What should I do if my brand new car is being totaled? Are their any insurers who will cover the entire cost of the exact replacement?

At the time you crashed your vehicle, you will receive a check for the value of it when totaling it. When many consumers hear about their new car being totaled, they get into a state of shock and believe that they will lose money.

However, there are insurers out there who offer new-vehicle owners the great chance to purchase another brand new vehicle, with the full cost covered, after totaling their cars. These insurers are The Hartford and MetLife Home & Auto. It sounds pretty simple, but it really isn’t.

Being not the first person on the insurer’s “to pay” list is probably the most important detail about total-loss replacement coverage. Finance companies and lienholders are. If the actual cash value payment exceeds your loan amount, then you will receive leftover cash.

However, the insurer will dip into the supplemental new-car payment to pay off the loan if the loan on your first car exceeds the insurer’s actual cash value payout.

Jeffrey Sullivan, a director in corporate marketing for MetLife, says, “This may sound a little complicated, but it really works smoothly and customers are thrilled about this feature.” What many insurers don’t know is that both insurers’ total-loss replacement features are part of most auto insurance policies. They have yet to realize this.

Comprehensive premiums and collision premiums did not rise when they began selling policies with the total-loss replacement feature for new vehicles, says Sue Honeyman about her company, spokesperson for The Hartford.

The amount of time the coverage is available is limited, however. The total-loss replacement feature is available for new-vehicle owners and is provided by The Hartford and MetLife.

If you like this feature, and want to have it in your auto insurance policy, that doesn’t mean that you should immediately turn to The Hartford and MetLife. There are other insurers that will offer similar coverage, but for a price.

Companies like Encompass Insurance Co., and Country Companies offer similar coverage to what The Hartford and MetLife are providing. However, there are certain differences between the companies, so don’t expect exact same policies.