There are so many great coverage benefits under Sharp Prestige, which are outlined in detail below:
Replacement Cost Value: In the event of a total loss claim, Sharp Prestige will cover the difference between what your insurance company will give you (cost of vehicle minus depreciation) in order for you to receive a brand new vehicle! Not only that, Sharp Prestige will pay any depreciation difference in price owed to your leasing or financing company, so you can keep the equity you already put on your vehicle.
Used Vehicle Replacement Cost Value: Sharp Prestige will cover the difference between what your insurance company will pay at the time of a total loss settlement (actual cash value) to what you paid for the vehicle at the original purchase date. For example, say you bought a 2011 Mitsubishi lancer last year for $15, 450, however, the insurance company settlement was for $9,100 factoring in depreciation costs (if total loss incident were to happen today). Sharp Prestige will pay the additional $6350 plus your deductible, so you do not lose money on your initial investment.
OEM Repairs: Did you know that your insurance company may repair your vehicle with aftermarket jobber* or refurbished equipment. Jobber parts make up 80% of the parts used in garages in Canada. There is a wide selection of choice for jobber parts, and unfortunately, not all parts are made equally. Also, repairing your vehicle with parts that are not made be your vehicle manufacturer could null and void your vehicle’s warranty and may lower its Black Book value. Sharp Prestige will cover the additional costs to not only have your vehicle repaired with OEM parts (Original equipment manufacturer), that is, parts made directly from your vehicle’s manufacturer (and designed for your specific model), but to have your vehicle fixed at the dealership of original purchase. We all know the higher expense associated with repairs made at a dealership, but the price is higher due to their superior quality in service and specialization. If you drive a BMW X5, wouldn’t you want your vehicle in the hands of BMW technicians, using OEM parts directly from the BMW factory?
Loss of Use coverage: Your underlying insurance company may provide you with a rental vehicle to drive around while your claim is being settled. But did you know that as soon as you settle your claim, that coverage is over? If you settle your claim, yet your vehicle is being ordered and could take up to a few weeks to arrive, you could be without a rental car for that entire time. Sharp Prestige will pay for your rental to be extended so you are never without a vehicle.
No one likes to have to pay a deductible in the event of an insured loss. That’s why Sharp Prestige will pay up to $500 deductible reimbursement on all total loss claims and up to $250 on partial loss claims.