Replacement Cost

Insurance

What is

Replacement Cost

Insurance?

Replacement cost is a term referring to the amount of money a business must currently spend to replace an essential asset like a real estate property, an investment security, a lien, or another item, with one of the same or higher value. Sometimes referred to as a "replacement value," a replacement cost may fluctuate, depending on factors such as the market value of components used to reconstruct or repurchase the asset and the expenses involved in preparing assets for use. Insurance companies routinely use replacement costs to determine the value of an insured item. Replacement costs are likewise ritually used by accountants, who rely on depreciation to expense the cost of an asset over its useful life. The practice of calculating a replacement cost is known as "replacement valuation."

Replacing an asset can be an expensive decision, and companies analyze the net present value (NPV) of the future cash inflows and outflows to make purchasing decisions. Once an asset is purchased, the company determines a useful life for the asset and depreciates the asset's cost over the useful life.

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  • Uninsured motorist coverage (UM) is an add-on coverage for auto policies that will pay for injuries and damages caused by an uninsured driver.
  • Hit-and-run drivers are also considered uninsured motorists.
  • Uninsured motorist coverage usually adds only a small cost to an auto insurance policy but provides beneficial coverage.

Here are some of our impressive metrics.

20%

Avg. Savings Rate

$400/yr

Avg. Savings

80

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Coverage and availability varies by risk type, state and insurance carrier. Not all coverages are available as specified and there are many variances among carriers.

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