I was on the phone with GEICO and they put me on hold and I heard about a product called "MultiRisk".
Apparently, it's similar (but different) to an extended warranty.
Here is how it works...
$30.50/6 months, or $61/year for seven years totalling $427 (but it's payable over time, not up front)
Coverage is up to 7 years or 100,000 miles.
They cover everything (no fine print, or at least that is what the rep told me, the papers are in the mail) except normal maintenance.
Only catch....there is a $250 deductable per event (yes, that's a lot).
Not sure if that's a good deal, or not, but will look it over.

 

That's much like the 'catastrophic health risk' policy with a high deductible. If you have a major component puke within the coverage period, it could lessen the financial risk. The big concern I would have is their definition of 'per event'; if the tech doesn't do a complete diagnosis, or you have multiple faults in a single 'trouble event' that don't completely get cured until the 3rd trip, that definition could be the difference between you being out of 3 deductibles or just 1.

 

A traditional insurance policy for the traditional reason - coverage against losses that would have major impact to your finances. If you are worried about catastrophic failure, this is the way to go. I would guess that the obligation can terminate at any time, such as if you sell the car or reach 100,000 miles, so the potential cost is even less than $427. Or does it work like car insurance such that if you put on miles faster there is a higher premium?

 

Interesting. Pass along the details when you get them Larry.