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insurance - opcf 43 form
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PostPosted: Sun Nov 15, 2015 12:49 pm 
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Joined: Sun Apr 27, 2014 10:21 am
Posts: 504
hey guy's anyone have any expereince/ideas on this

apparently
"Removing depreciation deduction (OPCF 43) – Removes your insurer’s right to deduct
depreciation from the value of your vehicle when covering damage or loss to your vehicle
from an insured peril."

So I'm trying to look into an agreed valuation on my car, its a 12' bm bought for around 38k

in case of a total, I don't wanna be screwed,

I know what the trade-in is, and thats bad, but I wonder if I can (even pay a premium) to get a better payout,
my last loss, TBH the claim was pretty good, but again that was only about 3k, but 38k is going to be m,uch different ?

any thoughts

thankxs

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Re: insurance - opcf 43 form
PostPosted: Sun Nov 15, 2015 5:11 pm 
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Joined: Wed Nov 14, 2012 6:31 pm
Posts: 65
It was my understanding that endorsement 43 was only available in the case of new cars when they are purchased, as stated under "conditions" of the OPCF43 form;

Quote:
3. Limitations on Your Coverage
The following conditions apply:
You must be the original purchaser and the automobile must be new at the time of delivery; and
The loss or damage must occur before the expiry date of the policy that is in force .......... months
from when your automobile was delivered to you.


Also there IS a premium associated with this. We have a 2013 car we bought new and it has'43 coverage, the cost of this coverage increases every year as the gap between the estimated value of the car and the replacement value of the car widens.

Typically insurers only offer this coverage for a few years after the vehicle was purchased. TD Meloche Monnex offers the coverage for 5 years (although as I said the premium will increase substantially in the fourth and fifth year). It seems unlikely that your insurance company will offer the coverage at this point (even if you bought the car new) - no harm asking them however.


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Re: insurance - opcf 43 form
PostPosted: Mon Nov 16, 2015 9:42 am 
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Joined: Sun Apr 27, 2014 10:21 am
Posts: 504
hi mugwug,
txs, I did a bit of searching and yes your correct
did not realise about the rising premium, agreed value I think is only for classic cars
s the answer may be no
txs for the prompt reply

BAJ

Mugwug wrote:
It was my understanding that endorsement 43 was only available in the case of new cars when they are purchased, as stated under "conditions" of the OPCF43 form;

Quote:
3. Limitations on Your Coverage
The following conditions apply:
You must be the original purchaser and the automobile must be new at the time of delivery; and
The loss or damage must occur before the expiry date of the policy that is in force .......... months
from when your automobile was delivered to you.


Also there IS a premium associated with this. We have a 2013 car we bought new and it has'43 coverage, the cost of this coverage increases every year as the gap between the estimated value of the car and the replacement value of the car widens.

Typically insurers only offer this coverage for a few years after the vehicle was purchased. TD Meloche Monnex offers the coverage for 5 years (although as I said the premium will increase substantially in the fourth and fifth year). It seems unlikely that your insurance company will offer the coverage at this point (even if you bought the car new) - no harm asking them however.

_________________
--------------------------------------------------------------
* NO you cant touch your phone
* Speeding is speeding
* Challenge every ticket
* Impaired driving, you should be locked up UNDER the jail


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