Optiom Car Insurance

It’s your asset,
maintain it.

Protect your vehicle’s replacement value with Optiom Inc. Prime Vehicle Replacement Coverage.

You worked hard to purchase your vehicle, and that means a lot to you. It’s an asset and you rely on it every day, but in an instant, its value could be all but lost.

This unique plan enhances the car insurance options that are available to you through MPI.

Optiom Car Insurance Includes:

Month-to-month coverage up to 84 months

No interest charges

Broad vehicle eligibility with coverage available to everyone, regardless of their age, driving abstract or driving history.

Find out more about Optiom Inc. Prime Vehicle Replacement Coverage that’s available to you.

Get Replacement Value
We all know that the value of your vehicle drops from the time you drive it off the lot (for both new and used vehicles) – and your primary auto insurance amount to replace that vehicle decreases as well. This is where Optiom Prime vehicle replacement coverage comes in – narrowing the gap between what MPI covers and what your vehicle’s actual replacement amount should be.

Here’s how it works:
With Optiom Prime, you are automatically eligible for up to 7 years of coverage on new vehicles, and up to 5 years of coverage on used vehicles. Your premium is locked in at the beginning of your policy, and you are guaranteed no increases or re-qualification related to your vehicle for the period it is eligible and you maintain Optiom Prime coverage.

Optiom Prime provides complete vehicle replacement protection whether you buy or lease a new or used vehicle.

Your primary auto insurance policy through MPI typically only pays you the depreciated market value of your vehicle. That may not cover the amount you owe on your vehicle loan/lease, or provide you with any equity towards your replacement vehicle.

With Optiom Prime, your coverage is completely customizable, you create the insurance coverage that best suits you. The base total loss benefit contributes to the cost of an equivalent model replacement vehicle if your vehicle is a total loss and is written off by MPI.

Base Total Loss Benefit for a New Vehicle
Optiom Prime will pay the difference between the market value of your vehicle at the time of the loss and the MSRP of a brand new, equivalent model replacement vehicle.
• Up to $80,000 over your primary insurer’s policy
• Up to 84 months of price protection

If you have to pay a deductible on your primary auto insurance policy, Optiom Prime will reimburse you up to $500 if your car is written off.

Vehicle replacement example assuming 7 years of coverage is maintained

*Total loss benefit first contributes to any outstanding amount owing on the vehicle’s loan/lease.

Base Total Loss Benefit for a Used Vehicle

Optiom Prime will pay the difference between the market value of your vehicle at the time of the loss and your vehicle’s value when the policy was taken out.
• Up to $60,000 over your primary insurer’s policy
• Up to 60 months of price protection

If you have to pay a deductible on your primary auto insurance policy, Optiom Prime will reimburse you up to $500 if your car is written off.

Vehicle replacement example assuming 5 years of coverage is maintained *Total loss benefit first contributes to any outstanding amount owing on the vehicle’s loan/lease.

Once you select the Base Total Loss Benefit that is right for you, you can add any combination of additional coverages:

Key Fob Reimbursement Benefits
Key fobs can be expensive to replace. With this coverage Optiom Prime will reimburse you the cost to replace it should you lose it, up to $500 (one-time only benefit request).

Partial Loss Deductible Reimbursement Benefit
This benefit is designed to help offset the price of your deductible in an accident. Optiom can reimburse your deductible up to $500 every time you owe one to your primary insurer.

Rental Vehicle Reimbursement Benefit
Having a rental vehicle available to you when you’re looking for a new ride is a major benefit. If the rental vehicle coverage provided by your primary auto insurance policy ends before your vehicle is repaired or replaced, Optiom Prime will reimburse the continuing rental vehicle cost until the repairs or replacement are completed, up to $1,500 per year.

Diminished Vehicle Value Benefit

If, through no-fault of your own, your vehicle gets damaged (vandalism, hail damage, or a hit-and-run collision) and it is fully repaired, on resale your vehicle is worth significantly less because it has an accident on record. Optiom Prime will pay a fixed amount if repairs exceed more than 25% of the declared value of the vehicle at the time of the accident and help recover some of the value that you’ve lost.

Your vehicle is a great asset to you. Make sure that you have the right coverage in place to protect its value. Optiom Prime provides month-to-month coverage up to 84 months with no interest charge, and offers broad vehicle eligibility with coverage available to everyone regardless of their age, driving abstract or driving history. Everyone qualifies as long as they carry full collision and comprehensive primary auto insurance, regardless of if they are new to Canada, a new driver, or have a poor driving abstract.