Do you own a classic or custom car or truck? Because your collector vehicle has value it is your insurance company will most likely as you to have it appraised.  If they don’t it is your responsibility to do it on your own. 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 an enhancement while the other is a restrictive endorsement.

OPCF 19A - An Agreed on Value of vehicle insurance policy is as follows: This guarantee the value of your vehicle in case of a total loss. This is the valued amount set by your appraisal. This is the type of policy you want to have on your Classic or custom car. Most insurance companies that deal with these type of vehicles offer a OPCF 19A coverage as a standard. But important to ask the question any way.

OPCF 19 - This is a Limited Amount policy – This type of policy usually benefit the insurer more than the customer.  It sets a limit that the insurer liable to pay out. The appraisal is considered and is usually honoured as the value. It is at the insurers discretion they only need pay out what they consider to be the Actual Cash Value of the vehicle or the appraised value which ever is less. Most antique , Classic and custom cars are appreciating in value, so in most case the Actual Cash In some very rare cases the value may be more than the appraised value .In most cases the value is lower than appraisals depending on how much time has past is the appraisal was completed . The maximum time should not be more than 5 years. It is your responsibility as the owner to keep your appraisal current. It is not recommended to go more that 3 years between appraisals. In most cases likely the insurance company will attempt to settle for less than the appraised value even though rates are based on the appraised value. The Unfortunate part is you are at the mercy of your insurance company in the event of a claim with the OPCF 19 policy. You can only hope that you will receive a fair settlement. So just as any other purchase you make you need to choose the right person for the job.Its up to you to protect your investment have it appraise.