once and call it a day, then tell you to come pick up your vehicle. Rotate your own tires, and change your own fluids. It's not difficult. Even changing out your spark plugs and doing the same check for loose bolts, or anything obvious.

For any major warranty issues, I suppose if you had to replace an engine or transmission or some other major components ... the extended warranty might make sense, but I would wait at least until closer to the 3 year mark to see what the track record for your vehicle has been like before tossing your money in a pit.

Just my 2 cents

 

[GordoJay]

Zombie thread, but solid advice. Worth a bump.