Replacement Insurance Explained
What is replacement insurance?
Replacement insurance protects you from vehicle depreciation. In the event of a total loss, it covers the difference between your primary insurer's payout and the cost of a brand new model.
How it works
Once you face a total loss crash, your primary insurance pays the current market value. Motomaxx then steps in to pay the remaining balance to upgrade you back to your original purchase value.
Why you should buy it
Vehicle costs are high and lose value quickly. Motomaxx helps protect you in the event your insurance doesn't pay enough to cover your loan balance. Replacement will top you up back to your original purchase price, helping with negative equity issues.
Replacement Benefits & Coverage
Deductible Reimbursement
Total Loss Protection
(New/Used)
Extended Rental Benefit + OEM Parts
4 - 7 Year terms available
Understanding the Risks of being under insured
Did you know…
Most vehicle owners in BC don’t realize that their primary insurance (ie. ICBC, or private) will not cover the total value of their vehicle in the event of a total loss.
Meaning, you could still owe money on a loan or a lease, or not have enough equity left to buy a similar replacement vehicle. Potentially losing your vehicle and most of the money you invested into it.
Unfortunately, your conventional auto insurance may leave you underinsured... Even if you weren't at-fault in an accident. Realistically, how much of your car can you afford to lose? This is where Motomaxx comes into play; affordable premiums on a month to month basis or one-time payment options.
New Vehicle
With a New Vehicle policy the underlying insurer will pay you the depreciated value for your vehicle. Your Motomaxx policy will pay you the difference between that depreciated value and the purchase price of the newest year/make/model (or similar make and model). A qualifying vehicle for a New Vehicle policy is a described vehicle that is of the current or preceding model year and less than 25,000 km.
Used Vehicle
The underlying insurer will pay you the depreciated value for your vehicle. Your Motomaxx policy will pay you the difference between that depreciated value and the purchase price. A Used Vehicle policy adds 5% appreciation to the purchase price per year, for each year you have owned the insured vehicle. A qualifying vehicle for a Used Vehicle policy is a described vehicle within 10 model years and 25,001 km's or more.