Ontario Insurance OPCF 19 & 19A form Differences

[mr. fix it]

Hi everyone,
For those of us that have the classic car insurance we have to be careful that our insurance companies aren't trying to escape paying what we have had our cars appraised for or appreciated to past the appraised value.

There are 2 major forms that can be used an OPCF19 & a OPCF19A

Here are the differences explained.

Ontario Policy Change Form Definitions
and your Classic Car Insurance
An original information article by Antique Car Appraiser Allan Lewis © 2003-2013​

OPCF 19A and OPCF 19
​

When insuring an antique car and providing your insurer with an appraisal you will be dealing with either an OPCF 19A or OPCF 19 endorsement. They are very simple endorsements with similar names but distinct and opposite meanings. One is a an enhancement while the other is a restrictive endorsement.
OPCF 19A - Agreed Value of Automobile(s) Endorsement - This endorsement will guarantee to pay the amount stated on the endorsement in the event of a total loss. That amount is determined by the appraisal of the car. This is the coverage you want for your antique car! Most antique specific insurance coverage has the OPCF 19A endorsement.
OPCF 19 - Limitation Of Amount Endorsement - This endorsement is for the benefit of the insurer, not you. It sets a limit to the liability of the insurer (usually the appraised value). At their discretion they need only pay out what they consider to be the Actual Cash Value (ACV) of the car or the appraised value - whichever is less. I would argue that most antique cars are appreciating in value, so if anything, the ACV may be more than the appraised value depending on how much time has passed between appraisals (5 years should be the maximum). However, it is most likely that the insurance company will attempt to settle for less than the appraised value (even though your rates were based on the appraised value). Unfortunately you are at the mercy of your insurer in the event of a claim with the OPCF 19 endorsement. You can only hope that you will receive a fair settlement.
I hope this makes it clear how important it is to get antique specific insurance for your car (OPCF 19A coverage). If you're not sure what your current coverage is check your policy (it should be listed) or call your broker.

 

[goodneighbour]

Now you got me digging for my policy!

 

[Normm]

I recently got royally SCREWED.
My 1965 Plymouth was written off in July and Aviva (LANT INSURANCE) paid me a fraction of the value.
I was told that they no longer use the old appraised value and that current appraisals were no longer needed.
They advised me that Aviva now uses the Haggerty value. So, I asked why they didn't use the Haggerty value when settling with me and to my suprise they said if you didn't specifically request it in your last renewal, they will use an old appraisal. Made no sense to me at all and I really felt had when they paid me half of what they should have paid. Be very careful to Lant and Aviva !

 

[mr. fix it]

Just trying to educate you my C-Body friends...

Would you mind letting us know what the pay out and the value differential was?

In the past I have held out and not settled but let the insurance man sweat it out for close to a year.
They don't like having claims on their desks for any longer than needed.

I held out for close to a year and settled on a payout that I was happier with. not perfect but better than the first offer which was 1/4 of the final payout

 

[mr. fix it]

BTW, I am with Haggerty's and they have an agreed value approach.
I also have the OPCF 19A - Agreed Value of Automobile(s) Endorsement which is standard for them to issue.

 

[Fratzog]

I will have to check this out myself. Thanks for the heads up.

 

[Normm]

Payout was 12,000 (amount specified in the policy years ago)
Haggerty was 17,500 (according to the agent had I "requested it" on the last renewal.)

Just trying to educate you my C-Body friends...

Would you mind letting us know what the pay out and the value differential was?

In the past I have held out and not settled but let the insurance man sweat it out for close to a year.
They don't like having claims on their desks for any longer than needed.

I held out for close to a year and settled on a payout that I was happier with. not perfect but better than the first offer which was 1/4 of the final payout

 

[mr. fix it]

ouch... can the car be replaced at the payout price?

 

[Westie!]

I recently got royally SCREWED.
My 1965 Plymouth was written off in July and Aviva (LANT INSURANCE) paid me a fraction of the value.
I was told that they no longer use the old appraised value and that current appraisals were no longer needed.
They advised me that Aviva now uses the Haggerty value. So, I asked why they didn't use the Haggerty value when settling with me and to my suprise they said if you didn't specifically request it in your last renewal, they will use an old appraisal. Made no sense to me at all and I really felt had when they paid me half of what they should have paid. Be very careful to Lant and Aviva !

Why did you not go after your insurance agent for not explaining the difference between OPCF 19 and OPCF 19A and have them pay the difference re the appraised value and what you received from the insurance company?