Car insurance with new for old replacement cover

New for old replacement (also known as ‘new car replacement’) is a benefit that offers a replacement vehicle if yours is written off (i.e. a total loss) or stolen. It’s typically only available in comprehensive car insurance policies for new cars.

The new for old car replacement benefit generally provides a replacement vehicle if yours is written off by an insured event listed on your comprehensive policy. The replacement car is typically the same make and model as your insured car or a similar vehicle that’s available in Australia.

If your insurer can’t replace your car with a similar make or model, they might settle your claim with a cash payout. This payout will be based on either the agreed value amount on your policy or the market value of your vehicle. The agreed value of your policy will be listed on your Certificate of Insurance (COI).

Learn more about agreed value and market value car insurance.

For your car to be eligible for new for old replacement, you’ll typically need to be the first registered owner of the vehicle, unless it’s an ex-demo model from a dealership. Your insurer may also require the claim to be made within the first 2 years of its original registration and have less than a certain number of kilometres on your odometer.

Eligibility conditions may vary depending on your insurer. You’ll find the conditions for your policy in the PDS.

It’ll depend on your insurer, but a used car may be eligible for new for old replacement cover if it’s:

• An ex-demo car from a dealership
• Less than 2 years old
• Been driven a limited number of kilometres.

The single best policy for everyone doesn’t exist. A great policy for your circumstances will depend on several factors, including:

• Your location. Some insurers may assess risk differently from others, so where you live and where you park your vehicle could impact your car insurance premiums.
• Your driving habits. The amount you drive and whether you use your car for private or business use could help determine which policies you’re eligible for.
• Optional extras. You may want to add benefits like windscreen and window glass excess cover, choice of repairer, hire car after an accident or roadside assistance to your policy. Just remember that these additions to your policy often come at an extra cost.

Reading the Target Market Determination (TMD) may help you figure out if a product is suitable for your situation.

Some ways you could save money on your car insurance premiums include:

• Paying your premiums annually
• Putting an age restriction on your policy
• Removing any unused optional extras
• Taking advantage of first year discounts.

You could also get cheaper car insurance by increasing the basic excess on your policy. Before adjusting your excess, consider if it’s an amount you could pay if you need to make a car insurance claim.

You can compare a range of car insurance quotes online in just minutes through our comparison service. To retrieve your quote, simply enter in the following details:

• Level of cover. For new for old replacement cover, you’ll need to select comprehensive cover. Third Party Fire and Theft and Third Party Property Damage car insurance are also available through our comparison service. We don’t offer Compulsory Third Party (CTP) insurance.
• Car details. Some details like your car make and model can be pre-filled if you enter your registration number. Otherwise, you can enter these details manually. Some other things you’ll need to enter include whether you have any non-standard accessories, modifications or unrepaired hail damage.
• Personal details. This includes details like your date of birth, the age you got your licence and your claims history.

Once these details are entered, you can compare a range of policies from several insurance providers on one page. Why not see what we have to offer today?