The OPCF Series Part 1
auto-insurance tips-and-advice

The OPCF Series Part 1

Welcome to The OPCF Series Part 1! Ontario Policy Change Forms (OPCF) are numerous but there are a few forms that are more common than most. This month, we will touch on a few of these forms that may be beneficial to Ontario drivers. First up, we have the OPCF 43 form!

If you have bought a brand new vehicle, the last thing you want to happen is for the car to be completely written off in a collision. By adding an endorsement to your policy, you can help protect your bank account in the event of a total loss.

The OPCF Series Part 1 – Removing Depreciation Deduction

This applies to bought, leased or financed brand new vehicles. This coverage prevents the insurance company from incorporating depreciation into a settlement if a vehicle has been written off. Keep in mind that it does not take into consideration any outstanding car loans through a banking institution.

To give an example, a new car is purchased for $35,000 & could be worth $28,000 six months down the line due to depreciation. If the car is a total loss, but the OPCF 43 coverage has been added, an insurance company would pay out the original purchase price of $35,000, not the depreciated worth of the car before the accident.  Typically this coverage cannot be added to used cars, demo cars or new cars which have substantial mileage (this can vary depending on the insurance company).

This form usually applies for the first 24 months after purchase date or until a certain KM limit has been met. You must be the original purchaser and the damage to the vehicle must occur while the policy is in force, not after the expiry date. If you are planning on purchasing a new car, speak with your insurance broker to find the best coverage to suit your needs!

Thank you for reading The OPCF Series Part 1. If you have questions about this topic or any other questions related to auto insurance, you can speak directly with your insurance broker or simply reach out to us through the Contact page on the My Hunter website. And remember, you can always call My Hunter at 1-877-454-4476 for advice.