How it works
On average, a vehicle depreciates to half its value within the first 4 years...
Other supplemental coverages, sometimes offered by primary insurers, only covers your new vehicle typically for up to 3 years. These coverages usually only insure your exposure up to the purchase price of your vehicle (net of any manufacturer’s or dealer’s discounts offered at the time). With the majority of Canadians keeping their vehicles for at least 5 years, these other coverages provide no replacement protection during the period of greatest loss exposure.
With Optiom Prime, you are automatically eligible for up to 7 years of coverage on New Vehicles, and up to 5 years of coverage on Used Vehicles. Your premium is locked in at policy inception, and you are guaranteed no increases or re-qualification related to your vehicle for the period it is eligible and you maintain Optiom Prime coverage.
The core Total Loss Benefit contributes to the cost of an equivalent model replacement vehicle if your vehicle is a total loss and is written off by your primary auto insurer. Any combination of additional coverages can be added onto the base benefit. Your coverage is completely customizable, allowing you to create your own personal insurance coverage that best suits you.
So, what have you got to lose? Consider this … your vehicle is involved in an accident. Regardless of who is at fault, your primary auto insurance policy typically only pays you the depreciated market value of your vehicle. Will you have enough money to replace your vehicle if it is a total loss and is written off by your primary insurer? Your primary insurer may not cover the amount owing on your vehicle loan/lease, not to mention providing you with any equity towards your replacement vehicle. Optiom Prime ensures that you don’t lose your financial investment along with your car.