Is it worth to purchase replacement endorsement on a 07 vehicle?

[tacsniper]

I just received my insurance renewal and to my surprise the premium went up event though I didn't have any claims or traffic tickets in the past two years :O

It turns out there is a huge spike in the replacement endorsement on my 07 Yaris. It increased from $300ish to $570ish. So I want to hear some opinions out there, in your opinion is it worth keeping the replacement endorsement for a vehicle that may only worth $13k at this point? Thanks for your help!

[masoncgy]

If the current balance owning on the vehicle is the same as it's current value, then I would recommend removing the additional coverage.

Interesting that it increased so much even though you have a clean record and you should have the outstanding balance closer to the depreciated value, since this slows over time.

What reasoning did your insurance company provide with respect to the increase?

[Masked Bandit]

Something doesn't make sense here. The replacement endorsement (43r, waiver of depreciation) is usually only around $30.

Are you talking about your collision coverage?

Are you also insured with ING?

[tacsniper]

Originally posted by Masked Bandit
Something doesn't make sense here. The replacement endorsement (43r, waiver of depreciation) is usually only around $30.

Are you talking about your collision coverage?

Are you also insured with ING?

Umm it is if I total lost the car, TD will pay me the the price I purchased the vehicle instead of the depreciated value.

The TD operator said the cost of the replacement endorsement just goes up every year

[ralliart_girl]

We know what the 43R is...just don't make sense that your insurance increased that much. You should ask them to email you a copy the breakdown so you can review it.

[Masked Bandit]

Originally posted by tacsniper


Umm it is if I total lost the car, TD will pay me the the price I purchased the vehicle instead of the depreciated value.

The TD operator said the cost of the replacement endorsement just goes up every year

Ya, that sounds like the 43R endorsement. Normal cost for this is ~$30 (or less) per year regardless of the value of the vehicle.

Something doesn't add up for sure. I think the chick on the phone gave you bad information. With the prices you were disclosing earlier I think she's talking about your collision coverage.

[eblend]

I don't know what this all is, but doesn't it kind of make sense? He said he will get full value of the orignal purchase price in case of a collision...so his car is getting older and worth less, so if he gets into an accident the company will pay him say 22K for a 10K vehicle, so shouldn't the price go up a bit all the time? Say in 10 years wouldn't he be getting 22k for a car which is worth maybe 2?

I don't really understand this stuff, but just a thought