Answers to Common Questions

Optiom’s core product is total loss vehicle replacement coverage for new, used, and leased vehicles. Depending on your province of residence, additional benefits such as OEM partial loss coverage, vehicle value appreciation, and diminished vehicle coverage may be available.

Just like all insurance, certain exclusions may apply. We recommend contacting Optiom if you have a specific situation or concern that you’d like to gain clarity on.

Optiom’s coverage is on the vehicle itself, not the driver.

The Optiom policy and coverage are on the vehicle itself and not the driver, so individuals driving the same vehicle do not need to have separate policies.

Our core benefit is total loss car replacement coverage for new, used, and leased vehicles which sits over and above what your primary insurance covers. Depending on the age of your vehicle and which province you are located you may be eligible for additional coverages such as partial loss deductible reimbursement, key fob replacement, rental vehicle coverage, OEM partial loss, diminished vehicle value benefits and more.

British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Nova Scotia.

Yes, Optiom covers new vehicles (current and prior year models) for up to 7 years and Used vehicles that are up to ten model years old for up to 5 years of coverage.

Everyone qualifies for Optiom coverage, regardless of claims history, or years of driving experience or if you are new to Canada. Optiom bases eligibility criteria on the vehicle being insured, not the driver.

The limitation period is generally 2 years from the date of loss but each Canadian Province sets its own definitions.