Replacement Cost Coverage
ICBC Replacement Cost Coverage protects your vehicle against depreciation and inflation, plus offers other valuable benefits. It is available for vehicles up to three model-years old.
If your vehicle is written off
Replacement Cost Coverage offers replacement value. It provides
- money for depreciation and inflation. With other policies, your payout may not be enough to replace your vehicle with a new one. With Replacement Cost Coverage, your settlement is based on what it costs to replace your vehicle with a new one of the same make and model, at current market prices (if that model is still available).
- your choice of settlement method. You can replace your vehicle with a new one of the same make and model, replace it with another model, or receive a cash payout—the choice is yours.
If your vehicle is repairable
Replacement Cost Coverage includes
- new OEM parts. When a part on your vehicle is damaged and needs replacing, a new part from your vehicle's manufacturer is used.
- your choice of auto-body shop.
- fully guaranteed repairs. ICBC c.a.r.shops offer guaranteed repairs for as long as you own your vehicle.
Am I eligible?
If you have Optional Autoplan coverage with 20 per cent discount or higher (Claim-Rated Scale -4), you are eligible—even if you're not the first owner of the vehicle.
For more information, or to purchase this policy, please contact your Autoplan broker.