Question
How does ICBC calculate my vehicle's value?
Answer
ICBC determines the vehicle's actual cash value. The actual cash value is the current market value — what your vehicle would have sold for in the local market just before the damage happened.
To determine the actual cash value, ICBC does a comprehensive inspection of your vehicle, taking into consideration the following:
- year, make, and model
- factory options
- after-market equipment
- mileage
- condition of interior, exterior, mechanical and tires
ICBC may use the services of an independent appraisal company that compares your vehicle with recently sold vehicles in your area. We also review local classified ads, such as the Buy and Sell and AutoTrader.
Receipts for after-market equipment or upgrades may be required to substantiate any adjustments to the actual cash value.
