What Is The Definition Of OPCF 19A Insurance Coverage?

Below is an excerpt from the FAQ Section of the Insurance Bureau of Canada for Ontario:

Q. Is it possible to insure my vehicle for a specific amount?

Yes. A special endorsement "Agreed Value of Automobile (OPCF 19A)" is available. The endorsement lists the automobile(s) and indicates the value which usually is supported by an appraisal.

Coverage

The standard policy pays up to the Actual Cash Value (current value of a vehicle). With this endorsement the company agrees to pay up to the value indicated under "Loss or Damage Coverage (optional)" when the loss occurs caused by a peril insured against.

If a damaged part is no longer available, the company will pay you the manufacturer’s last listed price.

The specialty "Classic and Special Interest" policies normally have this endorsement as standard equipment. If you chose to use a normal policy, but you wish to have a 19A Endorsement, you must specify this with your agent. Many clients get told that they have ?Full Coverage?, this is usually not the case. If the policy you receive does not state a 19A Endorsement, you do not have it. An OPCF 19 Endorsement is not the same, this one limits the payment at time of loss and invokes the ACV clause, "Actual Cash Value at the time of loss".

For more information on Classic Car Appraisals, check out www.a-professional-appraisal.ca