New for old car insurance

Compare 10+ policies that offer new for old car insurance.

Car Insurance

Key takeaways

  • A new for old car insurance policy will replace your new car with another one of the same make and model if it's written off in an accident.
  • Eligibility can be strict, and many insurers will only replace your car if it's written off within 2 years of you buying it.
  • Insurers may pay you the vehicle's market or agreed value if a new equivalent model is unavailable.

Compare new for old car insurance policies

1 - 9 of 25
Product FCI New Car Replacement Roadside assistance Accidental damage
  • If your car is written off or stolen in the first 2 years
  • Summary: One of the only insurers to automatically include roadside assistance. It also won 12 out of the 22 categories in Finder's 2024 customer satisfaction awards.
  • If your car is written off in the first 2 years and has travelled less than 40,000KM
  • Optional
    Summary: Coles Comprehensive Car Insurance includes the benefits you’d expect, plus features like grocery replacement (up to $200 if damaged or stolen. T&C’s apply). You’ll also collect 2 Flybuys points for every $1 you spend at Coles when you link your Flybuys (max cap, exclusions and eligible purchases apply).

    ⭐ Current offer: Collect 10,000 Flybuys Points when you take out a new Coles Comprehensive Car Insurance policy and link your Flybuys account. Offer ends 30 April 2025. Plus, save 15% on your first year’s premium when you buy online. T&Cs apply.

    Who it might be good for: Those who want great quality cover and more rewards with Flybuys.
  • If your car is written off in the first 2 years or is under 40,000kms
  • Optional
    Summary: The 2024 winner of our Best Value Car Insurance award. It's cheaper than most, plus you can lower costs by adding age restrictions.

    ⭐ Current offer: 15% off your first year's premium when you take out a policy online. T&Cs apply.

    Who it might be good for: Anyone who wants a good value policy.
    Qantas Car Insurance logo
  • If your car is written off in the first 2 years and is under 40,000 km
  • Optional
    Summary: You need car insurance so why not get one that lets you earn Qantas Points? It's good value too (it's underwritten by the same insurer as Budget Direct).

    ⭐ Current offer: Earn up to 30,000 Qantas Points with every car insured by 2 April. Plus save 15% on your 1st year’s premium when you purchase online. T&Cs apply.

    Who it might be good for: People who want more bang for their buck with Qantas Points.
    QBE Comprehensive
    Green Company
    QBE logo
  • If your car is written off in the first 3 years and is under 60,000 km
  • Summary: Finder's best-rated Car Insurer for Customer Satisfaction in 2021/2022 and Green Insurer for the last 3 years.

    ⭐ Current offer: Save $75 when you purchase a new comprehensive policy online. T&Cs apply.

    Who it might be good for: Those who want a trustworthy insurer and more cover than other brands, such as 3-year new car replacement (e.g. they'll give you money for a new car for up to 3 years if yours is written off).
    Huddle logo
  • Up to 3 years from first registration, if first owner
  • Summary: This goes further than most insurers. You get up to 2k for stolen keys, roadside assistance and rental car excess cover (for car rentals in Australia).

    Who it might be good for: Those who want top cover for their car.
    Bingle logo
    Optional add-on
    Summary: Our data shows it’s the cheapest comprehensive policy. It just covers the basics such as damage to your car, theft and storms – it doesn’t go in for add-ons and extras.

    Who it might be good for: Those wanting a low-cost, no-frills policy.
    Huddle logo
  • Up to 2 years from first registration, if first owner
  • Optional
    Summary: Huddle's comprehensive policy will cover you if your vehicle is damaged or lost as a result of a collision, a natural event, a malicious act, theft or fire. It also includes up to $500 for essential repairs.

    Who it might be good for: Someone who drives less than 15,000 km a year can opt for Pay As You Drive cover.
    ROLLiN' logo
  • If your car is a total loss as a result of a covered event and has less than 15,000kms on the odometer
  • Summary: One of the most cost-effective insurers for under 25s, according to Finder research, with no aged-based excess.

    ⭐ Current offer: Get 10% off the base premium for the first 2 consecutive monthly policies and up to a 15% potential monthly discount from your 3rd month for being a safer driver. Minimum premiums may apply. T&Cs apply. Learn More.

