REPLACEMENT INSURANCE OR REPLACEMENT COST ENDORSEMENT

QPF No. 5 replacement insurance, commonly known, wrongly, as replacement cost insurance, protects you against depreciation of the value of your vehicle in the event of theft or accident. You must have an auto insurance policy to purchase replacement insurance. In the event of a total loss or theft, it covers the replacement of your vehicle by a new vehicle from the current year. In the event of partial loss, it covers the replacement of damaged parts by parts from the manufacturer. That means it protects you against the depreciation of your new vehicle, which normally loses up to 25% of its value in the first year, and this coverage lasts for up to 7 years. To learn more about the differences between replacement insurance and the replacement cost endorsement, visit this page.

Replacement Insurance - Online Quote.

Replacement insurance for a used car

QPF No. 5 replacement insurance can also offer you protection against depreciation for your used vehicle. If you bought your used vehicle from an individual or a dealership, or even if you bought a new vehicle more than 120 days before, you can purchase replacement insurance. You must have an auto insurance policy beforehand. In the case of a total loss or theft, the replacement insurance policy will then cover an indexed value of the insured vehicle, which may vary depending on the QPF No. 5 policy. In that way, it protects you against the depreciation of your used vehicle for a period of up to 7 years.

The advantages of buying your replacement insurance policy from an insurance broker rather than a dealer

It is possible to buy replacement insurance from a dealership, but you should know that you risk paying much more than from an insurance broker. On average, it’s $675 more, according to an AMF report published in 2014. With an insurance broker, you will also benefit from greater flexibility in the event of a claim. Several contracts sold by dealers require you to repurchase your vehicle from the same dealership, even if it means paying top dollar if no promotion is offered at that time on the model of your choice. The contracts offered by J. Gérard Fortin allow you to choose the dealer and the brand. That gives you plenty of room to negotiate and even change brands.

Before purchasing an replacement insurance policy from your dealership, call your expert broker at J. Gérard Fortin or fill out a request for an online quote. You could save big while enjoying protection that better meets your needs.

Replacement Insurance - Online Quote.

QUESTIONS TO ASK YOUR DEALER
WHY TAKE OUT REPLACEMENT INSURANCE THROUGH A BROKER?
POINTS TO REMEMBER REGARDING THE AMF WARNING
WHY REPLACEMENT INSURANCE (QPF NO. 5) IS MORE ADVANTAGEOUS THAN REPLACEMENT COST INSURANCE (QEF NO. 43)?
BROKER OR DEALER?
DIFFERENCES BETWEEN THE REPLACEMENT COST ENDORSEMENT AND REPLACEMENT INSURANCE FOR YOUR MOTOR VEHICLE

SIX FACTORS THAT INFLUENCE YOUR PREMIUM

All of the factors below can influence your auto insurance premium. Talk to one of our agents about how you can reduce your costs.
1. Vehicle type
2. Vehicle use (personal, business or a mixture of both)
3. Where you live (neighbourhood, city) as well as where you drive
4. Driver profile (age, gender, driving experience, etc.)
5. Coverage selected
6. Your credit rating

Let us analyze your needs. Take a few moments and fill in our online quote form
Questions? Contact a broker at 514.729.6001 or write to us.