[thumper]

Is anyone here using this?

New Vehicle Replacement Plus coverage (http://www.icbc.com/autoplan/Pages/New-Vehicle-Replacement-Plus-coverage.aspx)

Or can anyone recommend a 3rd party insurer that is better, or maybe cheaper?

The dealership I went to promotes this as an alternative to ICBC:

GAP PLUS Plans British Columbia | GAP PLus- Your number one provider for vehicle replacement protection; insuring your investment is safe (http://optiombc.com/gap-plus/#gap)

Comments/recommendations?

[VR6GTI]

People at the dealerships get a bigger cut for selling the third party insurance. IMO its much better to pay alittle more and go with ICBC. If you do have an accident everything is in place if the vehicle hits 50% of the value. If you go with the third party insurance it can be alot of back and fourth BS.

[roastpuff]

Depends on how much you trust your third party insurance but it may be cheaper than ICBC.

[swiftshift]

Depends on how much you trust your third party insurance but it may be cheaper than ICBC.

+1 on this, my friend works at Benz, and has a lease with them and insurance is through a 3rd party not ICBC.

[roastpuff]

+1 on this, my friend works at Benz, and has a lease with them and insurance is through a 3rd party not ICBC.

I went with DriveSure and not ICBC, it was over 40% cheaper for replacement insurance for my new truck, and way cheaper than what Allwest was offering at the dealer.

[Presto]

I went 3rd party when I got my Spec V, which ended up getting totaled. I don't remember any hassle when dealing with the insurance company to cover the payout.

[thumper]

I went 3rd party when I got my Spec V, which ended up getting totaled. I don't remember any hassle when dealing with the insurance company to cover the payout.

name of 3rd party?

[Presto]

Sorry, I can't remember. It was more than 12 years ago :)
It's whatever company Morrey Nissan was using. It may have been AllWest.

[jackmeister]

I bought a car recently and because our family's trusted insurance agent was on vacation I reluctantly used the dealership insurance agent, who happened to be from Allwest. Nice guy and all, but he said that my car was outside a certain rate class therefore I was unable to purchase the New Car Replacement coverage from ICBC. He then told me that since ICBC doesn't cover it, they can sell me GAP Plus plan. Since I planned on purchasing the ICBC one and I spend most of my time in Richmond it was a no-brainer. A few weeks later after my insurance agent came back I had him double check and sure enough it was available for my car from ICBC. Since ICBC worked out to be more expensive than the GAP Plus plan I let this issue go, or else it would've not pretty

tldr: fuck Allwest

[thumper]

isn't ^ fraud? :confused:

[Kalize]

All west agents lie. Bring you own agent to the dealership when you buy a car. Tell All-west to take a hike, if they pressure you tell the dealership the deal is off.

[jackmeister]

isn't ^ fraud? :confused:

To be honest the thought crossed my mind that I should complain to ICBC and see where that goes. However, the money for the optional coverage came out to less than the ICBC one, so that made me feel a bit better and let it go.

Not in the mood to start a shitstorm now.

[Doubl3_H]

The company we dealt with was Optiom Inc.

[thumper]

The company we dealt with was Optiom Inc.

have you had to use their coverage before for an accident claim?

[Kaolinite]

i have Optiom as well. maybe like half a year ago I claimed some damage on my front bumper and the process was very easy and hassle free. Paid my deductible to ICBC and Optiom sent a check back to me a week later.

[Truenosan]

I've dealt with many claims for customers who had Optimum Inc/Ultima Risk Solutions. While I cant comment for their coverage for total losses (as I haven't done one before) they are good when it comes to covering for OEM parts (if you purchased that policy).

It's just a little more work for the repair shop to deal with, but it is overall headache free. They also have deductible reimbursement of up to $250. So most customers just up their collision/comp to $500 with ICBC.

[mk1freak]

Stick with icbc for vehicle replacement, if the value of the approved repair costs =16k and actual repair costs =15,200
Their adjusters will repair the fucking car instead.
Apparently Icbc adjusters would have wrote it off. I know by recent experience :okay:
They are very good at repairing and replacing after market parts though they didn't even ask for receipts , as long as it was on the car and damaged it was fixed /replaced

[- kT]

most of my customers carry either optium, ultima risk or aviva for 3rd party coverage. as truenosan said its more work for the shop, but theres really no downside for the customer

[kkthind]

I have optiom. Formally known as ultima risk solutions. It's 3 years OEM parts replacement and 4-5 years vehicle replacement when it's totalled

[Mancini]

I went 3rd party when I got my Spec V, which ended up getting totaled. I don't remember any hassle when dealing with the insurance company to cover the payout.

I also had a Spec V totalled and purchased third party coverage from Allwest. The policy was from St. Paul. It was a good deal because they also topped up your collision deductible so you could carry a higher deductible with icbc and save $100/year on your regular insurance. After their reimbursement you were left with a $200 deductible. A win on both ends.

In my case my vehicle wasn't even technically a write off. I didn't want it back and had icbc pay me repair value plus salvage. The third party coverage paid me out anyway.

[Razor Ramon HG]

Bumping this thread.

What are you guys paying per month and with which broker?

I recently upgraded to the 2022 Mazda 3 GT Turbo.

For six years with Optiom, it's $3007. $2500 for the base price and $507 referral fee. Roughly $500 a year.

Total loss benefit, partial loss using OEM parts, key fob reimbursement, $500 deductible reimbursement, and rental vehicle reimbursement.

My main insurance broker doesn't dabble in third party insurance, but he said that the policy seemed a bit pricy. He told me to shop around since my Optiom is still cancellable for another two weeks.

I was previously paying about $425 on my 2019 Mazda 3 GS through ICBC for just the new vehicle replacement, so it seemed reasonable at the time given the extra features and increase of my new vehicle's value. Now I'm having doubts whether or not I'm overpaying by a bit.

[JDMDreams]

How does this work? They give you a new car? But you can't get a new car or car parts lol

Never had the luxury of a new car:okay:FeelsBadMan

[BIC_BAWS]

I have Optiom. Hopefully I never have to use it because apparently it's really hard to claim and they give you the run around. And you have to buy at the same dealership that you purchased from.

Sent from my SM-G781W using Tapatalk

[Razor Ramon HG]

How does this work? They give you a new car? But you can't get a new car or car parts lol

Never had the luxury of a new car:okay:FeelsBadMan

It's basically insurance where the company pay out the difference between what ICBC values the car at and MSRP of a current year equivalent of your vehicle.

This is the example they put in the policy notes.

You buy a New Vehicle for $60,000 from your Dealer, of which $50,000 is borrowed. You buy an OPTIOM PLUS Policy and your car is stolen one year later and not recovered. At the time your car is stolen, you still owe $45,000 to your Lender/Lessor. Your Primary Auto Insurer pays you $40,000. The MSRP Value of the Replacement Vehicle We Cover is $65,000. You will be entitled to a benefit of $25,000 comprised of a $5,000 payment to your Lender/Lessor to reduce the remaining balance and $20,000 to be applied as a credit through your Dealer towards the purchase/lease of a Replacement Vehicle We Cover. Also, if you paid a deductible to your Primary Auto Insurer we will reimburse you for this up to $500.

So the only thing that might suck is that you'll have to end up getting another vehicle from the same dealer. If you end up wanting something else I'd guess you'd have to take a hit and trade it in or something, lol.

I have Optiom. Hopefully I never have to use it because apparently it's really hard to claim and they give you the run around. And you have to buy at the same dealership that you purchased from.

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Yeah, I've read both bad and good things about people trying to do claims. Guess it's hit or miss which person does your claims, maybe.