Car Insurance with Replacement Cost Coverage
Protect your car against depreciation
Buying or leasing a new car? Car insurance with replacement cost coverage can help limit the impact of depreciation on your settlement after a covered loss, depending on the coverage you choose.
With ClicAssure, compare car insurance quotes and indicate your interest in replacement cost coverage on the form. An insurance professional can confirm your vehicle’s eligibility and explain the available options.
- A free quote request, with no obligation to purchase.
- Offers to compare based on your situation.
- Clear explanations of coverage and deductibles.
Take the time to compare premiums and coverage to find insurance that meets your needs. You can start shopping before taking delivery of your vehicle.
Complete the form to start comparing quotes.
Compare Online Quotes for New Car Replacement Insurance
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Frequently asked questions (FAQ)
What is replacement cost coverage for car insurance?
Replacement cost coverage is added to your car insurance policy through an endorsement. In Quebec, it is available through certain options under Q.E.F. No. 43, which change how your settlement is calculated after a covered loss.
The options listed in your policy determine what coverage applies. Ask your insurance agent or broker to explain what is covered if your vehicle is a total loss or can be repaired.
How does replacement cost coverage work after a total loss?
Option 43E may allow you to replace your vehicle with a new one with the same or similar specifications. Other settlement options are available, including a cash payment based on the price you paid, adjusted using the applicable index. Your settlement depends on the coverage in your policy and the settlement option you choose.
Does replacement cost coverage also apply to partial losses?
Certain options also apply to repairs. For example, under Option 43A, damaged parts that cannot be repaired may be replaced with new original equipment manufacturer parts, with no deduction for depreciation, subject to the endorsement’s conditions.
Do I still have to pay a deductible?
You remain responsible for the deductible shown in your policy. Replacement cost coverage does not cover a risk that is excluded from your car insurance policy.
What is the difference between replacement cost coverage and replacement insurance?
These products address a similar need, but they are two different types of coverage.
| Feature | Replacement cost coverage — Q.E.F. No. 43 | Replacement insurance — Q.P.F. No. 5 |
|---|---|---|
| Policy | An endorsement added to your car insurance policy | A separate policy that supplements your car insurance |
| Insurer | Your car insurance provider | May be a different insurer |
| Premium | May change at renewal | Set at purchase for the policy term |
Before choosing, ask about each option’s settlement terms, limits and coverage period. Review the protection you already have to avoid overlapping coverage.
Is replacement cost coverage mandatory?
No. It is not required by law. If you finance or lease your vehicle, check your financing or lease agreement separately for any insurance requirements.
Is my vehicle eligible?
Eligibility requirements depend on the insurer and the product. Provide your vehicle’s model year, odometer reading and purchase date so the insurance professional can check the available options. Used vehicles may qualify for other types of protection against depreciation
How long does the coverage last?
The maximum coverage period depends on the insurer’s offering. Ask how long your vehicle can remain eligible and review the conditions at each renewal.
How much does car insurance with replacement cost coverage cost?
There is no single rate. Ask for the cost of this coverage in each quote and compare the total car insurance premium. Also ask how the premium could change at renewal.
Can I get replacement cost coverage for a leased car?
This coverage may be available for a vehicle under a long-term lease. Have the insurance professional confirm eligibility and the settlement terms that apply to your policy.
Do I need to wait until delivery to request a quote?
You can start shopping for insurance before taking delivery of your vehicle. This gives you time to ask questions and confirm when your selected coverage will take effect.
