REVscene Automotive Forum - View Single Post - $2,033 Five year replacement insurance policy

spacemanrick · 10-02-2023, 07:16 PM

We just bought a 2024 Subaru Crosstrek from the dealer today (ordered in June). Besides the regular ICBC insurance we also bought from the broker a $2,033 Motomaxx Stratford Insurance 5 year new vehicle replacement policy with coverage for our car that if it was written off by ICBC they would pay us in the next 5 years the difference between the depreciated value that ICBC would pay us and new replacement value of our Crosstrek.

I have traditionally never purchased extra optional insurance like this and I am now having second thoughts on buying this policy. It can happen of course but the odds of writing off this vehicle in the next 5 years has to be pretty low. I also noticed when I got home that there was a $400 referral fee included on the $2,033 total insurance fee. There is no loan on the vehicle and we have 30 days from today to cancel the policy and get a full $2,033 refund. What is everyone’s opinion on buying optional replacement insurance coverage?

10-02-2023, 07:16 PM	#1
spacemanrick Proud to be called a RS Regular! Join Date: Oct 2015 Posts: 107 Thanked 90 Times in 35 Posts Failed 0 Times in 0 Posts	$2,033 Five year replacement insurance policy - worth it? We just bought a 2024 Subaru Crosstrek from the dealer today (ordered in June). Besides the regular ICBC insurance we also bought from the broker a $2,033 Motomaxx Stratford Insurance 5 year new vehicle replacement policy with coverage for our car that if it was written off by ICBC they would pay us in the next 5 years the difference between the depreciated value that ICBC would pay us and new replacement value of our Crosstrek. I have traditionally never purchased extra optional insurance like this and I am now having second thoughts on buying this policy. It can happen of course but the odds of writing off this vehicle in the next 5 years has to be pretty low. I also noticed when I got home that there was a $400 referral fee included on the $2,033 total insurance fee. There is no loan on the vehicle and we have 30 days from today to cancel the policy and get a full $2,033 refund. What is everyone’s opinion on buying optional replacement insurance coverage?