After a vehicle is damaged or wrecked in an accident, it is repaired or restored to suitable operating condition so it can return to the road. However, a significant accident will cause the vehicle to diminish in value, due to the loss in market value that occurs when a vehicle is wrecked and repaired. Diminished value is the difference between what you could expect to sell your vehicle for without an accident, and the amount you would have to accept if you declare it has been in a major accident.
How can a vehicle owner protect themselves?
In order to avoid a significant drop in resale value after a crash, it is important for the car owner to insure against diminished value. If a vehicle owner insures against diminished value and is in an accident they will be able to make a claim against the policy. The policy will act to compensate the car’s decreased value after an accident and will recover the difference between a car’s pre-crash value and its value after repairs.
DriveSure.ca’s Post-Crash Guarantee
DriveSure.ca can help you recover the pre-accident value of your vehicle. Our Post-Crash Guarantee policy is the first of its kind in Canada. If you purchase this policy and have to make a claim due to an accident, DriveSure.ca will provide the payout for diminished value.
We take the value of your car at the time of purchase using our integration with Canadian Black Book and if your vehicle is in an accident with repairs over 25% of that value, we will write you a cheque for a set amount, simple as that.
Post-Crash Guarantee Policy Highlights:
- Available on 3 year terms
- Available on vehicles up to 12 model years old with a value between $12,000 and $100,000 at time of policy purchase
- Receive a set cash payout based on the value of your car after a significant accident
- Purchase anytime with our Canadian Black Book integration
Contact a DriveSure.ca broker today in order to discuss our Post-Crash guarantee policy.
DriveSure.ca provides a suite of insurance products that help you protect the value of your vehicle including replacement cost, limited depreciation, post-crash guarantee and OEM parts. Contact a DriveSure.ca broker in your area to get a quote.