New car replacement included: Progressive
- Broad coverage
- Transparent pricing tools
- Accident forgiveness on small claims
- Stack a variety of discounts for multiple cars
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A shiny new car straight from the showroom floor can be an attractive target for thieves. Fortunately, if you have comprehensive car insurance, you could be entitled to a brand-new replacement if your car is written off or stolen within months of becoming yours.
Under most policies for new car replacement, if your brand-new vehicle is stolen or declared a total loss, it’s replaced with another new vehicle of the same make and model. Unlike standard comprehensive coverage that pays to repair or replace your vehicle, new car replacement also covers the cost of car depreciation.
Compare insurers that offer this perk on your policy or comprehensive coverage for free or an extra fee.
Eligibility will vary slightly by insurer, but expect to meet basic requirements:
The process varies by insurer. In some cases, your insurance company transfers your policy to the new vehicle. With others, your coverage ends and you must obtain a new policy for your replacement car. Carefully read your policy’s terms and conditions to avoid any surprises down the road.
In most cases, your vehicle is replaced with one that’s as close to your current model as possible:
Here too, limitations vary by insurer. But you’ll likely need to meet further requirements that relate to your car, your policy and how it was damaged beyond repair:
If you’ve grown attached to your car and want to be sure you can drive it — or one like it — for as long as you can, you’ve got options when it comes to protecting it:
Combining your liability protection policy with collision and comprehensive insurance can help improve your coverage, but may not fully cover the cost to replace your vehicle. New car replacement insurance pays to replace your vehicle after a total loss, including the cost of depreciation. So instead of getting a vaguely similar vehicle, you’ll get the same make and model. Get quotes from multiple insurers to find a policy that can cover your new vehicle at the best price.
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