FWIW our car (2014 RAV4 EV) was totaled in California in 2018, and the insurance payout pretty much exactly covered replacing it with a near-identical new model (actually a bit lower mileage!) from a local used car dealer. I think we actually came out a few hundred dollars ahead.
We were insured with Travelers.
I’ve wondered since then if that’s how it usually works out, or if we were a lucky fluke.
Travelers does well with that. I switched after I was in a not at fault accident (other side was a commercial vehicle, fully insured, 100% admitted liability) and got screwed over by my own insurer (low ball offer on the value, stalling on giving me access to the comps until the night before the offer expired, reneging on rental coverage, threatening to not cover something with PIP...)
I have two "new" cars (2019 and 2021 model years) that I've had since they were less than a year old, and have new car replacement on both.
Travelers is relatively unique in that their new car replacement is up to 5 years, not 1 as most are (some go to 2 or 3). NCR also integrates gap coverage.
If my 2021 RS 5 gets totaled two years from now, I get a check for 110% of the MSRP for a 2026 RS 5.
We were insured with Travelers.
I’ve wondered since then if that’s how it usually works out, or if we were a lucky fluke.