virgnia_rivian
Well-Known Member
- First Name
- Ryan
- Joined
- Dec 13, 2021
- Threads
- 2
- Messages
- 572
- Reaction score
- 762
- Location
- Alexandria, VA
- Vehicles
- R1T, Mazda Miata
Just to clarify how Nationwide’s New Car Replacement works, this is directly from our policy. Note: We have Nationwide Private Client, which has a different underwriter, but this is a Nationwide policy. We are in Virginia, so this may vary by state.
Nationwide New Car Replacement:
“We will replace a vehicle to which New Car Replacement coverage applies, minus the applicable deductible, if the vehicle is declared a total loss due to an accident.
The amount we will pay to replace a vehicle will not exceed the cost of a new vehicle of the same make and model, with the same equipment as the vehicle to which the coverage applies.
The most we will pay to replace a vehicle to which this coverage applies is 120% of the suggested MSRP of the vehicle being replaced.”
This coverage does not apply to loss from fire, flood or theft.
We had agreed upon value on our R1T, but switched to NCR because after 6mo Crestbrook (the underwriter for Nationwide Private Client) wanted us to have an appraisal completed to confirm the value. We set the value to the current sale price of an R1T, not the pre 3/1 price we paid.
I will say agreed upon value is typically the better route. There’s no question what you’re getting. But after discussing this with our broker, NCR made sense for the R1T. (We’ve had a total loss claim before, not on a vehicle, and agreed upon value was awesome)
Nationwide New Car Replacement:
“We will replace a vehicle to which New Car Replacement coverage applies, minus the applicable deductible, if the vehicle is declared a total loss due to an accident.
The amount we will pay to replace a vehicle will not exceed the cost of a new vehicle of the same make and model, with the same equipment as the vehicle to which the coverage applies.
The most we will pay to replace a vehicle to which this coverage applies is 120% of the suggested MSRP of the vehicle being replaced.”
This coverage does not apply to loss from fire, flood or theft.
We had agreed upon value on our R1T, but switched to NCR because after 6mo Crestbrook (the underwriter for Nationwide Private Client) wanted us to have an appraisal completed to confirm the value. We set the value to the current sale price of an R1T, not the pre 3/1 price we paid.
I will say agreed upon value is typically the better route. There’s no question what you’re getting. But after discussing this with our broker, NCR made sense for the R1T. (We’ve had a total loss claim before, not on a vehicle, and agreed upon value was awesome)
Sponsored