Will Insurance Give Me A New Car?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThe answer is “sometimes, it might.” Normally the idea of insurance is to replace the loss with a similar vehicle (age, condition etc.) Some companies, however, do replace an automobile that is recently purchased (usually one year or less) with a new car. This feature may be limited to select clients.Answered on April 22, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Depending on the specific terms and conditions of your policy, it might, but you need to talk this over with your Insurance Professional. Most policies settle losses on an "Actual Cash Value" or "Depreciated Value " basis meaning that settlement for a total loss would be based upon the book value of the car. Some companies offer optional new car replacement coverage which would then pay for a new car of similar make and model. Other policies, usually covering collector or classic cars will pay based upon an agreed value for the car, in many cases predetermined by an appraisal at the time of application.Answered on April 23, 2014flag this answer
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