What is deferred Vehicle replacement Insurance?
When should you consider deferred vehicle replacement insurance?
Deferred vehicle replacement insurance is the same as a standard vehicle replacement policy but you have elected to pre-date the start date up to 12 months in advance.
If you are lucky enough to have motor insurance with a company such as NFU or Saga for example you may already have new for old style vehicle replacement cover as part of your own fully comprehensive motor insurance. In fact I spoke to a customer who told me that both of these companies offer two years vehicle replacement cover.
So you may think that there is no point in buying a vehicle replacement insurance policy now. After all who wants to pay for something that they already have? The problem is that even if your own insurance company offer this style of cover there may be terms and conditions, perhaps even mileage restrictions. As always you nee to read the policies.
That said is you are happy with there levels of cover and are aware of any restrictions or terms and conditions it would seem a waste of money to buy a standard vehicle replacement policy.
You could always wait until the end of your insurance companies vehicle replacement old new for old cover? If you did then unfortunately as you have not bought the vehicle within the magic 180 days then you would not be able to protect the invoice or replacement cost and would instead only be able to protect the valuation of your vehicle on the day that you bought the policy.
A rock and a hard place springs to mind. Pay twice or accept inferior levels of cover.