Blue and yellow new vehicle replacement cost coverage iconReplacement Cost Coverage for New Vehicles

 

Picture this: your new car – your pride and joy – has just been totaled. Or even stolen with no chance of recovery. Sure, most insurance companies’ Comprehensive/Other Than Collision coverage would cover your claim for the actual cash value of the vehicle.

There’s a problem with that.

Your new vehicle can depreciate by as much as 20% in the first 12 months after you buy it. That means if you bought a new vehicle for $34,000 in January, it may have an actual cash value of only $27,000 by the end of the year. Your claim payment for your totaled vehicle would be even less than that, because your policy deductible would reduce your payment even more.

What to do?

Make sure your auto insurance includes New Vehicle Replacement Cost Coverage. This great coverage is standard on all our auto policies – at no extra cost.

  • Auto Plus: Covers vehicles up to one year old with 15,000 or fewer miles on the odometer. 
  • Premier Choice Auto and Signature Choice Auto: Cover vehicles up to two years old with 30,000 or fewer miles on the odometer. 

What to Do Now

Call us to work with an Electric Insurance Risk Coach™ to find how we can help you get the best coverage and discount for your new vehicle.  Our Risk Coaches are licensed insurance professionals who are glad to help you navigate the often-perplexing world of insurance coverage. Call us at  800.342.5342,  Monday through Friday from 8:00 a.m. to 8:00 p.m. ET.

 

Terms and conditions apply; product, service, program, credit, and discount availability and limits vary by state. The information provided on this site is provided for informational purposes only and is not a full explanation of products, services, or coverage. For more information, please contact Electric Insurance Company at 800.342.5342. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.