Protect Your New Vehicle As the proud new owner of a vehicle or a new leased vehicle, you want to keep it looking brand new. Unfortunately, this isn't always possible- especially if you're involved in a collision or your vehicle is dented. Repair costs can quickly surpass the value of your vehicle. If your vehicle is written off because of depreciation and the high cost of parts and labour, you may end up with a settlement that is less than the cost of an equivalent new vehicle- thus costing you more money to replace it. Replacement or Repair Cost Coverage If you have the Replacement or Repair Cost option on your Auto Policy, you can enjoy the peace of mind that comes with complete insurance protection. This option helps protect you against depreciation and rising repair costs. As well, it protects you from spending more money to replace your vehicle. Protection for three years First and Second year (24 months)Your Replacement or Repair Cost option applies to collision and all losses covered by your Auto Policy. Third YearYou're protected for the same types of losses as the first 24 months, except for fire, theft, water, vandalism and malicious mischief. If your vehicle is damaged, and the damages exceed your vehicle's actual cash value, we will either repair your vehicle or provide you with the original purchase price plus inflation. Coverage features You may purchase the Replacement or Repair Cost option any time within 120 days of taking delivery of your new vehicle. Damaged parts will be replaced with new parts (not salvaged parts). If your new car is written off during the first 24 months, we will replace it with a brand new vehicle of the same make and model with similar equipment, no matter what the cost. Colour may vary. Replacement during the remaining 12 months is based on the original purchase price, plus inflation. This option includes inflation protection of six per cent for the third year. - Dents that can be repaired without repainting- known in the auto industry as simply PDR for paintless dent repair- are covered for losses under $150 for policies with $50, $100 or $200 deductible. The policy deductible is waived on these losses.
- New equipment added after you purchased your vehicle is also covered, but it must be added to the policy deductible is waived on these losses.
- Registered owners of leased vehicles can obtain broadened coverage over the normal "gap" coverage offered by other insurers. Gap coverage only makes up the difference between what the policyholder owes the leasing company at the time of loss (residual value) and the license plate insurance actual cash value (ACV) settlement. Gap coverage doesn't protect the original cash down payment or the depreciation on the vehicle. If a loss occurs, you will receive the difference between the ACV settlement up to the amount shown on your policy, plus inflation.
If you own or lease a new private passenger vehicle, farm truck, van or motorhome, this option is for you. However, it's only available for 120 days after you buy your vehicle. *Additional information regarding Auto Policies please view Company links found on our News Page.
Vehicle ownership is a huge time and financial commitment. The amount of money we spend on our vehicles today is second to none. Most of us don’t protect that investment the way we should.
NEW!
EXCESS VALUE ON LIGHT COMMERCIAL VEHICLES
As you may have already heard, effective September 1, 2002, light commercial vehicles in classes A, C and D are no longer subject to the $15 000 limitation for physical damage under the vehicle registration certificate. Light commercial vehicles are defined under the Act as those vehicles with a manufacturer's gross vehicle weight rating of 5 000 kgs. or less (excluding the weight of the trailer and its load). Coverage effective September 1, 2002 under the Auto Fund will be on the actual cash value basis.
Due to the change in the Auto Fund, the insurance companies will automatically process endorsements refunding the pro rata unearned portion of the premium for the excess value coverage.
Customizing an Auto Insurance Policy to suit your needs is the best solution. The Plate Insurance that each vehicle carries in our province does not include many coverages that a package policy can give you.
Did you know that if you carry a package policy and your vehicle is stolen the deductible is waived?
Do you know what your plate deductible is? $700.00 is the standard deductible on most private cars and trucks. If you are in an accident can you afford to pay this and be without your vehicle while it is being repaired? Your plate insurance does not cover the cost of a rental vehicle.
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