$2,033 Five year replacement insurance policy - worth it?
 

We just bought a 2024 Subaru Crosstrek from the dealer today (ordered in June). Besides the regular ICBC insurance we also bought from the broker a $2,033 Motomaxx Stratford Insurance 5 year new vehicle replacement policy with coverage for our car that if it was written off by ICBC they would pay us in the next 5 years the difference between the depreciated value that ICBC would pay us and new replacement value of our Crosstrek.

I have traditionally never purchased extra optional insurance like this and I am now having second thoughts on buying this policy. It can happen of course but the odds of writing off this vehicle in the next 5 years has to be pretty low. I also noticed when I got home that there was a $400 referral fee included on the $2,033 total insurance fee. There is no loan on the vehicle and we have 30 days from today to cancel the policy and get a full $2,033 refund. What is everyone’s opinion on buying optional replacement insurance coverage?

With any insurance it's a negative EV play!

Just decide if that's something you want.

can be canceled within 30days

shop around, can probably get something for around 800

They wouldn't be selling it if the odds were in your favour, that said I was always against pet insurance and that's come to bite me in the ass so bad the last few years so don't listen to me lol.

When I bought my wife a new car a few months ago I did not get this insurance, like you I didn't have a loan either so I took that into consideration as I was willing to take the risk should the worst case scenario happen.

https://www.icbc.com/insurance/produ...rotection.aspx

I'd get this - or at least crunch the numbers before your 30 days is up

in 2010 I wrote off my 3 year old Mazda3. Shitty Mazda depreciation I would have been lucky to get 12k for it. ICBC stroked me a cheque for the 25k price I paid for it (minus tax)

If you qualify for this policy (you do) it's definitely worth considering.

(note: I'm speaking from a 13 year old experience, things may have changed)