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Thread Starter
Intermediate
Joined: Mar 2015
Posts: 27
Likes: 1
Travelers Insurance
I currently have Travelers Insurance and they have a product called "Repair or Replace". My basic quote ($500 deductible) $641 per year. Adding Repair and Replace (6 years as long as I renew) brought it up to $715. That makes it very attractive!! However, the rates probably move up substantially year over year. Does anyone here have any experience with this product? Any claims?
P.S. My quote is probably due to age, credit, and driving record all of which are excellent for insurance purposes. Actually, the quote is lower than my 2005 Tucson!
Safety Car
Joined: Jun 2008
Posts: 4,610
Likes: 427
From: USA
Insurance is very much alike across companies. Many companies offer good rates to get you in the door. Then they raise the premiums each renewal period. Insurance is one service/product that it is not always a good idea to have customer loyalty. Geico has mechanical breakdown which is essentially an extended warranty, but my rates had gone from 766 for six months to 1265 with a C7 and Camaro 1LE. I finally left last month and went to state farm. It is back to 705 for six months. Shop around and don't let one company's benefit tie you to them. You lose money in the long run.
Melting Slicks
Joined: Apr 2015
Posts: 2,353
Likes: 779
Would require someone here to have totaled a car and enacted this coverage option. Good luck finding someone who has done that and had travelers.
Per their website:
"Repair or replacement collision coverage provides additional coverage when your car is a total loss as the result of a collision. This coverage increases the amount Travelers will pay under collision coverage to the cost of a similar new car. The cost of the new car must be less than the cost to repair your damaged car."
I have Travelers also, so I checked it out.
Per their website:
"Repair or replacement collision coverage provides additional coverage when your car is a total loss as the result of a collision. This coverage increases the amount Travelers will pay under collision coverage to the cost of a similar new car. The cost of the new car must be less than the cost to repair your damaged car."
I have Travelers also, so I checked it out.
Safety Car
Joined: Jun 2008
Posts: 4,610
Likes: 427
From: USA
Would require someone here to have totaled a car and enacted this coverage option. Good luck finding someone who has done that and had travelers.
Per their website:
"Repair or replacement collision coverage provides additional coverage when your car is a total loss as the result of a collision. This coverage increases the amount Travelers will pay under collision coverage to the cost of a similar new car. The cost of the new car must be less than the cost to repair your damaged car."
I have Travelers also, so I checked it out.
Per their website:
"Repair or replacement collision coverage provides additional coverage when your car is a total loss as the result of a collision. This coverage increases the amount Travelers will pay under collision coverage to the cost of a similar new car. The cost of the new car must be less than the cost to repair your damaged car."
I have Travelers also, so I checked it out.
Thread Starter
Intermediate
Joined: Mar 2015
Posts: 27
Likes: 1
Insurance is very much alike across companies. Many companies offer good rates to get you in the door. Then they raise the premiums each renewal period. Insurance is one service/product that it is not always a good idea to have customer loyalty. Geico has mechanical breakdown which is essentially an extended warranty, but my rates had gone from 766 for six months to 1265 with a C7 and Camaro 1LE. I finally left last month and went to state farm. It is back to 705 for six months. Shop around and don't let one company's benefit tie you to them. You lose money in the long run.
I completely agree. I have been through this for about 12 years now. In Florida I had a long time carrier in American National, but after the hurricanes of 2004-5 they pulled out. Ever since that time I have only had auto insurance 2 years at a time. They just raise the rates too much. So I at least get a carrier that takes an annual payment. Saves aggravation. Also, 2 years ago I started using an agent to do my insurance. Let them do the work. Well, rates are rising for everyone now partially because the Fed is making it hard for insurance companies to make enough on their investments with 0% Fed Funds rate. Many insurers will not write more than 6 months, so you can be back in the soup in 1 year! I just hoped someone had experience with "Repair or Replace". I doubt I would keep it for 1 or 2 years as the price would get high. I will spend some time with National Corvette Museum Insurance to see what they want for a replacement policy.
Melting Slicks
Joined: Apr 2015
Posts: 2,353
Likes: 779
Ya I've never heard of it before. Not even sure if I have it but i'm going to find out.
Maybe it's like Liberty Mutual's "new car one year newer" thing?
Last edited by \Boost Monkey/; Apr 21, 2015 at 01:44 PM.
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Joined: Jan 2015
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From: Northern Virginia
Per their website:
"Repair or replacement collision coverage provides additional coverage when your car is a total loss as the result of a collision. This coverage increases the amount Travelers will pay under collision coverage to the cost of a similar new car. The cost of the new car must be less than the cost to repair your damaged car."