Understanding Optiom vehicle replacement coverage for drivers in British Columbia
Optiom is a vehicle replacement coverage designed to help your new or used vehicle keep pace with today’s replacement costs. It works alongside your ICBC comprehensive coverage, offering added protection that bridges the gap between your vehicle’s depreciated value and the true cost of replacing it. Optiom provides up to seven years of coverage for new vehicles and up to five years for used vehicles, as long as the vehicle is within ten model years.
A dependable vehicle is essential for daily life, whether you are commuting to work, driving your kids to school or sports, or heading out on a long-planned vacation. From navigating busy streets in Vancouver and Surrey to enjoying the coastal views on Vancouver Island, Optiom helps ensure the investment you have made in your vehicle remains protected. It offers an added layer of confidence so you are not left dealing with financial gaps after a major loss.
Protecting what matters most to you and your family is our priority. Our insurance advisors are here to help you understand how Optiom coverage works and to make sure you have the right protection in place, giving you peace of mind every time you get behind the wheel.
Why Choose Westland?
We know that your insurance needs to match your goals, your lifestyle and your budget. Our expert auto insurance advisors get to know you, so that they can tailor a policy to your exact needs.
We’ll find the best coverage for you at the right price so that you can continue to live your life the way you want to.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.
Optiom Insurance Explained
Can you afford a new vehicle if yours is written off? Since 20% of your vehicle’s value is lost each year, it’s important to understand how you can cover yourself and your investment. Introducing Optiom – a vehicle replacement coverage that helps your new or used vehicle keep pace with the true cost of replacement.
Optioms replacement vehicle coverage provides up to seven years of coverage on new vehicles and up to five years of coverage for used vehicles, for vehicle models up to ten model years old. This extends far past what is offered in the marketplace today and we’re excited to show you more!
Even though you may have adequate insurance coverage through ICBC you could experience a loss leaving you underinsured in coverage. Vehicle replacement fills in the difference between where your primary coverage ends and the type of coverage you want and are comfortable with.
Do you have a vehicle and carry either full collision and/or comprehensive coverage through ICBC? Great, you’re eligible! Whether you are a new driver, have been driving for 50 years, are new to Canada or have a poor drivers history, Optiom is available to you and these factors will not affect your premium with Optiom!
Benefits & Eligibility for New Vehicles
- Current or prior year vehicle model
- Less than 25,000 km at the time of policy purchase
- Regardless of the purchase date of the vehicle
- Under 6,500 kg gross vehicle weight
- 7 years of coverage from the day the policy is written
- One time Key Fob reimbursement benefit
Benefits & Eligibility for Used Vehicles
- Vehicle models up to 10 years old
- Up to 5 years of coverage
- Regardless of the number of KM on the odometer at policy inception
- Under 6,500 kg gross vehicle weight
- One time Key Fob reimbursement benefit
Along with the core total loss benefit, Optiom offers great optional benefits to further protect you and your vehicle!
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 for up to $500 if keys are stolen or lost. This being a one time benefit request per policy and included in every policy.
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 your loss of use ends or is fully used 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.
Diminished Vehicle Value Benefit
Accidents happen, and if it is a no fault accident its even more unfortunate because now your vehicle is worth less because you were at the wrong place at the wrong time. Should you suffer a no fault accident, and repairs exceed more than 25% of the market value of the vehicle as the time of the loss, Optiom will reimburse you, based on the vehicles value at policy inception! Helping you recover some of the diminished vehicle value from the accident.
Find a branch for Optiom replacement cost coverage advice
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Help protect your vehicle’s value before a total loss
From replacement cost coverage to depreciation protection, Westland helps BC drivers understand Optiom insurance options for eligible vehicles and choose added protection that fits their needs.
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