File your Vehicle Replacement claim.
If your primary auto insurer has declared your vehicle a total loss and paid your claim, your Optiom Vehicle Replacement Insurance benefit helps you get back on the road with a replacement vehicle.
Have your primary insurer settlement details ready when you call.
How Vehicle Replacement pays out for you.
When your primary auto insurer declares your vehicle a total loss and pays your claim, your Optiom benefit fills the shortfall between that settlement and what a replacement vehicle actually costs today. How your benefit is calculated depends on your Coverage Type, listed on page 1 of your Policy Declaration.
New Vehicle Coverage pays the MSRP of a current-model equivalent replacement, less your primary insurer settlement. Used Vehicle Coverage pays the vehicle value insured on your Optiom policy, less your primary insurer settlement — plus, if you purchased the optional Vehicle Value Appreciation Benefit, an added 5% of your original purchase price per year.
Example Calculation
New Vehicle Coverage
Illustrative example. Actual benefit varies based on your policy terms, Coverage Type, and primary insurer settlement.
Documents you’ll need.
Vehicle Replacement claims share the same baseline requirements as any Optiom total loss claim. Gather these before you call and we’ll typically process your file within 3–5 business days once we have everything.
Benefits Request Form
Your signed form listing your Optiom policy number, date and type of loss, described vehicle, primary insurer details, and adjuster contact info. We’ll email this to you when we open your file.
Lienholder Balance Statement
Documentation from your lienholder or lessor confirming the balance owing on your loan or lease as of the date of loss.
Primary Insurer Documents
Your Mitchell total loss valuation report, a copy of your settlement cheque, and insurance documents showing your coverages and rate class as of the date of loss.
Vehicle & Banking Details
Original bill of sale for the written-off vehicle, VIN and odometer at time of loss, police report or file number if applicable, plus a void cheque or PAD form for EFT payment.
Your claim, step by step.
Once we have all your documents, our Total Loss team takes it from here. Here’s what to expect from the moment you file to the moment your replacement is on the road.
Step 1 · Day 1
We confirm receipt.
Send your completed Benefits Request Form and supporting documents to claims@optiom.com, and we’ll confirm we’ve received your file. Email submissions are reviewed in the order received, so sending everything at once helps us move quickly.
Step 2 · Days 3–5
We review and issue your payout letter.
Please allow 3–5 business days once all your documents are in. Your payout letter details the benefits available on your policy and the minimum replacement vehicle value you’ll need to maximize your Optiom benefit.
Step 3 · After Approval
Payments are issued in order.
After you send your final bill of sale, payments flow in this order: any Premium Finance Agreement balance, then your Vehicle Finance Contract balance, then the remainder to your dealership. Deductible Reimbursement, if applicable, is paid directly to you via EFT.
Vehicle Replacement claim questions.
Answers to the questions we hear most from clients filing a total loss claim. If yours isn’t here, call our Claims team at 1-844-427-7587.
Related pages.
Ready to file?
We’re here when you need us.
Call before you purchase your replacement vehicle. Our claims team will walk you through exactly what your policy covers and what to send in.
