If your vehicle is declared a total loss by your comprehensive vehicle insurer, Eric will pay:
- you up to the Maximum benefit for the cover option you have chosen as shown on your policy
schedule if the vehicle is not financed, or
- the remaining balance due under the finance contract to the financier up to the Maximum benefit for the cover option shown on their policy schedule if the vehicle is financed. Eric will also pay you any difference between the payment to the financier and the Maximum benefit.
If you accept a reduced claim settlement amount from your Comprehensive Vehicle Insurer, we may reduce your Claimable Amount by the same proportion.
Replacement Vehicle Benefit
If your vehicle is replaced following a total loss payout under your comprehensive vehicle insurance
policy, eric will pay a benefit of up to $2,000 for private expenses incurred as a result of the total
loss, for example:
- incidental expenses – accommodation, taxis, meals, phone calls.
- personal items – phones, laptops/tablets, clothing, golf clubs, clothing.
However, this does not include costs directly associated with any property mortgaged to the financier.