New Vehicle Replacement Inquiry
I own a 2022 Tesla Y that I purchased in September 2022. For the past two years, my insurance policy has included new car replacement coverage, which I understand is typically only available for the first two years of ownership.
Recently, my car sustained damage when a branch fell on it, affecting both A pillars. The vehicle hasn’t been assessed by a shop or adjuster yet, as it’s the weekend. However, I have a strong suspicion that it may be deemed a total loss.
To complicate matters, my policy renewed just six days ago, and I noticed that the new car replacement coverage was no longer included. I believe this change is due to the age of the vehicle, which wasn’t something I opted for.
My question is, given that the policy updated less than a week ago, is there any chance they might consider replacing my car out of good faith? Or am I likely looking at a payout for the total loss, assuming the damage is beyond repair? I appreciate any insights you can share. Thank you!
I have an AllState policy.
I’m sorry to hear about the situation with your Tesla. While I can’t guarantee what AllState will decide, there are a couple of things you might consider:
Contact Your Agent: Reach out to your insurance agent as soon as possible. They can provide clarity on your specific policy terms and possibly advocate on your behalf.
Review Policy Details: Check the fine print of your policy regarding new car replacement and any potentially applicable coverages. Sometimes insurers have flexibility in exceptional circumstances, so it’s worth discussing.
Good Faith Consideration: Insurance companies often review situations on a case-by-case basis. Given that your new policy just renewed, they may take that into account. Document everything related to the incident and your coverage changes.
Claim Process: If the car is declared a total loss, you may receive a payout based on the market value of the vehicle, which could be less than what you owe if you bought it new. It might be beneficial to mention the timing of the policy renewal when discussing the claim.
Ultimately, open communication with AllState will be crucial. Keep your documentation in order and stay persistent in seeking clarification and a fair resolution. Good luck!