CAR INSURANCE: IS YOUR VEHICLE A WRITE OFF?

“It’s a write off”, “Total loss”, “Totalled”

Words we never want to hear regarding our precious automobile.
Words that can suddenly leave us in a panic about insurance rates, outstanding payments, and the replacement value of our vehicle.

The insurance industry commonly defines “write off” as when your vehicle is determined to be a total loss. In other words, the cost to repair your vehicle after a collision is more than its value after subtracting the recycle or salvage value. In such cases, your typical settlement is based on your policy coverage.

• Did you know … that due to the increase in technology operating in newer cars today, that a “write off” can occur with what seems to be even the smallest of incidents, or even if both airbags deploy.
• Did you also know… while your standard auto insurance policy only covers up to the depreciated market value of the vehicle at the time of the loss, your primary insurer may not cover the amount owing on your vehicle loan or lease? If you have Limited Depreciation Waiver Endorsement, it may only cover your loss up to the original purchase price of your vehicle (net any manufacturer’s or dealer’s discounts offered at the time).

Leaving you with a potential deficit to replace your vehicle at current value.

Can you afford to buy your car twice?

Merit Insurance is now offering a new product to help alleviate that deficit. Optiom Prime Vehicle Replacement is an addition to your existing auto insurance that will contribute to the cost of an equivalent replacement vehicle should you suffer a total loss.

The Optiom Prime Vehicle Replacement Total Loss Benefit (available for New or Used Vehicles*) contributes to the cost of an equivalent model replacement vehicle if your vehicle is a total loss and is written off by your primary auto insurer. Your coverage is completely customizable, allowing you to create your own personal insurance coverage that best suits you.

Everyone qualifies:

• As long as you carry full collision and comprehensive primary auto insurance
• Regardless if you are new to Canada or a new driver
• Even with a poor driving record

Talk to a Merit Insurance Broker today about Optiom Prime Replacement Vehicle Insurance and ensure that you don’t lose your financial investment along with your car.