I can't say how it works in other jurisdictions, but in QC you can call an insurance broker and buy a replacement value contract for up to 7 years (which thankfully is what I did back in 2012). You can buy it from the stealership too but at 50% more $$$. It's a seperate policy from the main insurance.George613 wrote: ↑Jan 10th, 2019 2:18 pm@WHO something I don't understand is how your insurance settled with you for the full price of a new car when the one you totaled was a 2012? I thought they pay out the value (less deductible) of the totalled car not the value of a new car. I know there are riders (extra cost add ons) that cover full replacement but I also thought that was just for something like 2 years not 6 or 7 in your case.
My insurance gave me 7,500$ for the car, and the replacement value insurer covers the remaining 12k.
We also have the option of adding the rider to your main insurance policy, but only up to a max of 5 years and it may impact on their decision to total the car or not.