OPTIOM – Prime Vehicle Replacement


Costen Insurance is excited for our new partnership with Optiom Inc.

Optiom allows us to provide you, our valued clients, with a unique replacement coverage solution for your new AND used vehicles.

Optiom Inc., which was established in British Columbia, has been in business for over fifteen years and is supported by Lloyd’s strong financial security.

Why 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 offers up to three years of coverage only.

Your standard auto insurance policy may leave you underinsured… 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 Prime 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 Prime is an easily affordable year-by-year extendable vehicle replacement plan!

  • Up to 7 years of coverage available.
  • Everyone qualifies! Vehicles up to 10 years old are eligible for coverage.
  • No increase in premium throughout the term of your policy.
  • Coverage for the average vehicle is under $25/month.

Here are a couple of total loss examples, based on a new and used vehicle:

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.
  • Partial Loss 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 continuing rental vehicle cost until the repairs or replacement are completed, up to $1,500.
  • Diminished Vehicle Value Benefit – if you should suffer a no-fault accident, Optiom will pay a fixed amount if repairs exceed more than 25% of the declared value of the vehicle at the time of the accident.

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

Thank you,

The Costen Insurance Team