RIBO Auto Equivalency Practice Test 2025 - Free RIBO Auto License Practice Questions and Study Guide

OPCF 43 refers to an endorsement in auto insurance policies in Ontario that provides coverage for the replacement cost of a vehicle. This coverage is particularly focused on how the insurer handles vehicle damage claims. The emphasis in this endorsement is on the concept that the payment for a claim is based on the original purchase price of the vehicle rather than its depreciated value at the time of the loss.

This means that when a vehicle that is insured under this endorsement is damaged or declared a total loss, the policyholder is entitled to receive an amount that reflects what they originally paid for the vehicle, regardless of its current market value or condition at the time of the claim. This is significant for vehicle owners who want to ensure that they are compensated fairly and do not have to bear a loss due to depreciation.

Thus, stating that payment is based on the original purchase price highlights the protection OPCF 43 offers to the insured against depreciation and provides peace of mind in the event of a loss.