Mogi's Extended Vehicle Protection: Is it Worth It?
Over the weekend I saw a Mogi commercial for the first time and was intrigued: was this really something worth taking a look at or was it just another unnecessary product looking to take advantage of customers? After doing a little research, I found that Mogi offers a real product that some people may want to use& mdash; but it most definitely isn't for me.
What Is Mogi?
Mogi offers "extended vehicle protection," which means it's a kind of car insurance for things like car parts and wear and tear. Traditional insurance will cover you for car accidents and things like that, but not if your brakes are shot or if your transmission fails. In exchange for a monthly payment, Mogi will cover you in case you have a busted johnson rod or some other ridiculous-sounding repair. Once your warranty expires, Mogi is one way of "extending" the service.
Do You Need It?
Probably not. Unless you have a LOT of issues with your car and are constantly feeding money into this or that repair (in which case you might need a new car altogether), then you may want to consider making a monthly payment for "just in case" stuff. I don't know about you, but the last thing I want is another bill to pay every month that only becomes "worth it" if something bad happens.
It's not easy (or fun) dealing with the unexpected, but more than likely you're better off tucking money away into your emergency fund.
Mogi's website concerns me. They don't give you any pricing information and if you want any additional info, they demand a phone number. A little bit of research uncovered some unfavorable comments about the company and their salespeople. Looks like they rely on getting people on the phone and then applying pressure via the hard sell.
Regardless of how good or bad Mogi is or isn't, I'm curious what people think about paying a monthly fee for the peace of mind that if anything happens to your car you won't have to pay for it out of pocket.