New Vehicle and Auto Insurance (OPCF 43) | Elliott Insurance
You should be aware that there is an endorsement referred to as either a Waiver of Depreciation or an OPCF 43. This endorsement changes how the insurance company values your vehicle. Normally if you have a claim, an insurance company will look up the book value of your vehicle and deduct the depreciation value from the book value. OPCF 43 - Waiver Of Depreciation And Replacement ValueReplacement cost insurance is essentially the same as OPCF 43 and the waiver of depreciation rider. It is the most common term to refer to how your insurer will calculate a payable car insurance claim amount after a total loss or theft. It ensures your vehicle is replaced after a covered total loss claim.
OPCF 43 Removing Depreciation Deduction
Pay, to deduct depreciation from the value of your automobile for loss or damage caused by peril for which you are insured under section 7, Loss or Damage Coverages. This coverage is subject to the deductable shown on your Certificate of Automobile Insurance.