Definitions for "Replacement Cost Coverage"
Insurance that provides for the current market value, rather than the depreciated value of property in the event of an insured peril.
On your household contents, this popular alternative to Actual Cash Value reimbursement pays you at today's cost to replace or repair lost or damaged property--subject to your policy limits and your chosen deductible (and provided actual repairs are made). This coverage must be specifically requested.
coverage where the insured receives an amount equal to the replacement value of damaged property.
Keywords:  car, needed, vehicle, total, loss
If you have a total loss on a new vehicle within a certain time period after your purchase, some companies will replace your car, or pay you the amount needed to do so.