What Is New Car Replacement Insurance And Why Drivers Should Buy It

LOS ANGELES, Aug. 25, 2019 /PRNewswire-PRWeb/ -- Cheapquotesautoinsurance.com has launched a new blog post that explains what is new-car replacement insurance and why drivers should purchase it.

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As the name suggests, this policy is addressed to owners of new cars. This policy is applied for a limited number of years, while the car is considered very valuable. Before buying this policy, drivers remember the following facts:

    --  New car replacement is not a standard coverage option. It is offered by
        some insurers in order to supplement the already existing coverage. The
        policyholder will be reimbursed with the full value of a new car of the
        same model, minus the deductible value.
    --  Custom equipment is not covered. If the car was fitted with equipment or
        aftermarket parts, they will not be covered by this policy. Aftermarket
        parts and custom equipment are covered by difference policies and only
        if the policyholder has declared them before the accident.
    --  There are strict prerequisites for buying this coverage. The car owner
        will have to buy collision and comprehensive coverage, before being
        grated new-car replacement coverage. Each company may impose additional
        terms and exclusions.
    --  Only new models are eligible. Insurance companies provide this policy
        only to vehicles that are 2 years old or newer. Furthermore, some
        companies impose a maximum mileage. For example, companies will not
        insure a vehicle that has more than 24.000 miles on board, even if he is
        2 years or newer.
    --  There are multiple versions for this coverage. Some insurers offer
        something called "better car replacement", which will provide a newer
        car model for the policyholder. Other companies will transform the
        policy into GAP insurance when the vehicle becomes 2 years older.

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