New Car Repalcement Coverage?

[Riviot]

I would have to check for an exact number for this year, but last year I know it was similar to what crashmtb said, around $250-$300. My insurer just calls it "car replacement assistance" and they basically add 20% to the cash price of your vehicle.

Do you have USAA? The Car Replacement Assistance +20% quote I see is $105/year.

My buddy just got in an accident with his new F150 and they say it's down for at least 2 months, so now I'm reevaluating my coverage...

USAA also has comprehensive and collision "loan coverage" but doesn't provide definitions like they do for everything else. I assume it's gap insurance? I currently don't have it and debating its value, $51.02/year. My understanding is: gap insurance fills the difference between the used value they provide if it's totalled and the loan value. Wouldn't the used value be higher than what we paid due to the new $90k price? If so, it doesn't make sense to get gap coverage in this situation.

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[COdogman]

Do you have USAA? The Car Replacement Assistance +20% quote I see is $105/year.

My buddy just got in an accident with his new F150 and they say it's down for at least 2 months, so now I'm reevaluating my coverage...

USAA also has comprehensive and collision "loan coverage" but doesn't provide definitions like they do for everything else. I assume it's gap insurance? I currently don't have it and debating its value, $51.02/year. My understanding is: gap insurance fills the difference between the used value they provide if it's totalled and the loan value. Wouldn't the used value be higher than what we paid due to the new $90k price? If so, it doesn't make sense to get gap coverage in this situation.

Yes, we do have USAA. The $105 is probably correct for 1 vehicle? We had 2 using that option: my truck and my ex-wife's car.

I saw the "loan coverage" too but I guess I assumed it was gap insurance. Now that I looked it up I think there may be a difference though. Gap insurance is what you described and loan coverage *might* be what some insurers call "loan payoff" insurance, which usually will pay around 25% of the cash value in the even of a total loss.

With gap insurance I was always told that you probably don't need it if you put down at least 20% or after your loan balance does not exceed your vehicle's value anymore. But that may not be solid advice now with used vehicle values/ prices sitting where they are.

I admit I am no policy expert. I am far more likely to pay for things I probably don't need. It's confusing.

 

[Forager]

We have Safeco's ultra rider which bundles a bunch of bells & whistles (accident forgiveness, diminishing deductible, roadside, etc.) including new vehicle replacement, which is $104 of our $969 annually for the R1T.

Wow. $969 is a fantastic premium. I was quoted around $1200 for the R1T after discounts for bundling 3 cars, house, and umbrella. I’m going to have to call SafeCo.

I’m glad to see this discussion about replacement value. I’ve been wondering the same after the price increases and order backlog.

 

[timesinks]

Wow. $969 is a fantastic premium. I was quoted around $1200 for the R1T after discounts for bundling 3 cars, house, and umbrella. I’m going to have to call SafeCo.

I’m glad to see this discussion about replacement value. I’ve been wondering the same after the price increases and order backlog.

We have three vehicles and a utility trailer on the auto policy, plus house and umbrella with them. Mid-30s, married, no surcharges, no commute/low mileage. I've mostly stuck with Safeco because their umbrella is a fantastic broad form policy that's becoming harder and harder to find elsewhere.

 

[willferrel]

I spoke to a Rivian Insurance rep (sadly bc someone ran a red and totaled my R1T this week- video capture was great for insurance disputes) and they told me the new car replacement term means they will go as high as 110% of your original purchase price (with negotiation, not the default amount).

I was considering replacing the totaled truck with a used R1T- but does anyone know if Rivian/Nationwide insurance will offer a new car replacement feature on a used Rivian? And do they determine it from the original purchase amount or the used amount when calculating this 110%

 

[johnnylawson]

I added it to my travelers insurance policy 2 months ago. 50 bucks a year to add 20% more (120% total) of the 76k I paid for my r1s. No brainer. I can have it for the first 3 years they said.

 

[JerseyGreens]

New car replacement is usually capped to a certain amount such as no more than 10% of the original selling price.

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