New and leased vehicle protection

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New vehicle protection

If your new vehicle is written off, Basic Autopac will cover the cost of the vehicle’s actual cash value, or its value after depreciation. That means you could be left with a vehicle loan for more than your vehicle’s value or you’ll have to spend more money to replace the new vehicle you just purchased.

With New Vehicle Protection insurance, which covers new and late-model used vehicles, the full purchase price of your vehicle is protected, including an allowance for inflation. So if your new vehicle is in a collision and you need to replace it, you won’t have to spend more money towards the purchase.

For brand new vehicles, coverage protects you for two years. For late-model used vehicles, the coverage lasts until the vehicle is two-model-years-old.

Once coverage expires, you cannot buy this coverage again unless you buy another new vehicle.

Coverage

With New Vehicle Protection, the insured value includes the purchase price of your vehicle, accessories, pre-delivery inspection and sales tax, plus an allowance for inflation. The value is calculated using your bill of sale.

When you purchase your new vehicle, make sure the seller/dealer includes all accessories and options on your bill of sale, including taxes, fees and trade-in value. Only accessories and options listed on your bill of sale are covered. Any accessories or options not listed on the bill of sale or added after purchase are not included in your vehicle’s insured value.

With New Vehicle Protection, these items are not covered:

  • any GST you paid (but you’ll get a GST credit when you buy a replacement vehicle)
  • any amount you still owe on your trade-in
  • any amount you paid for warranties, insurance or service contracts
  • any rebates, cashbacks or dealer incentives

If your vehicle is worth more than $50,000, you’ll also want to purchase Excess Value Coverage. Ask your Autopac agent for details.

Motorcycle and moped customers should contact their Autopac agent to ensure they qualify for full coverage.

What qualifies?

Most privately owned, new and late-model cars, SUVs, light trucks, motorcycles, mopeds and motor homes qualify. The vehicle must be either brand new or, a used vehicle no older than one-model-year. Vehicles used commercially, except for vehicles for hire, are not eligible. Talk to your Autopac agent to see if your vehicle qualifies.

For brand new vehicles, you have 60 days to buy New Vehicle Protection from when you first register and insure the vehicle. For used vehicles, you have 60 days from the date you buy the vehicle.

Purchasing

You can buy New Vehicle Protection when you purchase Basic Autopac coverage for the vehicle. Bring your bill of sale to any Autopac agent and the agent will confirm your purchase price and sale date.

Leased vehicle protection

If your leased vehicle is written off, Basic Autopac will cover the actual cash value of the vehicle at the time of loss. However, most leased vehicles are legally owned by the dealership or leasing company, so if it is written off, you personally won’t receive any financial compensation.

Leased Vehicle Protection covers your down payment and/or trade-in allowance. For brand-new vehicles, it protects you for two years. For late-model used vehicles, the coverage lasts until the vehicle is two-years-old.

After the term expires, you cannot buy this coverage again unless you lease another vehicle.

What qualifies?

Most leased, new and late-model cars, SUVs, light trucks, motorcycles, mopeds and motor homes qualify. The vehicle must be either brand new or, if used, no older than one model year. Vehicles used commercially, except for vehicles for hire, are not eligible. Talk to your Autopac agent to see if your vehicle qualifies.

For brand-new leased vehicles, you have 60 days to buy Leased Vehicle Protection from when you first register and insure the vehicle. For used vehicles, you have 60 days from when your lease starts.

Purchasing

You can buy Leased Vehicle Protection when you purchase your Basic Autopac coverage for the leased vehicle. Bring your lease agreement to any Autopac agent and the agent will confirm the amount of your down payment and/or trade-in allowance.

Protection for motorcycles

There are some differences in coverage for motorcycles. Basic Autopac coverage for passenger vehicles includes all-perils coverage, however Basic Autopac for motorcycles and mopeds is limited to collision and upset protection. New Vehicle Protection and Leased Vehicle Protection are dependent on the other Autopac coverage you have on your motorcycle.

  • If your motorcycle is insured with Basic Autopac only: New or Leased Vehicle Protection will only apply if the motorcycle is written off in a collision or by upset.
  • If your motorcycle is insured with Basic Autopac and comprehensive motorcycle coverage: New or Leased Vehicle Protection will apply if the motorcycle is written off in the event of a collision, upset or other loss resulting from a peril covered by your comprehensive insurance.

New Vehicle Protection or Leased Vehicle Protection are not a replacement for comprehensive coverage. Contact an Autopac agent to ensure your motorcycle qualifies for full coverage.