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Old 03-27-2019, 08:22 AM   #41
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Originally Posted by ETCrockett View Post
I have National General and while I like the replacement coverage, it is based on the MSRP and not the price you buy at or the amount financed. This replacement value is one factor in determining the premium. I still like NG but I don’t agree with how they determine the replacement value!
I must be missing something here. If it is based on the MSRP, I would think that would be to your benefit. No one I know pays MSRP. We are all looking for 30% below that for a purchase price. What am I missing here?
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Old 04-05-2019, 11:17 AM   #42
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I must be missing something here. If it is based on the MSRP, I would think that would be to your benefit. No one I know pays MSRP. We are all looking for 30% below that for a purchase price. What am I missing here?
Because you're paying to insure more than you need. If they replace it, you know they aren't paying MSRP either. Which means you were paying to cover say 30k worth and they only need to pay 24k to replace it.
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Old 04-05-2019, 11:48 AM   #43
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Because you're paying to insure more than you need. If they replace it, you know they aren't paying MSRP either. Which means you were paying to cover say 30k worth and they only need to pay 24k to replace it.
Exactly. When I inquired how this works, here is what the agent told me. I have a 2016 Pinnacle 38FLSA. So NG will first attempt to find a 2016 Pinnacle 38FLSA that is a 'reasonable' replacement. If none are found, they will search for the next newest model year to replace with but not exceed the MSRP value that was insured. If you have a total loss, it doesn't mean that NG will just cut you a check for the MSRP value. We would all sign up and make a profit!
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