Quote:
Originally Posted by Euro7R
Finally got my BRZ today, after 8 months of waiting...
I was offered this "Vehicle Replacement Cost Indemnity Policy" for $1,304 for 5 years from the insurance broker I bought the insurance from and I paid it along with my ICBC insurance. Anyone buy this or think it's even needed?
I have 30 days to cancel out and get full refund, which I kinda feel I don't need this....
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welcome to the club.
I declined the Vehicle Replacement Cost Indemnity Policy. The way I look at is it that ICBC won't consider your car a write off from what i heard if it's not 50% damage or more.
If your vehicle is written off
- You're protected against depreciation and inflation. If the cost to repair your vehicle is more than 50 per cent of its value, we will pay you a settlement based on what it costs to replace your vehicle with a new one of the same make and model, at current market prices (if that model is still available). With other policies, your payout may not be enough to replace your vehicle with a new one.
- You can chose your settlement method. You can replace your vehicle with a new one of the same make and model, replace it with another model, or receive a cash payout—the choice is yours.
- Your deductible is refunded.
If your vehicle is repairable
You will get these great value extras from your coverage:
- brand new parts from your vehicle manufacturer (where available)
- your choice of auto-body shop, and
- if you choose an ICBC c.a.r. shop, fully-guaranteed repairs.