because they are covering their backsides. Different manufacturers have different cambelt replacement needs.
djdragon,
Dec 30, 10:29am
is this worth it in your opinion! what does it cover and not cover etc!
male_timaru,
Dec 30, 10:39am
They buy the policy and sell it on so they are making a profit - if you buy a car make sure you add this into your offer when buying the car - so an example would be $8K vehicle
See vehicle, like vehicle want vehicle, but also want mechanical warranty on vehicle
Make offer of $7500 including warranty see if they accept - they will probably counter with $7500 plus cost of warranty (and try to sell you the GOLD policy costing $500 - which they will pocket $250 or 50% of)
That is how it was working 2 years ago when I last asked 2 of my mates who OWNED car yards lol
They don't use TM lol so no worries about them reading this
jasongroves,
Dec 30, 10:44am
Its situation, cost and vehicle dependent. Consumables, wear and tear ie; clutch, brake pads, filters, tyres etc etc are NOT covered.
male_timaru,
Dec 30, 10:50am
Oh and if they need to claim make sure they do not claim on your behalf like one dodgy car yard did on my vehicle once - but paid the excess for me (was informed this had been done later !)
It was a claim from me apparently ! So when i made another claim 3 months later on another issue (ecu needed rebuild) it was denied - and as i had no knowledge that it had been done that way until 3 months after the fact, i asked the policy provider why i was being denied and they told me i had made a claim already !To which i said No i haven't!
I got my money back and returned the car to the yard in exchange for no legal action being taken - so win win at the end of the day but really peeved cos i loved the car!
tonyrockyhorror,
Dec 30, 4:22pm
Depends on the policy but none cover wear and tear. They're generally intended for severe and catastrophic failures.
Worth it! Not for me but for you it depends on whether you'd trust the dealer to honour their obligations under the CGA without a wrestling match. You don't have to purchase one from a dealer either - the 'smart' way if you felt the need would be to buy one would be directly from warranty (insurance) company - that way you won't get the "use the warranty" fob off if something goes wrong that should be covered by the CGA - you'll have a choice.
You can also buy such cover if you purchase privately.
amberjandal,
Dec 30, 7:48pm
I would buy one if I was buying a car that had significant cost to repair and if it did have an issue would leave me in a position where paying the repair bill would hurt.eg Euro's , Odd ball imports. I would have no problem buying off a reputible dealer as they have say with warranty companies. I would not get one if i was buying a Corolla or something really reliable.
fineo,
Dec 30, 8:16pm
Also be aware most of these policys require excessive sevice requirements compared tp the average Ks traveled
owene,
Dec 30, 8:41pm
Correct, in some cases the dealer required to do the 'service' is a mate of the car-yard and their rates are extortionate - ie an oil change and oild filter on a 7 series BMW $650. Even the main dealer quoted $160 for that same job.
The safest option is to buy a vehicle off someone you know and when you know the vehicles history. Why pay those fat dealers a huge % for doing nothing!
bevharris1938,
Dec 30, 8:54pm
We paid $1200 for a mechanical breakdown insurance on our we bought 6 months ago. It paid for itself 4 days ago. Got stuck out in the urewera national park with trans probs. Towing fee $400 , car repair $700, all covered.
kazbanz,
Dec 30, 8:59pm
djdragon- Look I AMa car dealer and sell a fair fewwhat you call warrentys.I know this sounds pedantic but in fact they are MECHANICAL BREAKDOWN INSURANCE. The reason I state the difference is that if you think of it as just that -INSURANCE then it makes sense.Just like any other kind of insuranceits a total waste of money untill you have to make a claim. Speaking SPECIFICALLYabout Vero underwritten policies (Autosure,AA and a couple of dealer brand warranties) It is actually simpler to say what isn't covered. Tyres,exhaust, Radio,battery,bulbs, manual clutch and brake shoes/pads and of course accident damage . Please IGNOREthe coment above by fineo- The service requirements are every 15000km or 12 months for petrol vehicles and 10000km or 12 months for diesel vehicles. if you don't do at least that then heck its just silly.
But to answer your question Im required by law to OFFER MBI to every customer but in all honesty I only really recomend it to those buying cars with a make/modelhistory ofmechanical issues. I honestly feel that a MBI IS good value for money in those cases. Where I agree totally with others here that you have cover under the CGA etc it does have time/distance limitsfor example its not reasonable to expect a dealer to pay for damage to a gearbox caused 2 years and 50000km after purchase -wheras MBI covers you untill the end date of the policy. ALSO -I strongly suspect we are going to see a reduction in the number of registered dealers in the next 12 months. No point in wanting cover from the dealer if they have closed up.
