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Introducing Optiom Prime Vehicle Replacement Coverage!


You love your vehicle and you’ve worked hard to get it, so be sure to protect its replacement value! Winnipeg Insurance Brokers is thrilled to partner with Optiom Inc. to offer you their phenomenal Prime Vehicle Replacement Coverage, which enhances your current primary auto insurance options available through MPI.

What is vehicle replacement coverage?


Great question! While you may have satisfactory insurance through MPI, you could experience a loss that would leave a gap in what MPI would provide to you and what the actual replacement cost of your vehicle is. As we all know, the value of your vehicle is reduced from the time you drive it off the lot (for both new and used vehicles) – and as such your primary auto insurance amount to replace that vehicle decreases as well. This is where vehicle replacement coverage comes in – narrowing the gap between what MPI covers and what your vehicle’s actual replacement amount should be.

Here’s how it works:


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 MPI. Any combination of additional coverages can be added onto the base benefit (see below for details). Your coverage is completely customizable, allowing you to create your own personal insurance coverage that best suits you.


Consider this … your vehicle is involved in an accident. Regardless of who is at fault, your primary auto insurance policy through MPI 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? MPI 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.


Did you say New and Used vehicles are eligible for coverage?!


Yes - Optiom Prime provides complete 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 is written off by MPI.


New Vehicles
New Vehicle Total Loss Benefit


Optiom Prime will pay the difference between the market value of your vehicle at the time of the loss and the MSRP of a brand new, equivalent model replacement vehicle.
• Up to $80,000 over your primary insurer’s policy
• Up to 84 months of price protection


If you have to pay a deductible on your primary auto insurance policy, Optiom Prime will reimburse you up to $500 if your car is written off.
 


Vehicle replacement example assuming 7 years of coverage is maintained

*Total loss benefit first contributes to any outstanding amount owing on the vehicle’s loan/lease.
 

Used Vehicles
Used Vehicle Benefit/Coverage


Optiom Prime will pay the difference between the market value of your vehicle at the time of the loss and your vehicle’s value at policy inception.
• Up to $60,000 over your primary insurer’s policy
• Up to 60 months of price protection
 

If you have to pay a deductible on your primary auto insurance policy, Optiom Prime will reimburse you up to $500 if your car is written off.
 


Vehicle replacement example assuming 5 years of coverage is maintained

*Total loss benefit first contributes to any outstanding amount owing on the vehicle’s loan/lease.


Who is eligible to purchase this coverage?


Everyone qualifies as long as they carry full collision and comprehensive primary auto insurance, regardless of if they are new to Canada, a new driver, or have a poor driving abstract. This coverage is for everybody!


But wait…there’s more!


In addition to the basic Optiom Prime Vehicle Replacement Coverage, you can enhance your coverage and customize your offerings with the following options:


Key Fob Reimbursement Benefits
Key fobs can be expensive to replace…with this coverage Optiom Prime will reimburse you the cost to replace it should you lose it, up to $500 (one-time only benefit request).


Partial Loss Deductible Reimbursement Benefit
This benefit is designed to help offset the price of your deductible in an accident. Optiom can reimburse your deductible up to $500 every time you own one to your primary insurer!


Rental Vehicle Reimbursement Benefit
Having a rental vehicle available to you when you’re looking for a new ride is a major benefit…should the rental vehicle coverage provided by your primary auto insurance policy end before your vehicle is repaired or replaced, Optiom Prime will reimburse the continuing rental vehicle cost until the repairs or replacement are completed, up to $1,500 per year.

Diminished Vehicle Value Benefit

Let’s say that by no-fault of your own, your vehicle gets damaged (think of vandalism, hail damage, or even a hit-and-run collision). Let’s further assume that the vehicle is repairable (though heavily damaged)…if you were thinking of reselling the vehicle, it is now worth significantly less due to an accident being on record. Fear not! Optiom Prime will pay a fixed amount if repairs exceed more than 25% of the declared value of the vehicle at the time of the accident and help recover some of the value that you’ve lost.

 

Your vehicle is a great asset to you. Make sure that you have the right coverage in place to protect its value. Optiom Prime provides month-to-month coverage up to 84 months with no interest charge, and offers broad vehicle eligibility with coverage available to everyone regardless of their age, driving abstract or driving history. Find out more about the availability of these fantastic products by contacting an Insurance Consultant at one of our six convenient Winnipeg locations!

Winnipeg Insurance Brokers Limited: Helping You Protect The Vehicle You Love.

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