If your car were totaled in an accident, would you expect your auto insurance company to replace it with a brand-new vehicle? If you don’t know what your insurance policy would cover, you should contact your insurance agent to find out.
Most auto insurance policies do not cover the cost of a brand-new vehicle after a damaged vehicle is declared a total loss. More often, insurance policies cover the actual cash value of the car before it was damaged. Even if you just bought a brand-new vehicle, its value is going to be less than when it was purchased. Wouldn’t it be great if you had the option to get a new vehicle? Acuity thinks so.
Acuity created an optional Replacement Benefits Coverage that can be added to an Acuity auto insurance policy for a charge. This coverage will pay:
Acuity’s endorsement provides benefit regardless of the age of your vehicle, but there is even more benefit if the coverage is added within the first two years of a brand-new vehicle purchase. Here are some examples of how the Replacement Benefits Coverage works:
If Acuity is your auto insurance company, check if you have Replacement Benefits Coverage. If Acuity is not your auto insurance company, ask your agent what type of replacement vehicle coverage you have.