If you’re shopping around for car insurance in Colorado Springs, you may be thinking about collision and comprehensive coverage as well as liability. However, auto insurance has different types of coverage, including mechanical breakdown. Here are some basics you should know about this portion of a policy.
Understanding What Mechanical Breakdown Insurance Is
This type of coverage, known as MBI, is similar to an extended warranty. It pays for repairs to your car’s mechanical systems that have nothing to do with an accident. This coverage usually pays for repairs on the engine, drivetrain and transmission. It may also cover exhaust and brakes as well as electrical systems. You may even get coverage for the air conditioning and fuel system. You can usually choose from multiple levels of coverage.
MBI generally won’t pay for repairs that happen normally over time as wear and tear. It probably won’t pay for replacing your brake pads or shoes, spark plugs and filters. It also won’t usually cover tune-ups or wheel balancing. You’ll still have to pay for tires and fluids out of your own pocket.
Is It Worth It?
When you think about what is covered and what isn’t, you may wonder if mechanical breakdown insurance is worth it. Considering how expensive parts and labor are on a vehicle, it could save you money to carry a policy.
MBI is a better option than an extended warranty for several reasons. It usually is less expensive than the extended warranty and it may cover more parts. You can usually go wherever you want to get repairs done.
Another benefit for carrying this policy is you may be able to transfer it if you decide to sell your vehicle, which could increase the value to the buyer. You also don’t have to pay a large sum all at once, which makes it more affordable for the average person.
The Cost of MBI
The price of MBI depends on the age and model of your vehicle. Your driving record doesn’t factor in like it does with regular car insurance in Colorado Springs. Your credit score, age or other factors have no impact either.
You may spend just a few hundred dollars for this coverage or it could cost a few thousand. This coverage may be an add-on or purchased as its own policy. However, it doesn’t replace standard car insurance, so you will still need to have both.
You need to decide if this coverage is right for you. Do some research on the model you’re purchasing to see if it has a history of breakdowns or other issues. Find out the cost of repairs to see if you can afford them or if it would be better to pay the monthly premium for coverage.
In the end, choosing to purchase mechanical breakdown insurance is up to you and how much peace of mind you need for unexpected repairs. It’s something you should look into and learn about for your vehicle.