In most total loss scenarios, your primary auto insurance payout falls short of what it costs to replace your vehicle or pay off your existing loan. Cherry Insurance offers Optiom Prime Vehicle Replacement Insurance to close that gap permanently.
When your vehicle is written off, your insurer pays out actual cash value, what the car was worth the day before the accident, not what it costs to replace it today. With depreciation, dealer fees, and rising vehicle prices, that gap can be thousands of dollars. You cover the shortfall out of pocket unless you have vehicle replacement coverage.
Optiom Prime provides 7 full years of new vehicle replacement cost coverage. If your vehicle is written off in year 3, you get enough to replace it with a comparable new model, not a 3-year-old depreciated payout.
For used vehicles up to 10 years old, Optiom Prime stops depreciation at the point of purchase. Your payout reflects what you paid, not what the adjuster's depreciation schedule says it's worth today.
If you're financing your vehicle, Optiom Prime includes loan protection, ensuring your payout covers your outstanding loan balance even if it exceeds the vehicle's depreciated value. No gap. No out-of-pocket shortfall.
As long as you carry full collision and comprehensive auto insurance, you qualify for Optiom Prime. It does not matter if you are new to Canada, a new driver, or do not have a clean driving abstract. Qualification is based on your coverage, not your history.
Optiom Prime Vehicle Replacement Insurance is placed through Cherry Insurance alongside your existing auto policy. One call, one broker, one file. Ask about adding it at your next renewal or contact Cherry today to get it in place before you need it.
Vehicle replacement insurance covers the difference between your primary insurance payout and the actual cost of replacing your vehicle after a total loss. Most drivers discover they need it after a write-off, when the payout falls short of replacement cost. Cherry brokers often suggest Optiom Prime for any driver financing a vehicle or driving a newer model.
Optiom Prime is a vehicle replacement insurance program offered through Cherry Insurance. It provides 7 years of full new vehicle replacement cost coverage, stops depreciation on used vehicles up to 10 years old, and includes loan protection so your outstanding loan balance is covered after a total loss.
Your regular auto insurance, SGI and private extension, pays out the actual cash value of your vehicle at the time of the loss, after depreciation. Vehicle replacement insurance covers the gap between that payout and what it actually costs to replace your vehicle with a comparable new model.
Yes. Optiom Prime is available to new drivers, drivers new to Canada, and drivers without a clean abstract, as long as you carry full collision and comprehensive auto insurance. Qualification is based on your coverage level, not your driving history.
Yes. Optiom Prime includes loan protection, ensuring your payout covers your outstanding finance balance even if it exceeds the vehicle's depreciated value. This is especially important for new vehicles purchased with a small down payment.
Optiom Prime provides 7 full years of new vehicle replacement cost coverage. After the 7-year period, the vehicle transitions to the used vehicle program which stops depreciation rather than providing full new replacement.
Yes. Cherry places Optiom Prime alongside your existing SGI plate and private extension coverage on one file. Call 306-653-2313 or visit any Cherry location to add it at your next renewal or mid-term.
The premium for Optiom Prime depends on your vehicle's make, model, and value. Call Cherry at 306-653-2313 for a specific quote, it typically takes about 10 minutes to add to an existing auto file.