3 Reasons to purchase vehicle replacement insurance

As vehicles become more advanced and expensive, even a ‘minor’ accident can lead to your vehicle being written off or having costly repairs.  A total loss can happen to anyone at any time!

3 Reasons to purchase vehicle replacement insurance:

• Up to 20% of a car’s value disappears every year
• After an accident, the standard automobile insurance policy may leave you with a gap in coverage
• The SEF 43R Waiver of Depreciation (available with most automobile insurers) is available on new vehicles only and typically only offers up to three years of coverage

Your standard auto insurance policy may leave you under insured… even if you weren’t at fault in an accident, most policies typically pay what the vehicle is worth, leaving you on the hook for the remaining debt and nothing to show for it. How much of your car can you afford to lose?

Optiom can fill the gap in your current coverage by providing comprehensive vehicle replacement protection (whether you purchase or lease a new or used vehicle). It also contributes towards your loan/lease obligations in the event your vehicle is a total loss and written off by your primary auto insurer.

Optiom is an easily affordable year-by-year extendable vehicle replacement plan!

• Up to 7 years of coverage available for new vehicles and up to 5 years of coverage for used vehicles
• Vehicles up to 10 years old are eligible for coverage
• No increase in premium throughout the term of your policy

Optional Coverage

Optiom also offers the following optional coverages:

• Partial Loss O.E.M. Benefit (new vehicles only) – if your vehicle can be repaired and damages are covered by your primary auto insurance policy, Optiom will pay for specified new O.E.M. genuine replacement parts.
• Vehicle Value Appreciation Benefit (used vehicles only) – for an additional premium, Optiom will escalate your vehicle’s value by 5% per year in the event of a total loss.
• Key Fob Reimbursement Benefit – if you lose your vehicle’s key fob, Optiom will reimburse you the cost to replace it, up to $500.
• Deductible Reimbursement Benefit – if you should have to pay  deductible on your primary auto insurance policy, Optiom will reimburse you in the event of a repairable loss, up to $500.
• Rental Vehicle Reimbursement Benefit – should the rental vehicle coverage provided by your primary auto insurance policy end before your vehicle is repaired or replaced, Optiom will reimburse the continued rental vehicle costs, subject to the policy limits.
• Diminished Vehicle Value Benefit – Recuperate some of the lost value of your car if you suffer a no-fault repairable loss.

For more information regarding how Optiom Vehicle Replacement can benefit you, please contact our Office and one of our knowledgeable Insurance Brokers would be happy to assist you!

Thank you,

Your Costen Insurance Team