Last updated 2025-10-30
Actual cash value policy
When a vehicle is a total loss, estimators have five working days, from the date the vehicle is confirmed as a total loss, to present the actual cash value (ACV) to the registered owner (RO) in the form of a total loss settlement.
Applicability
Providing the customer the ACV within five days
- ensures ICBC is able to meet its commitments of settling claims in a timely and efficient manner
- reduces issues associated with loss of use, and
- mitigates storage costs at tow yards.
Manual ACV
Applying ACV manually is acceptable when
- Mitchell's results do not provide sufficient comparable data points to determine the vehicle’s value
- Mitchell's ACV does not reflect the loss vehicle's fair market value
- an exotic or specialized vehicle is being assessed and no systematic market values are obtainable, or
- vehicles are over a certain age category.
Important: Manager’s approval is required, both pre or post, for manual ACV determination. For information on adding a manual ACV, refer to the topic, Add a Manual ACV.
Remember: Manual ACV is used in circumstances when systematic market value determination tools and sources do not provide sufficient data. This is to be used as an exception, rather than a rule.