Do much of what is mentioned already for years now - always pay annually.
I had no loss coverage on my policy and it replaced a vehicle that was written off.
It actually cost Meloche Monnex more than the invoice cost in 2009 for a new GMC 2013 Denali Acadia
so the coverage rescued me in 2013. I have noticed on more recent policy renewals that our no loss coverage
now covers up to the insured vehicle's purchase amount (per the bill of sale) or new replacement - whichever is less.
If I lose the bill of sale it would likely become a negotiation. I have vehicles that I paid less than MSRP for so I would
only get a settlement for my bill of sale amount. Seems the Insurance Companies are no longer in
the market for replacing vehicles but covering your purchase amount is OK when knowing. Agents might
sell the endorsement incorrectly by saying you get a new vehicle ... so all you have to do is read
the fine print on own policy. Still great coverage for getting your full bill of sale amount
back. This is why I negotiated and had everything written on the bill of sale ... extended warranty, paint protection,
splash guards, car cover ... everything. I told the dealer why, and they were absolutely fine with it.
I was with Meloche Monnex in 2013 but my Group Coverage changed after the Grand Prairie Fire - I guess
they had the majority of claims. My Group Coverage is now with the Personal (a division of Desjardins) which
now endorses all my insurance needs (vehicle, home, travel/health, business & boat) - great pricing and
great with their claims process (just like monnex used to be).
