Last updated 2021-05-01
Plate cancellation or policy transfer
The benefits and requirements to transferring an insurance policy to a replacement vehicle, rather than cancelling the policy.
Cancellation versus transfer decision
When a vehicle is determined a total loss, the vehicle insurance is not cancelled automatically; instead, once the customer accepts a total loss settlement, they have the choice to cancel their policy or transfer it to another vehicle.
| Vehicle replacement decision | Details |
|---|---|
| Customer does not intend to replace their vehicle within a relatively short period of time | Advise the customer to immediately take their licence plates to an Autoplan broker to discuss what options to consider prior to cancelling their insurance. |
| Customer intends to replace their vehicle |
Advise the customer to
|
Requirements to transfer a policy
Regulation allows a customer 10 days from the date of purchasing a replacement vehicle to transfer their insurance to their replacement vehicle, provided that the
- new vehicle is a replacement for the one named in the owner's certificate, and
- vehicle originally named in the owner’s certificate has been surrendered to ICBC with a signed Vehicle Ownership Transfer Agreement (CL96).
ICBC must advise the customer to contact their Autoplan broker to
- discuss their options, and
- ensure that the existing coverage is compatible with the replacement vehicle.
Benefits of transferring a policy
Transferring a policy to a replacement vehicle can help the customer avoid new plate and cancellation fees. When there is no other source of coverage, the policy can provide
- Underinsured Motorist Protection coverage for the customer and members of their household
- Third Party Liability Extension coverage for the customer and members of their household under certain circumstances
- Enhanced Accident Benefits coverage for the customer and members of their household
- Temporary Substitute Motor Vehicle coverage for the customer and members of their household, and
- Rental vehicle coverage provided by RoadStar or RoadsidePlus for the customer and their spouse.