VEHICLE REPLACEMENT INSURANCE

Replace your vehicle, not just its depreciated value.

If your vehicle is written off, your primary auto insurer pays today’s depreciated market value. That’s often thousands less than what a comparable replacement costs. Vehicle Replacement Insurance covers the difference, for up to 7 years.

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No obligation • Licensed brokers across Canada • No pressure.

Driver receiving keys at a Canadian car dealership

How Vehicle Replacement Insurance works.

Optiom covers you after a total loss

If your vehicle is written off, your primary auto insurer pays out its depreciated value — often thousands less than what a new one costs. Here’s what happens with Optiom in the picture.

01

Your primary auto insurer settles the claim

Your primary auto policy pays out the current market value of your vehicle at the time of the loss. That’s the depreciated amount.

02

Optiom covers the gap

We top up the difference between what your primary auto insurer paid and the cost of a brand-new equivalent, matching your make, model, and trim.

03

You drive away in a new vehicle

No depreciated cheque. No used substitute. A brand-new replacement, up to 7 years from your original purchase.

Protection plans for your vehicle

From total-loss replacement to everyday wear and tear — coverage built for how Canadians actually drive.

Vehicle Replacement

If your vehicle is written off, we replace it with a brand-new one, matching your make, model, and trim.

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GAP Insurance

Covers the gap between what you owe on your loan and what your insurance pays on a total loss.

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Tire & Rim

Repairs or replaces tires and rims damaged by road hazards like potholes, debris, and curbs.

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Mechanical Breakdown

Extended protection for mechanical and electrical failures beyond your factory warranty.

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Appearance Protection

Interior and exterior surface protection against stains, tears, fading, and minor damage.

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⚡ Act Now, Protect Your Vehicle Today

One accident away from finding out you’re underinsured

Most Canadian drivers don’t realize their primary auto policy won’t fully cover a replacement vehicle after a total loss. Get protected today with one simple quote request.

100% free. Zero obligation, no pressure

Licensed brokers across Canada, with a response within 1 business day

Every driver qualifies, regardless of age, claims history or new to Canada

600K+

Policies sold

60 sec

To request a quote

4.9

Customer rating

Get A Free Quote

No obligation • Licensed brokers across Canada • No pressure.

Driver receiving keys at a Canadian car dealership
Couple reviewing monthly payment plan with dealer
Flexible Payment Options

Pay monthly with Bamboo Premium Financing

Don’t want to pay your Optiom policy up front? You don’t have to. Through our partnership with Bamboo Premium Financing, you can spread the cost of your coverage into affordable monthly payments, with fast approvals, fair rates, and a friendly Canadian team behind every application.

  • Fast approvals so your coverage starts without delay
  • Affordable interest rates built for the Canadian market

  • Manageable monthly payments with no lump sum required

Financing is provided by Bamboo Premium Financing Inc. Approval, terms and rates are determined by Bamboo and are subject to credit review.

What Our Customers Say

Real drivers. Real coverage. Real peace of mind.

★★★★★

“No brainer. Great coverage at a great price — glad I added it when I bought my car.”

Ankit A.

★★★★★

“Positive experience from start to finish. The claim process was quick and painless.”

Susan T.

★★★★★

“Very good service. Everything was explained clearly and the coverage gave me real peace of mind.”

Kunal G.

Parent driving child to school in family car
Life Without Your Car

Could you live comfortably without your car?

When your vehicle is written off, life doesn’t pause. School runs, work commutes, groceries, appointments. Everything continues without a car in the driveway.

Rental cars add up fast, and the payout you eventually receive may not cover a comparable replacement. Optiom bridges that gap and pays fast, so you can get back on the road sooner.

3 to 5
Business Days
To settle your claim once documentation is received

From the Blog

Learn before you buy.

Guides, explainers, and updates from the Optiom team.

Safety & Security

Understanding Vehicle Theft Trends in Canada

Read more →

Buying Guide

The Psychology of Car Buying

Read more →

Buying Guide

5 of the Best Websites to Buy a Car in Canada

Read more →

View all articles →

Common Questions

Straight answers.

Yes. Full coverage from your primary auto insurer covers physical damage but often leaves gaps like depreciation, deductibles, and vehicle replacement value shortfalls. Optiom fills those gaps so you’re not out-of-pocket after a total loss or major claim.

Most personal-use passenger vehicles, light trucks, and SUVs are eligible. Specific eligibility depends on vehicle age, mileage, and the product you’re enrolling in — your broker or dealer can confirm at the time of quote.

Coverage terms typically run from 12 to 84 months depending on the product and your vehicle. You choose the term at enrollment based on how long you plan to keep the vehicle.

Optiom coverage is available across Canada except Quebec. If you move, contact us so we can update your file and confirm coverage in your new province.

Our insurance products (VRI, GAP, Tire & Rim) cover financial gaps your primary auto policy leaves behind, including depreciation, loan shortfalls, and road-hazard damage. Our Mechanical Breakdown Protection covers major mechanical and electrical repairs once your factory warranty ends; depending on your province it is regulated as either an insurance product or a warranty-style product.

Prior claims on your primary auto policy don’t automatically disqualify you from Optiom coverage. Eligibility is based on the vehicle and enrollment criteria, not your personal claims history with your primary auto insurer.

Both help after a total loss, but they solve different problems. Vehicle Replacement Insurance (VRI) focuses on getting you into a comparable replacement vehicle — it covers the gap between your primary auto insurer’s depreciated payout and what a similar vehicle actually costs today

Most Optiom policies are arranged through independent licensed insurance brokers across Canada who offer Optiom products, and on a limited basis through participating dealerships. GAP, Mechanical Breakdown Protection, and Tire & Rim Protection are typically sold at the dealership as part of your F&I paperwork. If you’re not sure where to start, call Client Care at 1-844-427-7587 and we’ll point you to the right partner.

Canada's #1 Specialty Vehicle Replacement Provider

Built in Canada. Trusted by 600,000+ drivers.

Optiom is Canada's largest specialty vehicle replacement insurance provider, headquartered in Calgary and serving Canadian drivers since 2008. When a vehicle is written off, a primary auto insurer pays only its depreciated market value — often thousands less than what a comparable replacement actually costs. Optiom closes that gap. Through a national network of independent licensed brokers and partner dealerships, we've written over 600,000 policies protecting drivers against the true cost of a total loss.

Learn About Us
600K+
Policies Written
15+
Years Serving Canada
2008
Founded in BC

Vehicle Replacement Insurance, Powered by Optiom

More than a policy. It's peace of mind.

If your vehicle is written off, Optiom pays the difference between your primary auto insurer's depreciated payout and a brand-new replacement, so you're not left thousands short.

Get A Free Quote
No obligationLicensed Canadian brokerNo pressure.

Questions? 1-844-427-7587  |  clientcare@optiom.com

Vehicle Replacement Insurance is administered by Optiom Inc. and underwritten by a licensed Canadian insurer. Coverage subject to policy terms and conditions. Available across Canada (except Quebec).