ICBC.com

Autoplan Agreed Value for Collector Cars

Don't take a chance on Total Loss!

ICBC customers asked for it and now it's here: ICBC's Collector Motor Vehicle Agreed Value Policy.

If you're the proud owner of a Collector Car, this is just the policy you need to protect your automotive investment.

If your Collector Car becomes a total loss after a crash — or for some other reason — the last thing you want to worry about is having to negotiate the full value of your car at a Claim Centre. So why not guarantee the value of your investment upfront?

How does Agreed Value work?

You and ICBC must agree on the value of your vehicle BEFORE you purchase the policy. In the event of a total loss, you'll receive the entire amount listed on the policy — nothing less. All leading U.S. collector insurance companies use this valuation method, as do most Canadian insurers offering collector insurance.

How do I apply for Agreed Value coverage?

1. Your vehicle must qualify as a Collector Car

To be eligible for an Agreed Value policy, the vehicle to be insured must currently have ICBC collector status. In addition, the vehicle must carry an underlying Own Damage policy through ICBC, either collision, comprehensive, specified perils or any combination of these coverages.

In addition, only drivers who have held a valid driver's licence for 10 or more years may drive the vehicle, and the vehicle must be kept in a fully enclosed and locked garage that can only be accessed by the insured and his or her household members.

If your vehicle doesn't already have collector status, learn how to apply.

2. You must apply to ICBC for an Agreed Value policy

Once your vehicle has obtained current Collector vehicle status you must submit an application to ICBC if you want to purchase an Agreed Value policy.

If you believe the value of your vehicle is $40,000 or less, you can apply directly to ICBC for this policy. To do so, you must submit a detailed application that includes a signed declaration, photos, receipts etc. No inspection is necessary. ICBC will review your application and determine your vehicle's eligibility. The application fee is $50, payable by cheque or money order ONLY, which you must submit with your application.
If you believe your vehicle is worth more than $40,000 you will need to have it inspected by ICBC. To arrange an appointment please call Autoplan Sales at 604-661-6956 or toll-free at 1-800-328-4484. When you arrive for your inspection, please bring your completed application and any other supporting documentation with you. The total fee for this process is $75, including the application. You may pay by cheque or money order ONLY, either of which must be submitted with your application.

In either case, you will need the same application form which you may pick up at any broker's office throughout the province. You may also download the form by clicking here.

No matter how you apply, once ICBC has decided whether or not the proposed value is accepted, you will be notified by mail.

3. Visit an Autoplan broker to purchase Agreed Value

If your application is accepted you may purchase a Collector Motor Vehicle Agreed Value Policy through any Autoplan broker's office throughout the province. Click here to find a broker's office near you, or call ICBC at 1-800-328-4484 and 604-661-6956 for more information about the coverage.

If ICBC rejects your application

If your application is rejected you will be offered the opportunity to provide further documentation to support your application at no additional charge.