Actual cash value

An ICBC appraiser must collect all the specifications of the vehicle, to ensure the ACV represents a fair market value to use as an amount to compensate a customer, when their vehicle is a total loss.

There are innumerable specifications possible and each one may contribute to or detract from the marketability of a given vehicle or piece of equipment. Factors that drive the ACV in different directions may include

• market fluctuations
• economic climate
• exchange rates with the US Dollar
• regional differences (Eastern Canada versus Western Canada)
• maintenance history, and
• personal preference.

There are many other factors, but these few are the main drivers of value.

Actual cash value presentation requirements

• An ICBC employee must present the ACV to the registered owner (RO) within three working days from the date the vehicle is declared a total loss.
• The ACV must accurately reflect the current market value of the vehicle.