Last updated 2022-06-16

Actual cash value

The actual cash value (ACV) is the fair market retail value of a vehicle on the date of loss (DOL).

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 American dollar
  • regional differences such as Eastern Canada versus Western Canada
  • maintenance history, and
  • personal preference.

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

Requirements for customer presentation

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.

Parent topic: Actual cash value policy