Interesting Insurance Option

gring40 · 08-01-2006, 01:33 PM

Our Prius is coming (hopefully) next week, and our insurance agent is recommending adding a replacement option, at a 1% premium, that requires Safeco to replace the car with a New one (if totalled within the first year, I think he said), instead of compensating us for a used 2006 (which of course it is as soon as we drive it off the lot).

Sounds good to me, but I wonder what others think of this?

randreed · 08-01-2006, 01:35 PM

<div class='quotetop'>QUOTE(TechLite @ Aug 1 2006, 01:33 PM) [snapback]295734[/snapback]</div>

Quote:

Our Prius is coming (hopefully) next week, and our insurance agent is recommending adding a replacement option, at a 1% premium, that requires Safeco to replace the car with a New one (if totalled within the first year, I think he said), instead of compensating us for a used 2006 (which of course it is as soon as we drive it off the lot).

Sounds good to me, but I wonder what others think of this?
[/b]

I've had replacement insurance on my cars for years. I like it that way.

wstander · 08-01-2006, 01:52 PM

<div class='quotetop'>QUOTE(Rand Reed @ Aug 1 2006, 10:35 AM) [snapback]295736[/snapback]</div>

Quote:

I've had replacement insurance on my cars for years. I like it that way.
[/b]

Replacement IS the best way.

If you finance the car, you may also look in to 'gap' insurance so that you are covered for the difference in what the car is 'bluebooked' and what you owe to the finance company/bank/credit union.

An acquaintance's truck was stolen and he was stuck with $5k difference in what the insurance paid and what he owed.

EricGo · 08-01-2006, 06:46 PM

How many used 2006's have you seen on dealer lots ?

galaxee · 08-01-2006, 07:27 PM

our insurance policy includes the replacement option, i like the idea very much. hell they did it for our renter's insurance too!

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08-01-2006, 01:33 PM	#1
gring40 Member Join Date: Jul 2006 Location: Northern Illinois Posts: 31 My Car: 2006 Prius Package: #4 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Our Prius is coming (hopefully) next week, and our insurance agent is recommending adding a replacement option, at a 1% premium, that requires Safeco to replace the car with a New one (if totalled within the first year, I think he said), instead of compensating us for a used 2006 (which of course it is as soon as we drive it off the lot). Sounds good to me, but I wonder what others think of this?

08-01-2006, 06:46 PM	#4
EricGo Three cats, one Prius, and assorted humans Join Date: Apr 2005 Location: Albuquerque, NM (SouthWest US) Posts: 1,810 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	How many used 2006's have you seen on dealer lots ?

08-01-2006, 07:27 PM	#5
galaxee uphill battling Join Date: Mar 2005 Location: central NC/ western WI Posts: 8,823 My Car: 2005 Prius Package: #5 Nominated 5 Times in 3 Posts TOTM Awards: 0 Friends: 20	our insurance policy includes the replacement option, i like the idea very much. hell they did it for our renter's insurance too!