Should I get new car replacement insurance?

How does new car replacement insurance work? I was shopping around for car insurance and a friend of mine said that new car replacement insurance is a smart choice. Should I get this product?

Answer
New car replacement insurance pays for the value of a new car of the same make and model you currently own minus any deductible.
The advantage is that you can get a new car, which is especially helpful if you’re upside down on your car loan.
Keep in mind that this coverage is usually only available if you have both collision and comprehensive insurance.”
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Eric Schad
Answered on Jul 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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