Understanding New for Old Car Insurance
Key points
New for old car insurance replaces your vehicle with a like-for-like brand new model if yours is stolen or written off
Your car will typically need to be less than 12 months old, well maintained and with low mileage - however specific requirements vary by insurer
While these policies offer peace of mind and protection against depreciation, they often come with higher premiums

What is new for old car insurance?
New for old car insurance can offer you a brand new model of the same make and specifications if your current car is stolen or declared a total loss. It can be appealing for new car owners as it means you won’t face the costly expense of replacing your vehicle out of pocket as well as dealing with the depreciation of its value.
How does new for old car insurance work?
If your car is severely damaged and deemed a total loss, or if it’s stolen, then a new for old car insurance policy pays out by replacing your car with a new one of the same make and model or at least the same specifications. If such a car isn’t available, they’ll likely offer you a cash equivalent for you to buy your own car.
Is my car eligible for new for old cover?
There are certain criteria you’ll likely need to meet in order to qualify for a new car replacement:
Your car should be under a year old
Repair costs must be over a certain amount
Your car should have low mileage
You’ll need to be the registered owner
Is new for old car insurance worth it?
New for old car insurance may be a great choice if you’ve invested in a new car and you want to protect its value, as well as avoiding the financial impact of depreciation or significant out-of-pocket replacement costs.
However these policies often come at a higher premium, so it’s worth weighing the benefits of a new for old replacement against the added expensive.
What's covered under a new for old insurance policy?
A new for old car insurance policy will cover you for the cost of replacing your car with a brand new model if your current car was stolen and not recovered, or written off as a result of a collision or other insured event.
Additionally, some policies include extra coveragefor personal belongings, which covers the cost of replacing personal items lost during theft or damage such as phones and other gadgets.
What isn't covered?
As with any insurance policy, new for old car cover does come with exclusions - while these can differ by provider, generally speaking a policy won’t cover:
Wear and tear
Mechanical or electrical failures
Superficial damage
Reckless driving or driving under the influence
Cars over 12 months old or with high mileage
Compare New for Old Car Insurance with MoneySuperMarket
Finding new for old car insurance is easier when you compare quotes with MoneySuperMarket. Just tell us a little about yourself, your driving history and the car you want to cover, and we’ll search the market for policies that meet your requirements.
You’ll be able to see the overall cost, the level of cover offered and any excess payments required to make a claim. Once you’ve found the deal you want, just click through to the provider to finalise your purchase.