Feb 25, 2024
18
24
VetteCoins
597
Car
24’ C8 Corvette 2LT
Province
BC
Anyone have recommendations or advice on replacement insurance?

I was quoted $1,850 at my dealership. I lease all my other vehicles through my business so have never considered the replacement insurance. That being said since I own the Vette personally.. is it worth it? I know a few other perks of it they cover the deductible on insurance claims and the main benefit from my understanding is that if it is totalled they give you the full amount to purchase a brand new Corvette?

Thanks!
 
If you can deal direcly with CAAInsurance BC (if they exist?), or find a broker that can get you set up with them, I have a similar policy to the prior poster that costs around C$1000/year in Ontario, that includes the OPCF43 depreciation waver bundled within the policy. I have a well equipped 2LT HTC with all the Z51 performance stuff and front lift added. I just checked my policy and the OPCF34 costs me C$37/year for the 5 years.
Your location may present a problem with your provincial insurance system getting in the way.
 
Last edited:
Anyone have recommendations or advice on replacement insurance?

I was quoted $1,850 at my dealership. I lease all my other vehicles through my business so have never considered the replacement insurance. That being said since I own the Vette personally.. is it worth it? I know a few other perks of it they cover the deductible on insurance claims and the main benefit from my understanding is that if it is totalled they give you the full amount to purchase a brand new Corvette?

Thanks!
I have never heard of "replacement insurance" where you can get a brand new one if you vette is totalled. Provinces do vary in coverage but could this be a self funded insurance by the dealer and would not cover liability etc.? The only thing that I have seen that comes close is a depreciation waiver which only covers up to the price you paid. When the prices go up like they have on Corvettes this past model you are still stuck paying the difference.
 
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I have never heard of "replacement insurance" where you can get a brand new one if you vette is totalled. Provinces do vary in coverage but could this be a self funded insurance by the dealer and would not cover liability etc.? The only thing that I have seen that comes close is a depreciation waiver which only covers up to the price you paid. When the prices go up like they have on Corvettes this past model you are still stuck paying the difference.
Desjardin has it. I got it. If my car is written off they will buy me a 2024 or 25 etc. It has diminishing returns though as the price for it goes up every year
 
Desjardin has it. I got it. If my car is written off they will buy me a 2024 or 25 etc. It has diminishing returns though as the price for it goes up every year
Murray I am in Ontario and would like to get that coverage too. I have only been offered OPCF43 which is the Ontario Standard Policy Change for Ontario legislated insurance policies but it only covers depreciation waiver. Do you know what the OPCF number is for that new replacement coverage?
 
Murray I am in Ontario and would like to get that coverage too. I have only been offered OPCF43 which is the Ontario Standard Policy Change for Ontario legislated insurance policies but it only covers depreciation waiver. Do you know what the OPCF number is for that new replacement coverage?
It doesn't seem to have one. This is all I could find on it.

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If you can deal direcly with CAAInsurance BC (if they exist?), or find a broker that can get you set up with them, I have a similar policy to the prior poster that costs around C$1000/year in Ontario, that includes the OPCF43 depreciation waver bundled within the policy. I have a well equipped 2LT HTC with all the Z51 performance stuff and front lift added. I just checked my policy and the OPCF34 costs me C$37/year for the 5 years.
Your location may present a problem with your provincial insurance system getting in the way.
Did you mean OPCF 34? or was that a mistype?
 
Did you mean OPCF 34? or was that a mistype?
OPCF43 is the code for the depreciation waiver/replacement value add on in Ontario.
I have it for the first 5 years pf ownership. After that, I'm on my own if I total the car.
Verify with your insurer. Mine is a broker that set me up with CAA Insurance.
 
It doesn't seem to have one. This is all I could find on it.

View attachment 122039
So I called my Intact agent and was a little misinformed on my policy after getting the new quote for this year. Last year I was told I had REPLACEMENT insurance for 4 years. Which I understood, as did the agent, that when the car is a total loss, they buy me a new one at what ever MSRP is apples to apples is at the time of total loss. Up or down. I pay $1347 yr. 2 mill, $500 deductible.
The insurance Murray is talking about for Desjardins is 5 year NEW VEHICLE PROTECTION. $1000 deductible.
I called them and the quote was over $3200 a year.
Desjardins insurance has gone through the roof. My buddies insurance went up 40% from last year. No claims or charges.
So it worth paying double to get the NEW VEHICLE PROTECTION plan?
 
The insurance Murray is talking about for Desjardins is 5 year NEW VEHICLE PROTECTION. $1000 deductible.
I called them and the quote was over $3200 a year.
I'm not paying anywhere near that, but I am in a low insurance cost area.
 
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I have never heard of "replacement insurance" where you can get a brand new one if you vette is totalled. Provinces do vary in coverage but could this be a self funded insurance by the dealer and would not cover liability etc.? The only thing that I have seen that comes close is a depreciation waiver which only covers up to the price you paid. When the prices go up like they have on Corvettes this past model you are still stuck paying the difference.
TD offer it as well. Can’t remember the exact cost of the option but it was surprisingly reasonable if I recall correctly. Worth the price given the investment you are making.
 
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So I called my Intact agent and was a little misinformed on my policy after getting the new quote for this year. Last year I was told I had REPLACEMENT insurance for 4 years. Which I understood, as did the agent, that when the car is a total loss, they buy me a new one at what ever MSRP is apples to apples is at the time of total loss. Up or down. I pay $1347 yr. 2 mill, $500 deductible.
The insurance Murray is talking about for Desjardins is 5 year NEW VEHICLE PROTECTION. $1000 deductible.
I called them and the quote was over $3200 a year.
Desjardins insurance has gone through the roof. My buddies insurance went up 40% from last year. No claims or charges.
So it worth paying double to get the NEW VEHICLE PROTECTION plan?
My TD quote was $875 for all the usual, 2,000,000 liability etc with 3 year replacement cost. I do have a perfectly clean driving record though and two other vehicles and primary residence with them as well.
 

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