Last updated 2024-10-30
Declared value vehicles
List of declared value vehicles and their declared value ranges.
Vehicles with declared value
The owners of certain types of vehicles must declare the vehicle’s value when insuring it with a broker. The declaration affects both coverage and premium amounts. The co-insurance tab in ClaimCenter automatically populates only when a declared value policy is in effect.
The following vehicles are insured based on their value as declared by the owner:
- Commercial vehicles over 5,000 kg gross vehicle weight (GVW)
- certain commercial vehicles under 5, 000 kg GVW including:
- recreational vehicles, including;
- motorcycles
- trailers
- motor homes, and
- temporary unlisted rate group vehicles.
Amount payable to customer
It is in the customer's best interest to set their declared value high enough to replace the vehicle, including payment of taxes. When the declared value is set too low, the owner may experience a shortfall in the event of a total loss.
Note: Refer to Division 5, Section 5.10 of the ICBC Autoplan Optional Policy for the Declaration of Value.
For total loss claims, the amount payable to the insured is the lesser of the
- actual cash value (ACV) , or
- declared value. Important: Declared value is only material to claims under Own Damage coverage. When a total loss is paid under Basic Vehicle Damage coverage or Third Party Liability (TPL) coverage, the amount payable is ACV.
Example of a declared value adjustment
How a total loss claim with a declared value would be adjusted.
|
Item |
Amount |
|---|---|
|
Declared value |
$7,200 |
|
ACV before taxes |
$7,500 |
|
ACV plus taxes |
$8,400 |
|
Settlement |
$7,200 less deductible |
Note: The ACV is determined in the normal manner for the type of vehicle. The amount payable to the customer is the lesser of the ACV or declared vehicle.