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The Wyatt Dowling way

Protect Your Car with Optiom Vehicle Replacement Insurance

July 4, 2022

Your car depreciates as soon as you drive it off the lot. If you get into an accident, you’re likely going to be left with a gap between what Autopac covers and your car’s actual replacement value.

We can help you close that gap with Optiom Prime New and Used Vehicle Replacement Insurance.

We’ll take the time to explain how Option can benefit you.

At Western, we take pride in exceeding expectations by delivering the right insurance solution at every opportunity. Because we care.

Here’s how Optiom works:

Optiom is an add-on or enhancement to your current Autopac coverage. Optiom’s Vehicle Replacement Insurance is available on new vehicles for up to 84 months (7 years) of coverage.

For a new vehicle, it pays the difference between the market value of your vehicle -- at the time of loss -- and the manufacturer’s suggested retail price of a new, equivalent replacement model.

For example, you paid $40,000 for your new car and it has depreciated 20% -- or $8,000 -- in its first year. You were in an accident and it’s a write-off. Without Optiom Vehicle Replacement Insurance, you would have to pay the difference to buy another brand-new car of the same model.

If you paid a deductible and your vehicle is a total loss, Optiom coverage reimburses up to $500 of the deductible. Your coverage also contributes toward loan or lease obligations if your car is a write-off.

Optiom also benefits used car owners

For a used car, Optiom is available for up to 60 months (5 years) of coverage. On vehicles between 5 and 10 years old, you can get 3 years of coverage.

In the event of a write-off, Optiom pays the difference between the market value of your used vehicle and the locked-in value when you got your policy. This also includes the total loss deductible reimbursement of up to $500.

Optiom Prime New and Used Vehicle Replacement Insurance generally extends past what is now offered to help you keep up with the cost of replacing your car, if needed.

How else can Optiom help you?

You may be underinsured if you get into an accident and your car has advanced technology, which can be costly and complex to repair. Standard insurance can lack this kind of protection for drivers.

Again, Optiom can fully replace your vehicle with advanced technology at current market prices.

Take advantage of Optiom’s Vehicle Replacement Insurance’s optional coverages

A key fob reimbursement benefit (up to $500) can be added on both new and used vehicles. It’s a one-time replacement benefit.

If your new vehicle is involved in a partial-loss accident and the damages can be repaired and covered by your primary auto insurer (Autopac) -- optional coverages are available for new Original Equipment Manufacturer (OEM) genuine parts.

A vehicle appreciation benefit under Optiom is unique to used vehicles at 5 per cent added per year. If you are eligible for 5 years of coverage and the loss of your vehicle occurs in the fifth year, you receive an additional 25 per cent on top of agreed value toward replacing your used vehicle.

Optiom will also pay up to $500 on partial-loss deductibles.

If you have a rental vehicle and your loss of use coverage ends before your vehicle is replaced or repaired in the case of an accident, Optiom will reimburse the cost, up to $1,500 a year, so you can keep using the rental vehicle until the repairs are finished.

If an accident is not your fault, Optiom will pay a cash settlement if repairs exceed more than 25% of the declared value of the vehicle at the time of the accident.

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