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Basic Concepts and Coverage Structure
What is "Replacement Cost Endorsement" for new vehicles?
This is an additional endorsement (Endorsement 43) that must be purchased separately.
If your new car is totaled (stolen or written off) during the policy period, the insurance company will pay for a replacement new vehicle of the same model, rather than paying the depreciated market value.
This is general information only and does not constitute insurance advice. Your policy wording and a licensed broker's confirmation prevail.
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