Major auto repair bills can put a big dent in your personal budget. So, it’s no wonder that people are always on the lookout for ways to protect themselves from financial hardship. Auto insurance is one way to keep yourself out of significant debt, should you have a car accident.
But, what about other big dollar issues with your vehicle, such as a transmission repair. A transmission failure can result in a repair bill in the thousands of dollars, which can mean financial hardship for many people. So, does auto insurance cover transmission repair? Let’s find out when it actually might help you out.
When Your Transmission Repair Might Be Covered
The purpose of auto insurance is to protect you from financial hardship should you be involved in an auto accident. Normal wear and tear to your vehicle, just from your everyday driving, is not usually covered by your auto insurance policy. So, how do you know?
The insurance company is the ultimate decision maker, but that doesn’t mean you can’t dispute their findings. If a mechanic can determine that your broken transmission was caused by damage from an accident, your insurance company might just cover repair or replacement of your transmission.
If your transmission fails without being involved in an accident, you’re likely not going to be covered by your insurance policy.
So, how can you protect yourself from such a large expense should your transmission fail? Let’s talk about mechanical breakdown insurance, or MBI.
What is Mechanical Breakdown Insurance?
If your vehicle is still covered under the manufacturer’s warranty, you should verify that your transmission problem is covered under that warranty. If not, you may want to consider purchasing mechanical breakdown insurance.
MBI is a product offered by some auto insurance companies that is aimed at covering you for mechanical breakdowns, as opposed to physical damage that is covered by your auto insurance policy.
Similar to your auto insurance policy, MBI uses many factors to determine your rate, such as the type of vehicle, the type of coverage, how much you drive, etc. There may also be a deductible associated with MBI, but this is usually much less than typical car insurance deductibles.
MBI can be purchased in several levels, but generally these types of breakdowns are covered:
- Oil pump
- Water pump
How Do I Buy Mechanical Breakdown Insurance?
You can purchase mechanical breakdown insurance just like you purchase your regular auto insurance policy. In fact, MBI is usually cheaper than signing up for an extended manufacturer’s warranty. Many major insurance companies now offer MBI for all types of vehicles, older and newer.
You can talk to your current existing car insurance company about adding MBI to your policy, or you can start shopping around for a company that offers the best policy for your needs. The InsuranceWins fast and easy auto insurance quote form can help you out by connecting you with quotes from insurance carriers for the type of coverage you need, with just a few pieces of information. Get started today!