Notice to Intact Insurance, Jevco Insurance, Novex Insurance and Intact Prestige personal auto customers: If you’re driving less, or your driving habits have changed during the pandemic, you could receive the equivalent of up to one month of your car insurance premium. From March 18 – May 31, 2021, customers can do the following to request relief:

Contact your local branch for more information.

Debunking common insurance myths – I will get the full value of my vehicle back if it is written-off after an accident

Published on Dec 19, 2014 | Last updated Mar 1, 2021 1 minute read

FALSE

You will rarely get the full original value of your vehicle back if it is written-off after an accident. For most vehicles, you will get back the cash value of your vehicle at the time of the accident. As we all know, cars depreciate quickly, starting from when you drive your car off the dealership property.

The cash amount you receive back will also reflect additional depreciation value for kilometres driven and any damage that existed on the vehicle prior to the accident. If you are the first and only driver of your vehicle and your vehicle is still relatively new, some insurance companies offer auto insurance policies that waive depreciation based on the lesser of either the manufacturer’s suggested retail price or what you paid for the vehicle (for example, if you purchased your vehicle at a sale price).

However, even in these instances, you will not get back any warranty or financing costs you’ve incurred. For further information, contact a BrokerLink broker.