Insurance Question on '05 Prius

Your insurance company's obligation is to compensate you for the fair market value of your now used Prius if it is totalled. It is not obligated to get you another one. You would bascially be starting all over if you wanted another one.

 

I've thought about the "replacement after a total loss" scenario as well. I find it disturbing and, therefore, try not to think about it all that often. I'd like to think my dealer would make some sort of accomodation for this type of event but, frankly, I'm too chicken to ask.

 

Someone hit a moose with their 04, and the insurance repaired it, gut/blood removal and all. Repair cost was near MSRP, but her insurance valued the car at above MSRP for fair market value.

So, for now, it is not likely to get totalled easily.

 

Good to know!

 

Check your insurance policy. It may be insured for fair market value, it may be insured for replacement value, it may be insured for what you paid, or there may be a dollar limit on coverage. Just depends on how your policy is written. It also depends on your insurance company. Some companies will offer hard-to-resist premiums, but then will fight tooth and nail to avoid paying out; others will work with you to accommodate actual circumstances.

But if you can hold off on having that accident for another year or so, the waiting times may come down to something more tolerable.

 

Do any insurance offer replacement value? Only time I have seen it is in a metlife mailer stating that they will give replacement cost within 1yr/15K of a new car purchase.

"But if you can hold off on having that accident for another year or so, the waiting times may come down to something more tolerable. "

That's funny!

 

Here in Manitoba, we have a Provincially-owned and run car insurance scheme called "AutoPac." For the first 18 months, I have guaranteed replacement, afterwards I have Fair Market Value, based on Gold Book.

 

there are a few companies that offer the 'replacement guarantee' in the first year or so of ownership. that became a big deal when leasing got popular, because very often in the first part of a lease, you owe more than the car is really worth because of low down payments and 'agressive' assumptions about end-of-lease value, which they try to do to keep the monthly payments as low as possible. (let's face it, leasing, outside the corporate area, is about having more car than you can really afford)

in any event, i still would read those 'replacement' guarantees very carefully. i would not be surprised if they leave themselves an 'out' regarding pricing in excess of MSRP. or they will change the coverage the first time it happens to them...

 

Yeah, I never thought of the wait times. As far as I know, there isn't much of a problem getting a Prius in Canada.

 

Again, as I said before, different insurance companies will treat you differently. The better ones may let you pay a premium in consideration of the market diferential. The worst ones may not even give you MSRP, calling the car used, and ignoring the market. As for the waiting times, they are definitely coming down. This spring the waiting time in Fargo was a year. Now it's down to 6 months. If you can avoid that accident for another year, the waiting time may be a few weeks.

Maybe a high-volume dealer would let you buy one right away out of pity. Another dealer will probably say he has to respect the waiting list.

In short, any answer to your question is pure speculation.

 

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As far as I know, the insurance company will pay you whatever it costs to repair your vehicle or, if it's totaled, the market value of the car (but check your policy to see if that's the case...) In certain circumstances, some policies may pay up to your remaining loan balance if this exceeds the market value of the car. In any case, the replacement of the vehicle is your responsibility, so if you don't want to wait for another new Prius, you'll have to suck it up and either pay the premium markup or get another car. Or, you could see about getting some kind of long-term rental. But as other folks have mentioned, the supply of Prii should be increasing significantly in 2005, so your wait shouldn't be too long.

Best advice: Avoid that accident!

 

GREAT NEWS! I just bought an '05 white pkg #4 (AM) from the lot at less than MSRP! I am having to have it shipped to me (paid by the dealer) as all of the local dealers still have waiting lists or are still trying to sell $5000 over MSRP. However, I had a choice of several different colors and models from dealers across the US, so I think that if God forbid something should happen to a new prius that we will have options for purchasing a new one without waiting for more than the time to ship or having to pay over MSRP. If interested in seeing what is available, check out priusonline.com for sale forum or search the used section of autotrader.com for 2005 Prius (yes they have new vehicles in the used section). Then call around to see what is actually available and remember that the asking price is no longer the final price at several dealers.

 

Ok, I got a question for you guys: what kind of insurance rates are you all paying for your Prii (and with what company are you with)?

 

I just got mine(package #6) from a dealer that had no waiting list,the individual dealers at the dealership would take names of people who wanted cars and call them when they come in but it is first come first served.
I got lucky and walked in just after five cars were unloaded from the truck,drove away two hours later......still can't believe it,I've only had it one week and have not yet transfered the insurance from my other car ( I have 30 days ) and I'm just wondering what sort of rates are you guys getting?

 

My insurance company (Amex Assurance through Costco) said the rate would be $360/6 mo for 300/100/50 liability coverage with $500 deductable for comp and collision with $15/day rental coverage. I was paying $190/6 mo for only liability on my old 92 Chrysler NY 5th Ave so I figure this is a great price, especially considering that allstate.com quoted over $700 for the Prius.

 

I have State Farm. I pay $1,132 per year. Liability 250/500/100 costs $312; Comprehensive is $357; 50 deductible collision is $385. There's also a few odds and ends. The above figures are already reduced by $13 for vehicle safety and $118 for having my renter's and umbrella insurance with them as well.

Emergency Road service is $6 per year. A lot cheaper than AAA. And more convenient than Toyota's road coverage, because I can call any service station and find the one that can come the soonest.