What is a new value insurance?
When you buy a new car, it is wise to look at the so-called new-for-old value arrangement when you take out your car insurance. With the new value scheme, the insurer gives you an amount that is high enough to buy the same car new, if your car is declared total loss or stolen. The scheme only applies to new cars and is only possible if you are the first owner of the car.
Many insurers have a new-for-old value arrangement of 1 year. This means that if you total your car or if the car is stolen within a year, the new value is paid to you.
Do you want a new-for-old policy that is valid for more than 1 year? There are insurers who apply a scheme of more than 1 year.
New car insurance 3 years
Some insurers apply a new-for-old value arrangement of two years. Sometimes it is possible, at a higher premium, to opt for a new-for-old value arrangement of up to, say, three years. The regulation can differ a lot per insurer. So pay close attention to this when you take out your car insurance.
Maximum new value
It is also possible that you will be paid a maximum amount, regardless of the new value of the car. There are insurers who pay a maximum amount under the new-for-old scheme, no matter how expensive your car was. In the policy conditions of your car insurance you can find if the insurer applies a maximum amount and what the amount is.
Third-party liability (mandatory)
- Free recovery service
- Damage to others
- Theft, joyriding and loss
- Windscreen damage
- Damage by fire or natural disaster
- Own damage caused by a collision
Limited airframe
- Free recovery service
- Damage to others
- Theft, joyriding and loss
- Windscreen damage
- Damage by fire or natural disaster
- Own damage caused by a collision
All Risk (WA+Casco)
- Free recovery service
- Damage to others
- Theft, joyriding and loss
- Windscreen damage
- Damage by fire or natural disaster
- Own damage caused by 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 when you total your car. For second-hand cars, this scheme does not apply. When buying a used car, you can choose for the purchase value arrangement. This means that you do not receive the new value, but rather the purchase value of the car, should you drive it into a total loss within the maximum period of validity.
Compare insurers
Through www.alpina.nl you can easily compare different car insurance companies. When comparing car insurance companies, pay attention to the above points.
Do you have a question? Then take a look at our frequently asked questions. Here you will find the most frequently asked questions per product.
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