Yes, you mail back an old unit, (functional or not) as long as you're the registered owner, and the serial number is there and intact (ala not stolen) then yes they ship a brand new V1 to you for $189 plus shipping.
My V1 died while in my 1998 dodge pickup. Not a porsche. And YES no more transfering the "only" family V1 between cars. Twice the detectors, TWICE the protection.
check into the replacement units/cost and go for it. Yes this is a valid deal and the norm, I'm not an exception. I just got mine brand new unit today.
Call V1 at 1-800-331-3030
or
www.valentine1.com