New Car Replacement Coverage
You applied for a loan, got approved for a large sum of money, and bought yourself a new vehicle. Now, it’s less than a year later, and your car has been totaled. The insurance check for a totaled vehicle is going to be less than what you originally paid, and it will likely also be less than what you still owe the bank. Unless you have the BMI Company, Inc. Auto Plus Endorsement. If your newly purchased vehicle is under the maximum mileage count and declared a total loss, BMI will replace it with a vehicle one model year newer than the one you lost of the same make, model, and covered equipment.