Guide to OPCF 43: Removing Depreciation Reduction
What is OPCF 43?
Ontario Policy Change Form 43, also known as “Removing Depreciation Deduction” or a “limited waiver of depreciation,” allows you to collect your vehicle’s full replacement value rather than its depreciated value if it’s totaled or stolen.
OPCF 43 is available as a car insurance add-on for new vehicles of which you are the original owner, or if you had it on your previous insurance policy and your car is less than three years old. It’s a simple and fairly affordable way to make sure you’re able to replace your car with a new one of similar kind and quality in the event of a total loss.
You can download OPCF 43 from the Financial Services Regulatory Authority of Ontario (FSRA) website.
What does OPCF 43 cover?
OPCF 43 removes your insurer’s right to deduct depreciation from your total insurance payout when settling a loss or damage claim. It covers the lowest of:
- Your vehicle’s actual purchase price
- The manufacturer’s suggested retail price for your vehicle and equipment
- The cost to replace your lost vehicle with one of the same make, model, and equipment
Without OPCF 43, collision coverage and comprehensive coverage will only cover up to your vehicle’s actual cash value (ACV). For new vehicles that depreciate quickly in the first few years of ownership, this could mean an insurance payout that’s significantly lower than the vehicle’s original purchase price.
Does a deductible apply to OPCF 43?
Your standard deductibles for collision and comprehensive insurance will apply when making a claim with OPCF 43.
What does OPCF 43 not cover?
OPCF 43 won’t cover:
- Tires
- Batteries
- Betterment of your vehicle from replacing parts for prior unrepaired damage
- Losses that occur after your endorsement’s expiration date (typically five years after purchase)
Keep in mind that OPCF 43 is only available if you are the original owner of your vehicle and it was new or a demo vehicle with less than 5,000 km at the time of purchase. If you already have OPCF 43 on your existing policy, some insurers may allow you to continue the coverage when switching insurers, provided your vehicle is still within the eligible age limit.
OPCF 43 vs. 43A: What’s the difference?
OPCF 43A is the version of OPCF 43 available for leased vehicles. To include this optional add-on in your coverage, you’ll need to have OPCF 5 (“Permission to Rent or Lease Automobiles and Extending Coverage to the Specified Lessee(s)”) on your policy.
What’s the difference between OPCF 43 and GAP insurance?
Both OPCF 43 and gap (guaranteed asset protection) insurance help to protect your finances if a newly purchased vehicle is declared a total loss. For most drivers, OPCF 43 offers better protection at a lower cost.
You may be offered gap protection through your dealer when you purchase or lease a vehicle. Unlike OPCF 43, which is designed to maximize your insurance payout after a total loss by removing car depreciation, gap protection essentially ensures that your lender or leasing company will receive full satisfaction for your loan balance even if the vehicle is no longer drivable.
How much does it cost to add OPCF 43?
In general, it costs between $5/month and $35/month to add OPCF 43 to your car insurance policy. Costs may vary by insurer, vehicle, and other options on your policy. Consider working with an insurance broker to compare your options for new car insurance.
* Difference between monthly insurance quotes for a 2026 Honda Civic Sport with and without OPCF 43 for a 40-year-old single driver with a clean driving record living in London, Ontario.
Who needs OPCF 43?
If you recently bought a new vehicle, it may be worth it to add OPCF 43 to your policy.
This optional coverage is a simple way to protect your finances in the first few years of car ownership, when depreciation can seriously reduce the amount you’re able to claim through standard physical damage coverage.
FAQ: OPCF 43
This article is for general information only and is not insurance or legal advice. Examples and any sample quotes or rate ranges are illustrative and do not constitute an offer or guarantee of coverage, price, or eligibility. Actual coverage, discounts, and premiums depend on your individual circumstances and the insurer provider; if there is any discrepancy, your policy and insurer documentation govern. For advice about your situation, speak with one of our licensed insurance professionals.