Optiom Auto Insurance

Optiom Auto Insurance that's simple, easy and clear.

Get a quote

Optiom is a vehicle replacement program that helps your insurance on your new or used vehicle keep pace with the true cost of replacement. Optiom’s vehicle replacement can be looked at as an enhancement to your current comprehensive coverage through your primary insurer (MPI in Manitoba or SGI in Saskatchewan for example). It provides up to seven years of coverage on new vehicles and up to five years of coverage for used vehicles.

What is Replacement Coverage?

Even though you may have adequate insurance coverage through your primary insurer, you could experience a loss leaving a gap in coverage. Vehicle replacement fills in that gap between where your primary coverage ends and the type of coverage you want and are comfortable with.

Who is Eligible?

Do you have a vehicle and carry full collision and comprehensive coverage through your primary auto insurer? Great, you’re eligible! Whether you are a new driver, have been driving for 50 years, new to Canada or have a poor drivers history, Optiom is available to you!

Benefits for New Vehicles

  • Current or prior year vehicle model
  • Less than 25,000 km at the time of policy purchase
  • Under 6,500 kg gross vehicle weight
  • Coverage can be transferred

Benefits for Used Vehicles

Optiom Benefits for Used Vehicles

  • Vehicle models up to 10 years old
  • No kilometer restriction
  • Under 6,500 kg gross vehicle weight
  • The full benefit goes to a new vehicle (no cash in lieu of)

Along with the core total loss benefit, Optiom offers great optional coverage to further protect you and your vehicle!

Rental Vehicle Reimbursement Benefit

If you’ve ever had a rental vehicle you know the cost can add up quickly and sometimes you can’t quite line up the dates perfectly between the end of your rental and the return of your car. In the event that you require a rental vehicle, and the policy ends before your vehicle is replaced or repaired, Optiom will reimburse the cost to continue with the rental vehicle until the necessary repairs are completed. Optiom will top up your rental coverage by $1,500 per year.

Partial Loss Deductible Reimbursement Benefit

If you have a repairable loss, Optiom will reimburse you should you have to pay a deductible on your primary auto insurance policy. This covers you up to $500 and comes with an unlimited number of benefit requests.

Key Fob Reimbursement Benefit

We all know how fancy the technology in vehicles has become, even the key fob. Optiom will reimburse you if you need to replace your key fob up to $500 if keys are stolen or lost on a one-time request.

Diminished Vehicle Value Benefit

Accidents happen, and if at no-fault to you 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). If you are in an accident and are thinking of selling your vehicle, it is now worth significantly less. Optiom will contribute to this gap based on the value of the vehicle at policy inception to recover some of the value that was lost.

With the majority of Canadians keeping their cars an average of five years, there is no replacement coverage during the time in which depreciation acts the most. Your primary insurer will cover your for collision and liability, but Optiom looks at the greater picture by covering loans or leases you may have on your vehicle. Your primary insurer doesn’t provide equity towards a replacement vehicle as well. With personalized vehicle protection and an affordable month-by-month plan with no minimum term obligation, you’ve got nothing to lose and better vehicle coverage to gain! To better understand how Optiom coverage work, see our blog for examples.

Optiom Auto Insurance that's simple, easy and clear. Get a quote