New for old car insurance
Compare 10+ policies that offer new for old car insurance.
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If you've bought a new car and it gets written off in an accident, your insurer will replace it with a new one of the same make and model. This is sometimes known as a 'new car in case of write off' and is a standard inclusion of most comprehensive car insurance policies. This only applies to cars that have been assessed as a total loss after an insured incident, such as a crash, natural disaster, vandalism, or theft.
Most policies will only cover a replacement if the car is within 2 years of being purchased. However,
some insurers even offer new-for-old replacement for the life of your car under some circumstances. This is normally sold as an extra or as part of a top-end comprehensive policy and is subject to additional criteria.
On paper, it's a fantastic deal. But insurers don't necessarily make it easy. Depending on your insurer, you may have to meet the following criteria to qualify:
Most insurers will offer a new car replacement if your vehicle is a total loss, usually defined by three criteria.
This varies from insurer to insurer. In some cases, the insurer will transfer your policy to the new vehicle. In others, your cover ends, and you must obtain a new policy for your replacement car. Read the product disclosure statement (PDS) carefully to know exactly what rules apply
Most comprehensive policies, with a few exceptions, will automatically include new for old replacement cover. However, if you're wondering whether it's worth it, consider the following:
Not really. Basically, if car insurers didn't offer it, it probably would result in very slightly cheaper premiums. However, most automatically include it in their comprehensive car insurance policies. Budget Direct, Youi, Coles, Virgin, Qantas and Real all cover new car replacements. If you want to go with a major provider, it's probably not going to cost you any more money.
One of the few car insurers to offer it as an optional extra is Bingle. However, if you wanted to add a new car replacement to a Bingle comprehensive policy, it'll only cost you around $2* more a month.
*$62.21 without new for old and $64.45 with new for old, based on a 30 year old male driving a 2019 Toyota Corolla (automatic).
The main pitfall with new car replacement insurance is its limited validity period. With most policies, as a soon as your car is more than two years old, or once you've crossed the 40,000km limit (depending on your policy, your sum insured will plummet if you've chosen market value rather than agreed value.
Another issue is the availability of a similar replacement car. Some insurers might not provide a car if they can't find a match, preferring to offer the market value as a cash reimbursement instead. This is particular relevant if your policy has a lifetime new for old replacement option.
If this happens, try finding a replacement yourself within your policy's time limit. Your insurer will be obligated to deliver it as your replacement.
Brand | Conditions |
---|---|
1300 | If your car is written off in the first 2 years |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years or is under 30,000 km | |
If your car is written off in the first 3 years or is under 60,000 km | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 3 years or is under 50,000 km | |
If your car is written off in the first 2 years | |
If your car is written off in the first 3 years | |
If your car is written off in the first 3 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 3 years or is under 50,000 km | |
If your car is written off in the first 2 years or is under 40,000 km | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 3 years or is under 60,000 km | |
MB | If your car is written off in the first 4 years |
Mortgage Choice | If your car is written off in the first 2 years |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 3 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off in the first 2 years | |
If your car is written off or stolen in the first 2 years |
Table last updated January 2025
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