Last updated 2024-06-17
Actual cash value policy
When a vehicle is a total loss, ICBC representatives have five working days from the date the vehicle is confirmed as one to present the actual cash value (ACV) to the registered owner (RO) in the form of a total loss settlement.
ACV application
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, and
- reduces issues associated with loss of use.
Manual ACV
Applying ACV manually is acceptable when
- Mitchell's results do not provide sufficient comparable data points to determine the vehicle’s 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.
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.