Vehicle Replacement Coverage – How to Make it Work for You.

This is a challenging epoch of human history. The goalposts on peace of mind have moved further away from us. Many people are on a razor’s edge of stress. An auto collision can be the tipping point for many in that regard. 

But it doesn’t have to be. The list of worries in this day and age is long, but concern over losing a vehicle for less than its value doesn’t have to make the list. For the price of your daily cup of coffee, you can sweep that worry away. 

This scenario is common. In a past article, our client Gary paid off his vehicle, then was involved in a not-at-fault collision months later. The five-year depreciation of his Ford Fusion netted him 40% of what he’d paid when the Fusion was written off.  

A breakdown: Imagine you pay $200 per month for a television. It’s insured. After paying $2,400 by year’s end, it falls off the stand and smashes. The insurance company hands you a cheque for $960. 

Comprehensive coverage isn’t always comprehensive. 

Modern vehicles are technological marvels, and while that bodes well for auto bodyworkers, it’s not great for the consumer’s wallet. 

Total cost of damages: $8,700. This was a 2012 vehicle. 

Here’s a list of standard safety features: pre-collision technology, lane departure alerts, dynamic radar cruise control, lane tracing assist, automatic high beam, bumper sensors, blind spot monitoring, and rear cross-traffic alert systems. 

That’s a lot. There’s no aim here to dismiss or undermine their importance, as each and every element could save a life. As an aside, the list above is for the base model Toyota RAV4, the best-selling SUV of 2020.  

Life moves fast, and people move fast with it. Is it any wonder, then, that repairs cost more when newer vehicles are steeped in these technologies? A bumper isn’t just for bumping anymore – replacement costs are on the rise as safety technology continues its expansion. This also increases insurance premiums, while still eluding the added benefit of equal return on your investment. 

At the end of the day, some people don’t have a lot of luck, and end up in multiple at-fault accidents; others, perhaps, are greener to the rules of Canada’s roads. Whatever your story, Optiom has you covered. Their options are broad, and the eligibility requirements are forgiving. 

While total losses were mentioned above, partial losses (and depreciation from a vehicle having a prior collision on its record) are still protected under Optiom’s coverage. 

These are stressful times – a little peace of mind can go long way. Check out what Optiom can offer today

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