Help protect your vehicle with Replacement Cost Coverage.

A new vehicle is a big investment. You want to be sure that you won’t lose out if you're a victim of theft or have a serious accident. Your auto insurance can help.


How does it work?

Did you know that if your vehicle1 is stolen or deemed a total loss, you can have it replaced with either the same model or a similar one?2 With the Replacement Cost endorsement, your vehicle will be replaced in case of a covered total loss. Depending on the province, coverage provided may vary between 48 to 60 months from the original delivery date of the vehicle. If for any reason, we're unable to find your specific vehicle model, we'll look at other vehicles that are considered equal in value and have similar specifications and options. If the vehicle isn't replaced, we'll pay the replacement value indicated in your endorsement. Replacement Cost coverage can be added to cars, motorhomes and motorcycles, subject to eligibility. This coverage applies on a per vehicle basis.

Are you eligible for Replacement Cost coverage?

  • Do you have a vehicle insurance policy with us, and do you satisfy its conditions?
  • Does your vehicle insurance policy have an effective date prior to June 10, 2021?
  • Are you the original owner of the vehicle or the first owner of a showroom demo vehicle?
  • Does your vehicle carry a combination of Collision/Upset, Comprehensive/Specified Perils or All Perils coverages?

If you've answered 'yes' to the questions above, you may be eligible for Replacement Cost Coverage.

If you currently have Replacement Cost coverage or plan to purchase it before June 10, 2021 you may continue to enjoy that coverage for the full term (up to 5 years).

What if your vehicle insurance policy has an effective date that's after June 10, 2021?

  • If your coverage with us comes into effect at a date after June 10, 2021, you will not be eligible for Replacement Cost coverage.
  • If that is the case, our Limited Waiver of Depreciation may be of interest to you.