Has any one got the Vehicle Replacement insurance from Optiom as opposed to the New Vehicle Replacement Plus from ICBC in British Columbia? I just got my car two weeks ago and I have two more weeks to decide on whether to get the Vehicle Replacement insurance from Optiom (VEHICLE REPLACEMENT PROTECTION PLAN British Columbia | Vehicle Replacement Protection Plan). There are several coverages (quoted off their website):
I'll take their example they have (VEHICLE REPLACEMENT PROTECTION PLAN British Columbia | Products - VEHICLE REPLACEMENT PROTECTION PLAN British Columbia) but double the numbers to roughly match the basic Model S so that the car is $80k MSRP today. During year 7 when the MSRP is $96k for a new 2022 Model S, if I had an accident that totaled the car the primary auto insurer (I'm with ICBC) would pay $24k for the vehicle and Optiom would pay $72k. My MSRP is $100k today and say it'll be $120k in year 7, and so the primary insurer would pay $30k but Optiom would max out and pay $80k instead of $87.5k. Minor loss in my opinion compared to the one-time 7-year deal $5k I was quoted for this insurance plan. So it's $5k now for $80k down the road.
In my mind it seems like a no-brainer deal. Even more so, if the accident is my fault, the insurance would still pay. So I asked the insurance representative if I purposely drove my car into a wall in year 7 and totaled it, would they still pay? His answer was that he has never dealt with this case but so far, in writing, Optiom would still cover it and I would get a new 2022 Model S. New. 2022. Model S. By that time this thing better do 0-60 in 1.1 second and fly like the Jetsons. But of course deep down I feel that the deal is too good to be true and I'm not finding any fine-print. Would they close down and go bankrupt before the 7 years? Better Business Buearu says it's so far an A+. Tell me what's wrong! :redface:
- TOTAL LOSS BENEFIT
- OPTIOM will pay the difference between the depreciated amount you receive from your primary auto insurer and the MSRP of a brand new replacement vehicle:
- Up to $80,000 depending on the value of your vehicle and the term chosen, in addition to the amount you receive from your primary auto insurer.
- OPTIOM will pay the difference between the depreciated amount you receive from your primary auto insurer and the MSRP of a brand new replacement vehicle:
- NEW BODY PARTS REPLACEMENT BENEFIT
- If your vehicle can be repaired and damages are covered under your primary auto insurance policy, OPTIOM will pay for new O.E.M. genuine replacement body parts:
- Up to $10,000 per year depending on the value of your vehicle, in addition to the amount you receive from your primary auto insure
- If your vehicle can be repaired and damages are covered under your primary auto insurance policy, OPTIOM will pay for new O.E.M. genuine replacement body parts:
I'll take their example they have (VEHICLE REPLACEMENT PROTECTION PLAN British Columbia | Products - VEHICLE REPLACEMENT PROTECTION PLAN British Columbia) but double the numbers to roughly match the basic Model S so that the car is $80k MSRP today. During year 7 when the MSRP is $96k for a new 2022 Model S, if I had an accident that totaled the car the primary auto insurer (I'm with ICBC) would pay $24k for the vehicle and Optiom would pay $72k. My MSRP is $100k today and say it'll be $120k in year 7, and so the primary insurer would pay $30k but Optiom would max out and pay $80k instead of $87.5k. Minor loss in my opinion compared to the one-time 7-year deal $5k I was quoted for this insurance plan. So it's $5k now for $80k down the road.
In my mind it seems like a no-brainer deal. Even more so, if the accident is my fault, the insurance would still pay. So I asked the insurance representative if I purposely drove my car into a wall in year 7 and totaled it, would they still pay? His answer was that he has never dealt with this case but so far, in writing, Optiom would still cover it and I would get a new 2022 Model S. New. 2022. Model S. By that time this thing better do 0-60 in 1.1 second and fly like the Jetsons. But of course deep down I feel that the deal is too good to be true and I'm not finding any fine-print. Would they close down and go bankrupt before the 7 years? Better Business Buearu says it's so far an A+. Tell me what's wrong! :redface:
