Armada Insurance Services
In 2002, Armada Data Corporation pioneered new car replacement reports and new car dealer (pricing) acknowledgment reports intended specifically for Canadian insurance companies to assist in settling total loss claims on vehicles that have a waiver of depreciation endorsement. Armada Insurance Services new car replacement reports utilizes Armada Data Corporation’s confidential new car pricing and OEM incentive data to rebuild a new car that was recently deemed a total loss by the insurance company.
Insurance Total Loss Vehicles
a. The original purchase price of the new vehicle
b. The MSRP of the vehicle at time of purchase
c. The replacement cost of the total loss vehicle (same make and model, similarly equipped)
Several Canadian insurance companies outsource the processing component of waiver of depreciation and new car replacement claims in order to procure the insured’s original purchase documentation, confirm the original purchase price and the MSRP of the total loss vehicle and most importantly, determine the replacement cost component (#c) of their total loss obligations. Armada Insurance Services supplies the insurance company with a new car replacement report that includes the fully discounted price of the replacement vehicle as well as a dealer acknowledgement report that supports the replacement pricing with an agreement to sell the insured the replacement vehicle at the price stated.
Armada Insurance saves the insurance companies indemnity costs as a result of the new car replacement costs being less than the original purchase price paid by the insured due to Armada’s access to confidential factory incentives and rebates as well as Armada’s purchasing power working on behalf of the insurance company.
New Car Replacement Value Extensions
The automobile insurance industry in Canada has become very competitive since 2015 and, as a result, insurance companies are offering better and expanded coverage for their insureds; many of the expanded coverage(s) include longer new car replacement value payouts. Historically, insurance companies would offer new car replacement value protection for up to 2 years; currently, many insurance companies are offering the same protection for up to 5 years.
Armada Insurance Services Growth
As a result of the expanded total loss coverage offered by many insurance companies, Armada Insurance Services has been the recipient of more total loss claims to be processed for the insurance companies. Armada Insurance Services has become the industry leader in processing and producing total loss new car replacement reports. Moreover, as the insurance companies continues to offer more innovative and attractive products for their clients, Armada Insurance Services growth will continue and the relationship with the insurance companies will be expanded.