{"id":431,"date":"2020-02-20T09:37:54","date_gmt":"2020-02-20T14:37:54","guid":{"rendered":"https:\/\/elliottinsuranceservices.com\/blog\/?p=431"},"modified":"2020-02-20T09:37:56","modified_gmt":"2020-02-20T14:37:56","slug":"new-vehicle-and-auto-insurance-opcf-43","status":"publish","type":"post","link":"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/","title":{"rendered":"New Vehicle and Auto Insurance (OPCF 43)"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"640\" height=\"426\" src=\"https:\/\/elliottinsuranceservices.com\/blog\/wp-content\/uploads\/2020\/02\/new-car.jpg\" alt=\"New Vehicle and Auto Insurance\" class=\"wp-image-432\" srcset=\"https:\/\/elliottinsuranceservices.com\/blog\/wp-content\/uploads\/2020\/02\/new-car.jpg 640w, https:\/\/elliottinsuranceservices.com\/blog\/wp-content\/uploads\/2020\/02\/new-car-300x200.jpg 300w, https:\/\/elliottinsuranceservices.com\/blog\/wp-content\/uploads\/2020\/02\/new-car-624x415.jpg 624w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p>If you have recently purchased a\nnew vehicle or are thinking about purchasing a new vehicle, you might have some\nquestions on how that will affect your insurance policy. Your insurance premium\nwill be affected by changing any vehicle, but is there anything else you should\nbe aware of with a new vehicle? <\/p>\n\n\n\n<p>We aim to demystify the experience of purchasing a new vehicle in terms of your insurance policy.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e898df8611a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e898df8611a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/#Will_My_Premium_Go_Up\" >Will My Premium Go Up?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/#Are_There_Endorsements_for_New_Vehicles\" >Are There Endorsements for New Vehicles?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/#Are_There_Rules_to_Get_an_OPCF_43\" >Are There Rules to Get an OPCF 43?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/#What_Information_Does_My_Broker_Need\" >What Information Does My Broker Need?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/#Why_is_the_OPCF_43_Worth_the_Cost\" >Why is the OPCF 43 Worth the Cost?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Will_My_Premium_Go_Up\"><\/span>Will My Premium Go Up?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Auto insurance is based on the\nvehicle and the driver that the insurance company is insuring. There are a lot\nof factors that determine your insurance rate, so it is extremely difficult to\nsay definitively if your insurance premium will increase or decrease with a new\nvehicle.<\/p>\n\n\n\n<p>Depending on your previous vehicle,\nyour rates could go down due to the safety features or safety rating of your\nnew vehicle. That being said, it could cost more to repair the new vehicle, and\nin that case your premiums would go up. <\/p>\n\n\n\n<p>Simply stated, there is no way to predict what your rates will do in a broad sense. If you are seriously considering a new vehicle and you know the exact vehicle you will most likely be purchasing, you can contact your broker to get a rough quote on your policy for switching to the newer vehicle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_There_Endorsements_for_New_Vehicles\"><\/span>Are There Endorsements for New Vehicles?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes! You should be aware that there is an endorsement referred to as either a &#8220;Waiver of Depreciation&#8221; or an &#8220;OPCF 43&#8221;. 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. When you add an OPCF 43, the insurance company will not deduct the depreciation of the vehicle for a set amount of time depending on the company\u2019s rules. The OPCF 43 usually is applied for 2-5 years depending on the insurance company. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_There_Rules_to_Get_an_OPCF_43\"><\/span>Are There Rules to Get an OPCF 43?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes, every company has their own\nrules as to what is required to qualify for an OPCF 43 endorsement. It is\nalways best to check with your broker about your own insurance company, but the\ncommon rules are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> The vehicle needs to have less than 5,000kms showing on the odometer.<\/li><li>The vehicle must be a new vehicle (not previously owned).<\/li><li>You must have a bill of sale.<\/li><li>The vehicle cannot be a demo vehicle.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Information_Does_My_Broker_Need\"><\/span>What Information Does My Broker Need?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In order to get the &#8220;OPCF 43&#8221; or &#8220;Waiver of Depreciation&#8221; you need to supply your broker or insurance company with the bill of sale for your vehicle and qualify you meet the requirements for the OPCF 43 to be applied (section above).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_the_OPCF_43_Worth_the_Cost\"><\/span>Why is the OPCF 43 Worth the Cost?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The OPCF 43 endorsement cost differs with different insurance companies. With that in mind, the OPCF 43 is almost always worth the cost of purchasing the endorsement.<\/p>\n\n\n\n<p>If you drive your brand-new vehicle off the dealer\u2019s lot, it is immediately depreciating. If you were to get into an accident 6 months from the time you purchased the vehicle, you might not even get enough money back to pay off what you owe on the vehicle. <\/p>\n\n\n\n<p>Don&#8217;t let that happen to you, call your broker today to make sure you have an OPCF 43 on your vehicle. Depending on the insurance company you are with, you can get that OPCF 43 endorsement anywhere up to 12 months after you have purchased the new vehicle (obvious restrictions apply of no damage to the vehicle and other requirements have been met). <\/p>\n\n\n\n<p>It is always suggested that you apply the OPCF 43 before you even pick up the vehicle because you never know what can happen on the road.<\/p>\n\n\n\n<p>If at any point you need help understanding this endorsement or need a quote, please contact us to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have recently purchased a new vehicle or are thinking about purchasing a new vehicle, you might have some questions on how that will affect your insurance policy. Your insurance premium will be affected by changing any vehicle, but is there anything else you should be aware of with a new vehicle? We aim to demystify the experience of&#8230; <a href=\"https:\/\/elliottinsuranceservices.com\/blog\/2020\/02\/20\/new-vehicle-and-auto-insurance-opcf-43\/\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[305,303,304],"class_list":["post-431","post","type-post","status-publish","format-standard","has-post-thumbnail","placeholder-for-hentry","category-auto-insurance","tag-new-car","tag-opcf-43","tag-waiver-of-depreciation"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/posts\/431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/comments?post=431"}],"version-history":[{"count":0,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/posts\/431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/media\/432"}],"wp:attachment":[{"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/media?parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/categories?post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elliottinsuranceservices.com\/blog\/wp-json\/wp\/v2\/tags?post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}