Total Loss Protection
What If I have a Total Loss?
The following information may help you understand the total loss process and some of the terms commonly used when referring to total loss vehicles.
What does “total loss” mean?
Total loss means that when the cost of repairing the vehicle exceeds a certain percentage of the vehicle’s actual cash value.
Total loss could be a term used once the price of repairing the vehicle exceeds an explicit share of the vehicle’s actual monetary value.
In addition, a vehicle may be considered a total loss if:
How is my “actual cash value” calculated?
Determining your vehicle’s actual money worth needs 2 steps:
Your insurance provider will follow your policy contract and the province’s guidelines throughout the evaluation process.
Note: Auto Shield Canada does not partake in the evaluation process. Please contact your insurance provider.
What is the next step?
Once your vehicle is inspected, your insurance provider will contact you to provide the vehicle evaluation. If you are not planning to keep the vehicle, your insurance provider will assist in having the vehicle towed to a secure, storage-free facility throughout the settlement process.
Make sure to:
GAP Insurance is what you need to protect yourself from total loss.
Help safeguard customers with Guaranteed Asset Protection to protect them from unexpected events such as, write-off accidents, or an unrecoverable theft.
GAP Insurance is the only insurance that can protect you with benefits including:
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