car insurance question (leasing, buy, live) - Long Island - New York (NY) - City-Data Forum

dscotto183 · 07-23-2018, 01:28 PM

So i'm looking over my car insurance coverage and i notice that I per car for "mechanical breakdown insurance." my husband and i lease our cars so is this insurance necessary? isn't mechanical failure covered under warranty?

mathjak107 · 07-23-2018, 01:41 PM

yes , you likely don't need it .

martinjsxx · 07-23-2018, 03:47 PM

GEICO had something like that for a small premium. If you plan to keep your car past the end of the warranty it might be a good buy depending on what is covered. It's like an extended warranty for a fraction of the cost you would pay for that coverage at a dealer. I see you are leasing so it probably wouldn't make sense for you if you won't keep the car over three years.

hotkarl · 07-23-2018, 10:44 PM

I have it. Kinda sorta like an extended warranty. Kinda.
Haven't needed it yet.
I'm waiting on delivery of my new car. They try to con me into extended warranty and someone is getting a punch in the face. I'll keep the breakdown coverage through my insurance.

sirtiger · 07-24-2018, 08:37 AM

Quote:

Originally Posted by hotkarl

I have it. Kinda sorta like an extended warranty. Kinda.
Haven't needed it yet.
I'm waiting on delivery of my new car. They try to con me into extended warranty and someone is getting a punch in the face. I'll keep the breakdown coverage through my insurance.

extended warranty is worth it for some. Carefully check if its 3rd party warranty or from manufacture itself. Depends what they cover; they have different coverage tiers.

For lease cars, I personally find excess lease damage is worth it for NYC drivers. Make sure its from the manufacture oppose to 3rd party. By the time I was done with one of my leased cars, I had curb rash, a big door dent and scratches on the bumper and front end from NYC street parking. It was worth every penny for a negotiated priced of $600 (asking price was $1k)

markjames68 · 07-24-2018, 02:26 PM

I had an extended warranty on my previous vehicle and it paid for itself - just. Unless the model is a known lemon or extremely expensive to repair it’s usually better to just put money away each month towards repairs.