Insurance 5 years full value
 

I have called many insurance companies and no one seems to give more than 3 years full value of car.Mazda instead is offering me 5 years full value.I think i will go with mazda for the full value and the rest with another insurance company. :confused: Does anybody have something better that i should do?

I don't think we understand your question - since when does Mazda sell automobile insurance? I've never heard of that, certainly in Alberta none of the automobile manufacturers are in the insurance business.

Regards,
Gordon

I think RONSTER is referring to the replacment value insurance the dealer offers. Personally I declined paying the extra $600 because I only want to buy a car from my car dealer. Rust protection, insurance etc I'll get elsewhere thanks.

Replacement insurance? I've never heard of that before. Can anyone explain to me what that is?

if your RX-8 were to be in an accident within the covered period (in BC it's 2 years from purchase date max i think) and it was deemed "totalled" by your insurance company, the insurance company would then pay you exactly what you paid for your car at the time of purchase rather than what the car was worth at the time of the accident.

edit for clarity.

If your car gets stolen or accidented or vandalized or gets on fire the company gives you full value of the car.Meaning i bought my car in 2004 i get it stolen in 3 years mazda will pay me the amount i paid for my car.They are giving me up to 5 years.Wants i get fet up of my car i'll get it stolen and go for a new mazda if it still exists(hahaha).

I don't think Mazda is in the physical damage insured perils business. That requires Federal and Provincial regulatory licensing by the respective Superintendants of Financial Institutions. .

I have purchased insurance company provided physical damage collission and comprehensive coverage that repairs or replaces subject to deductibles and depreciation. In the event of a total loss write-off of the vehicle during the first 24 months of new car ownership I have a waiver of depreciation deduction endorsement that will reimburse me the original purchase price. Insurance premium cost of that no depreciation endorsement was nominal or free when combined with the substitute rental vehicle coverage endoresement.

I also purchased a Mazda MAP 7year 160,000 KM "extended warranty" that covers most major components against mechanical failure but it is NOT complete bumper to bumper 7 year protection.

I also purchased through the dealer a third party 5 year road hazard physical damage "warranty" repair or replacement on tires and rims of my 2004 Mazdaspeed Miata wheels since that thin rubber band over fat expensive rims looked to me as being very vulnerable to pot hole damages. Cost of the road hazzard warranty was $500 which means I've prepaid for one tire and rim. If I'm unlucky enough to have two tire and rim replacements the warranty cost was money well spent. Yes road hazzard damage maybe covered by my insurance company comprehensive insurance policy; however, too many claims, even not at fault comp claims, jeopardizes my claims free discounts (earned stars) available and my insurer's willingness to renew my policy so I want to save my insurance company claim for the really BIG one.

As far as I know, in Ontario those are the three kinds of "coverages" available, i.e. licensed insurer, manufacturer extended warranty, third party prepaid warranty repair.

I'd suggest reviewing your contract wordings to be sure you understand what it is you've purchased. You would be wise to pay particular attention to the fine print in the "warranty" coverages. Auto insurance policy wordings are set by provincial legislation so you'll need a lawyer to settle the fine print claims resolution if it ever comes to that. Hope this helps but dont let the "annoying details" distract you from the enjoyment of ZOOM-ZOOM!

Thanks for the explanation.