Insurance Covering Engine Failure

[driglaz]

thanks. No risk, no reward.

Originally Posted by Dr. Acula

No snark, I promise.

We play the lottery for fun. We might come out ahead, but probably not.

We buy insurance for the peace of mind. We might come out ahead, but probably not.

We all know people who have profited from insurance, but we also all know someone who has won a few bucks with a scratch-off lottery ticket. Insurance companies and state lotteries make a lot of money because they usually win the bet.

Preventive maintenance and a well-stocked repair fund make much more sense financially than insurance. Insurance is best used to prevent catastrophic loss. Think health insurance. I will pay the insurer more than they will pay out, most likely, but in the unlikely event I get brain cancer, I'll end up destitute. I pay in for insurance to alleviate that small but significant risk.

If the engine dying is financially catastrophic in your situation, you might reconsider if you want to take on the risk of a used Porsche. Again, the insurance company knows that the odds are you will end up paying more for insurance than they will pay for repairs. Thus, the odds are that if you can afford the insurance, you can probably afford any repairs that arise.

That doesn't answer your question, but I think most of us would suggest that instead of asking where to buy insurance, you should be asking whether you should buy insurance at all.

Good luck!