What is New Vehicle Replacement | Insurance glossary by upcover

New vehicle replacement gives you a brand new vehicle of the same make, model, and features if your new vehicle is written off, rather than a market value or agreed value payout. Most Australian insurers offer this cover for the first two to three years after purchase, and some also set a kilometre limit, such as 40,000 km. This protects buyers against rapid early depreciation.

Related Terms

Third-Party Property Damage on Common Property (Strata)

Third-Party Injury on Common Property (Strata)

Stormwater & Drainage Damage (Strata)

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Related Term

Third-Party Property Damage on Common Property (Strata)

Third-Party Injury on Common Property (Strata)

Stormwater & Drainage Damage (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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