Classic and Antique Vehicle Appraisal
Phone / Text 647 393 4856
Ontario Policy Change Form OPCF 19 and 19A
Can I insure my new car for the value of the vehicle without having it depreciate, if I am involved in an accident within the first few years?
Question Posed to the Insurance Bureau of Canada
When you purchase a new vehicle, you can purchase an endorsement to your insurance policy that will remove depreciation if the vehicle is a total loss. This endorsement is OPCF 43 Removing Depreciation Deduction. I have included a link to this endorsement for your review;
Insurance Bureau of Canada
These endorsements are used to quarantee the cash value the vehicle will be insured for. Each endorsement is slightly different in its wording and use.
Agreed Value of Automobile(s) Endorsement - This endorsement is used to quarantee the cash value the insurance company will pay out in the event of a total loss. This endorsement maybe applied on different vehicles whether it be an antique, classic, hot rod or daily driver. The value of the vehicle must be established prior to enforcement of the policy.
OPCF 19A is the endorsement you need for your vehicle.
Limitation Of Amount Endorsement - This endorsement lists the maximum that the insurance company will pay out for the insured vehicle(s) in the event of a total loss. This endorsement states that the insurance company will pay the stated / appraised value or actual cash value of the vehicle at the time of total loss or damage, whichever is less.