New vehicle coverage

​Give your new vehicle the protection it deserves

Last updated: January 2017

One of the most exhilarating experiences is hitting the road in a new vehicle. Make sure the feeling lasts by protecting it with ICBC's New Vehicle Replacement Plus (NVR+) coverage.

You've invested a lot in your new vehicle. It's your pride and joy. But depreciation can soon reduce its value by 20 per cent or more. At the same time, inflation can increase the cost of a new replacement vehicle.

If your vehicle is written off, your standard insurance policy will pay you for its current market value. This doesn't cover depreciation or inflation, so your settlement could end up being much less than the cost of a new replacement vehicle.

We offer a range of insurance coverages to provide additional protection for your new vehicle. Whether it's a brand new sports car, a pre-loved sedan or anything in-between, you'll find the coverage that's right for you.

New Vehicle Replacement Plus coverage

With NVR+ coverage, your vehicle will be declared a writeoff when the assessed damage exceeds 50 per cent of its market value.

If your vehicle is a total loss:

  • you'll be compensated for inflation and depreciation (that is, "new for old")

  • you can choose between a brand new version of your vehicle or a cash settlement

  • your deductible will be reimbursed.

If your vehicle can be repaired:

  • but repaired parts will not restore it to its previous condition, then they'll be replaced using new parts from the manufacturer where available

  • you can choose the repair shop

  • your repairs will be fully guaranteed as long as you own the car by choosing an ICBC c.a.r. shop facility.

You qualify for NVR+ if:

  • your vehicle is two years old or newer

  • you have ICBC Collision and/or Comprehensive coverage with a minimum discount of 20 per cent (claim-rated scale level of -4)

  • you have a full-year Autoplan policy

Replacement Cost coverage

If you need great protection for a vehicle that is three years old or newer, then Replacement Cost (RC) coverage makes sense for you.

If your vehicle is a total loss:

  • you'll be compensated for inflation and depreciation (that is, "new for old")

  • you can choose between a brand new version of your vehicle or a cash settlement.

If your vehicle can be repaired:

  • but repaired parts will not restore it to its previous condition, then they'll be replaced using new parts from the manufacturer where available

  • you can choose the repair shop

  • your repairs will be fully guaranteed as long as you own the car by choosing an ICBC c.a.r. shop facility.

You qualify for Replacement Cost coverage if:

  • your vehicle is three years old or newer

  • you have ICBC Collision and/or Comprehensive coverage with a minimum discount of 20 per cent (claim-rated scale level of -4) or a minimum Fleetplan discount of 40 per cent.

Limited Depreciation

If you don't qualify for Replacement Cost coverage, Limited Depreciation (LD) coverage protects against the declining value of a new vehicle. It's available for vehicles (model) up to three years old.

If your vehicle is a total loss:

  • you'll be compensated for depreciation

  • you'll receive a cash settlement.

If your vehicle can be repaired:

  • you can choose the repair shop

  • your repairs will be fully guaranteed as long as you own the car by choosing an ICBC c.a.r. shop facility.

You qualify for Limited Depreciation coverage if:

  • your vehicle is three years old or newer

  • you have ICBC Collision and/or Comprehensive coverage at any claim-rated scale or Fleetplan discount/surcharge level.

How does it work?

Whenever you have a claim, we're ready and waiting to take care of you, 24/7. We will work quickly to assess whether your car can be repaired. It's all about getting you back on the road as soon as possible.

Replacement

If your vehicle is too costly to repair, it will be declared a total loss. If this happens and you have New Vehicle Replacement Plus or Replacement Cost coverage, you have several options. You may replace your vehicle with the most current make and model, choose another model that costs the same amount or opt for a cash payout.

Repairs

If your vehicle can be repaired, you can have the repairs done at the shop of your choice. And if you choose an ICBC c.a.r. shop facility, you'll have peace of mind knowing that we have the largest approved network of repair shops in the province. Best of all, your repairs are fully guaranteed for as long as you own your vehicle.

Which coverage is right for you?

Be sure to talk to your Autoplan broker to find out which coverage is right for you. They can provide you with more information, including pricing and eligibility.

Choose the coverage that's right for you.

EligibilityNVR+RCLD
Model years1,21,2,31,2,3
Benefits • Total Loss
Threshold for replacement50%^Varies‡Varies‡
Deductible reimbursed on total losses--
Compensates for inflation-
Compensates for depreciation•†
Choice of settlement options-
Benefits • Repairable
Genuine OEM parts*-
Choice of body shop
Guaranteed repairs through ICBC c.a.r. shop facilities
^ Vehicle is written off when assessed damage exceeds 50% of its market value.

 ‡ The decision to write off a vehicle is based on several factors including the amount of damage, salvage value and market value. Specific limits can vary greatly between vehicles but under RC and LD coverages, a vehicle is usually written off when the assessed damage exceeds 75-90% of its market value.
 † For LD only, depreciation applies to tires, batteries, convertible tops and vehicle paint.
 * Where available (Damaged parts of your vehicle will be repaired when possible. If repairing parts will not restore your vehicle, then they will be replaced using new parts from the manufacturer.)

Last updated: January 2017