kazbanz,
Dec 30, 9:06pm
I'd apreciate it if you could quote SPECIFICS not simply urban legend. I'm aware of the service requirements by LUMLEY and VERO underwritten policies and frankly if you concider those service requirements to be excessive you shouldn't own a car. 15000km/ or once a year which ever is sooner And --Ohh gosh it must be serviced by a REALmechanic. Ie -it used to be they had to be MTA aproved now its simply an established mechanical workshop. Heck how is that excessive !
tonyrockyhorror,
Dec 30, 10:31pm
What you're really saying is you paid for the tow & repair in advance and paid an extra $100 for the privilege. Neat-o!
falcon15,
Dec 30, 10:41pm
we bought a mechanical warrentee for our 2004 holden senator. 2 months before our warentee expired the trans blew. I am a mechanic but we took the car to a friend who runs gearbox specalist workshop. He gave the insurance company two prices one to put a second hand gearbox in and on to fully reco our box. the insurance company picked the more expensive option of fully rebuilding our trans so that there was no come backs if there were problems again. our policy cost $700 the total bill for the repair was just under $4600
carstauranga001,
Dec 30, 10:55pm
As usual I agree fully with Kaz. Others on here are not up to date with modern practices by the "good" MBI companies. I have over 15 years experience with Autosure which is owned by Vero insurance and recomend clients take such a police in most instances. Although my cars are thougherly serviced and inspected before going on lot even I as a qualified mechanic do not have a chrystal ball to predict ther next three years and what will happen to your car in that time. Just like your washing machine may spin the washing today but break tomorrow, who knows!
carstauranga001,
Dec 30, 10:56pm
A wee laugh at you mate, user name Falcon, driving a Holden. LOL.
utwo,
Dec 30, 11:04pm
The one and only time I bought a Lumley mechanical insurance policy (many years ago, so the policy may have changed), the condition of the cam belt had to be checked at EVERY service unless it had been replaced in the last 40,000km.
falcon15,
Dec 30, 11:29pm
we have 1 holden and 2 fords in the garage but yes only had a falcon when this trademe account was started lol
kazbanz,
Dec 31, 1:04am
Sorry--could ya explain to me how this is in fact an issue.! Cam belt CHECKED means " check to see how many km's travelled since last belt replaced and how oldyear wise is the cambelt !' Ie is it actually due for replacement under manufacturers guidelines. I worked for a dealershipselling lumley policies for a few years Thats just common sense
kazbanz,
Dec 31, 1:06am
ACTUALLY- OPtell us the year/make/model of your intended car and I'll give you an honest opinion if you should do an MBI or not.
tonyrockyhorror,
Dec 31, 1:38am
Having just looked at the Autosure policy document it's interesting to note they try to make it a condition of the policy that the vehicle have a current WoF. The funny thing is that if they decline a claim on the basis it doesn't have a current WoF it doesn't carry any weight if the consumer knows their rights and complains to the Insurance Ombudsman. But I bet they've had a fair few suckers simply accept that.
The exact wording in the policy didn't seem to imply that. Otherwise, why would it say you didn't have to check the cambelt if it was replaced in the last 40,000km!
kazbanz,
Dec 31, 8:59pm
djdragon- Look I AMa car dealer and sell a fair fewwhat you call warrentys.I know this sounds pedantic but in fact they are MECHANICAL BREAKDOWN INSURANCE. The reason I state the difference is that if you think of it as just that -INSURANCE then it makes sense.Just like any other kind of insuranceits a total waste of money untill you have to make a claim. Speaking SPECIFICALLYabout Vero underwritten policies (Autosure,AA and a couple of dealer brand warranties) It is actually simpler to say what isn't covered. Tyres,exhaust, Radio,battery,bulbs, manual clutch and brake shoes/pads and of course accident damage . Please IGNOREthe coment above by fineo- The service requirements are every 15000km or 12 months for petrol vehicles and 10000km or 12 months for diesel vehicles. if you don't do at least that then heck its just silly.
But to answer your question Im required by law to OFFER MBI to every customer but in all honesty I only really recomend it to those buying cars with a make/modelhistory ofmechanical issues. I honestly feel that a MBI IS good value for money in those cases. Where I agree totally with others here that you have cover under the CGA etc it does have time/distance limitsfor example its not reasonable to expect a dealer to pay for damage to a gearbox caused 2 years and 50000km after purchase -wheras MBI covers you untill the end date of the policy. ALSO -I strongly suspect we are going to see a reduction in the number of registered dealers in the next 12 months. No point in wanting cover from the dealer if they have closed up. Just to clarify SOME franchise dealers offer "free" warranties ontheir second hand vehicles.Indeed there is a hook in that one.To qualify the car must be serviced by a "(insert brand name)" workshop and yeas you tend to pay more for the servicing there than at a "normal" garage. However in THAT SPECIFIC CASEfrankly they only really are offering the cover you haveubder the CGA and soga
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