OPCF 43 – Replacement Cost Endorsement – Waiver of Depreciation

OPCF 43 - Waiver of Depreciation Endorsement - Replacement cost

What does the replacement cost of a vehicle mean?

How do you qualify for the OPCF 43?

  1. You must be the original purchaser and the automobile must be new at the time of delivery; and 
  2. The loss or damage must occur before the expiry date of this policy which is in force within 36 months following the number of months from when your automobile was delivered to you.  The period of coverage can vary depending on the insurance purchased or offered but typically is 3 years, from the time of delivery. 

What’s the difference between the OPCF 43 and the OPCF 43A?

Does insurance replacement value include tax?

Is replacement cost better than actual cash value?

What is an example of a replacement cost?

What is the difference between market value and replacement value?

What is the difference between Agreed value vs Replacement cost?

How do you calculate the replacement cost on a vehicle with the OPCF 43 or OPCF 43a endorsement?

  1. The actual purchase price of the automobile and its equipment
  2. The manufacturer’s suggested list price of the automobile and its equipment on the original date of purchase, or 
  3. The cost of replacing the automobile with a new automobile of the same make and model, similarly equipped.

What is the replacement cost is lower than the market value of the vehicle?

Does replacement cost apply to vehicle repairs?

What does the OPCF 43 not cover?

  1. Tires, 
  2. Batteries, or 
  3. Betterment of the automobile resulting from repairing or replacing parts for prior unrepaired damage
  4. Warranty
  5. Admin Fees
  6. Luxury Tax
  7. Cash Incentives
  8. Freight Charges

Do I need replacement cost insurance coverage on a new leased vehicle?

Peter Martire, CIP, CRM, RIBO – Executive Editor and Insurance Advisor

Peter has been working in the insurance industry since 2005. He has over 18 years of experience adjudicating complex auto insurance claims and sales and service brokering. In March of 2024, he partnered with Begin Insurance Inc. as a Senior Insurance Advisor. He also serves as Executive Editor of carinsuranceinontario .ca.

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