    Who it might be good for: Young drivers looking to keep costs down and anyone who’d like to get more flexibility from their car insurance.
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    How does a new for old car replacement work?

    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:

    • You must be the first registered owner of the car.
    • Your car must be less than 2 years old from new.
    • You are often eligible for new car replacement even if the vehicle was pre-registered as a demo model by the dealer, but this is not the case with all insurers.
    • If your vehicle was purchased with the aid of a car loan, your credit provider must give permission for the original vehicle to be replaced with a new one.

    In what situation would I receive a replacement vehicle?

    Most insurers will offer a new car replacement if your vehicle is a total loss, usually defined by three criteria.

    • Your vehicle was stolen and could not be recovered for a specified period of time, for example, 14 days.
    • The cost of repairing your vehicle exceeds the sum insured.
    • Your car cannot be repaired well enough to ensure that it will be safe to drive.

    What kind of car will I receive?

    • Same make, model and series. The replacement car will basically be the current version of the car that was insured.
    • Accessories and modifications included. If you loaded your new car with expensive optional extras, most insurers agree to provide you with a replacement vehicle kitted out in the same way.
    • On-road costs are covered. Most insurers will cover compulsory third party (CTP) insurance and throw in stamp duty plus 12 months' registration.

    What kind of car will I receive?

    • Same make, model and series. The replacement car will basically be the current version of the car that was insured.
    • Accessories and modifications included. If you loaded your new car with expensive optional extras, most insurers agree to provide you with a replacement vehicle kitted out in the same way.
    • On-road costs are covered. Most insurers will cover compulsory third party (CTP) insurance and throw in stamp duty plus 12 months' registration.

    What happens after my car is replaced?

    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

    Is new car replacement worth it?

    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:

    • Do you have a new car? First and foremost, it's only worth it if you are eligible. In most cases, your car needs to be less than 2 years old for you to be covered. There is also sometimes a 40,000km odometer limit.
    • Do you live in an area prone to floods, storms or natural disasters? As Australia's climate crisis intensifies, the chances of extreme weather where you live increases. If your new car was written off due to an act of nature, a new car replacement benefit would ensure you got either one of the same model or of the same market value.
    • Could you afford to replace your new car? New cars are expensive. Most of us couldn't afford to just go out and buy a new one if ours was written off. New for old replacement ensures you don't have to worry about that.
    • What about if you're in a crash? New car replacement is designed to help you financially in case your car is written off. In most cases, this is because of a collision. If you're willing to take the risk with such a big investment, then new car insurance probably isn't worth it for you. Otherwise, it's a really helpful benefit you'll be thankful you got if something goes wrong.

    Does it cost extra to get new for old car insurance cover?

    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).

    What type of exclusions are there?

    • You will usually not be covered for any extended warranty you purchased for the original vehicle.
    • A basic excess often applies, but some insurers will waive this if your car is written off in an accident where you were not at fault.
    • Some insurers stipulate a maximum tare weight limit for the vehicle to be eligible for new car replacement.

    What are the limitations of new car replacement plans?

    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.

    What are the alternatives to new car replacement?

    • Agreed value car insurance. Even if your car is less than two years old, you will usually not be eligible for a new car replacement if you are not the first registered owner. However, you can estimate how much a new replacement vehicle would cost and negotiate an agreed value to cover this with your insurer.
    • New-for-old lifetime insurance. Some insurers will replace your car with a new one even after its second birthday if your vehicle has been continuously insured under a top-end comprehensive policy within 13 months of purchase. In this case, the insurer has the right to decide on a suitably similar new car, considering parameters such as engine size, type of finish, optional extras and so on.

    Comprehensive car insurance policies that offer New Car 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

    Cameron Thach's headshot
    Written by

    Writer

    With a background in writing across education, Web3, and finance, Cameron’s mission is to create content that speaks directly to readers in a way that’s easy to understand, helping them navigate complex topics with confidence. Cameron studied a Bachelor of Commerce, Economics and Marketing at Macquarie University, graduating in 2019. See full bio

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