Last updated 2026-07-16

Co-insurance

Co-insurance requires a customer to pay a portion of the repairs to their declared value vehicle claim.

When the customer has under declared their vehicle value and needs to repair the vehicle as a result of a claim, co-insurance may apply.

The co-insurance clause means
  • a customer pays a portion of the loss when their vehicle’s declared value is less than 90 per cent of its actual cash value (ACV), and
    Exception: Co-insurance does not apply when the customer's declared value is less than $10,000, and the ACV at the time of the claim exceeds the declared value by less than $1,000.
  • it does not apply, if the declared value is greater than 90 per cent of the ACV at the time of the loss. The claim will be up to the declared value less the deductible.
Note: For additional information on co-insurance, refer to
Parent topic: Co-insurance calculations on a declared value vehicle