Q.P.F. No. 5
Replacement insurance is equivalent to what car dealerships offer but is usually less expensive when purchased through your Lareau broker. Furthermore, this insurance reimburses part of the cost of having a TAG tracking system installed on your vehicle. It also reimburses the cost of the deductible that is charged to you by the insurer, a $250 or $500 value. This insurance provides coverage for new vehicles as well as used vehicles.
New vehicle (total loss):
at the time of buying this option, you can choose to:
-Replace your vehicle at the original dealership with a new one that is of equal or greater value.
-Take the indemnity and replace your vehicle elsewhere with a new one that is of equal or greater value.
In both cases, if you go with the option of buying a vehicle that is more expensive, you will pay the difference.
New vehicle (partial loss):
In the event of partial loss, the damaged parts will be replaced by new manufacturer parts as soon as your vehicle reaches 40,000 km or is more than two years old.
Used vehicle:
You receive an indemnity equal to the value of your vehicle and a marked-up value applies, which is an amount compounded annually, calculated based on the number of days between the purchase date and the date of the loss. This basically means that your used vehicle increases in value over the years! Furthermore, this option helps you pay down the residual value of your car.