What is a new-hire policy?
When you buy a new car, it is wise to look at the so-called new-value scheme when you purchase your car insurance. With the new-value scheme, the insurer will give you an amount high enough to buy the same car new, if your car is declared totaled or stolen. The scheme only applies to new cars and is only available if you are the first owner of the car.
Many insurers have a 1-year new-for-old value policy. That is, if you, within a year, total your car or if the car is stolen within a year, the new-for-old value will be paid to you.
Do you want a new-value settlement that is longer than 1 year? There are insurers who have a regulation that is more than 1 year.
New car insurance 3 years
Some insurers use a new-for-old policy of two years. Sometimes it is possible to opt for a new-for-old value arrangement of up to, say, 3 years at a higher premium. Each insurer can have different regulations. So pay close attention to this when taking out your car insurance.
Maximum new value
You may also be paid a maximum amount regardless of the new-for-old value of the car. There are insurers that pay out a maximum amount under the new-for-old value scheme, no matter how expensive your car was. In the policy conditions of your car insurance, you can find out if the insurer uses a maximum amount and what this amount is.
WA (mandatory)
- Damage to others
- Theft, joyriding and missing.
- Window damage
- Damage caused by fire or natural disasters
- Own damage from a collision
Limited casco
- Damage to others
- Theft, joyriding and missing.
- Window damage
- Damage caused by fire or natural disasters
- Own damage from a collision
All Risk (WA+Casco)
- Damage to others
- Theft, joyriding and missing.
- Window damage
- Damage caused by fire or natural disasters
- Own damage from a collision
What is the difference between new value insurance and purchase value insurance?
For new cars, many car insurance companies have a new-value scheme. This scheme makes it possible to buy a new car again when you total your car. For used cars, this scheme does not apply. When buying a used car, you can opt for the purchase value scheme. This will not give you the new-for-old value, but the purchase value of the car should you total it within the maximum validity period.
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You can easily compare different car insurance companies atalpina.nl . When comparing car insurance companies, pay attention to the above points.
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