Complete a taxi total loss settlement

Steps on completing a taxi total loss settlement.

Procedure

1. Obtain an actual cash value (ACV) for the vehicle:
   • use the BC retail information from the Black Book online, and
   • if the model year cannot be found, apply a 15% reduction to the value of the next nearest model year.

   Important: The only source used for determining the base value for a taxi is the Black Book. This enables ICBC to be consistent with all taxi total losses.
2. Review the Autoplan policy history via the MVPQ system to determine the taxi start date, and whether the taxi has been registered under a previous licence plate(s).

   If the vehicle ...	Then use as the taxi start date ...
   has been registered under a previous taxi plate	the start date of the previous licence plate.
   has not been registered under a previous taxi plate	the date in the MVPQ system.

3. Determine the number of months in service.
   Subtract the start date from the incident date.
4. Adjust the figures according to the vehicle condition.
   Adjust the figures as necessary, only if the taxi differs significantly from other taxis of the same age.

   Important: This is a judgment call by the estimator as there are no set guidelines. Only the percentages indicated in the worksheet should be used.
   Example:
   

   Examples include

   • extremely poor condition
   • lots of old damage
   • extra high mileage
   • excellent condition
   • a recent engine, or
   • transmission rebuild.
5. Calculate downtime if the taxi driver is not at fault.
6. Insert transfer costs for any of the following equipment that is being reinstalled into a replacement vehicle:
   • meter, lamp and two-way radio
   • computer, and
   • security camera.
7. Determine whether the replacement taxi is being converted to alternative fuel:

   If the owner ...	Then ...
   is converting to alternative fuel	enter the appropriate transfer payment amount.
   is not converting to alternative fuel	enter $0.
   is not sure	withhold the applicable transfer payment. Note: The owner may decide to convert the replacement taxi after the total loss is settled.

   Note: Applicable alternative fuels are:

   • Liquid propane gas (LPG), and
   • compressed natural gas (CNG).
8. Determine salvage value.

   Salvage value is not determined the same as a regular vehicle.

9. Complete additional information in the worksheet, according to
   • the equipment installed, and
   • coverage endorsements purchased by the taxi owner.
   Example:
   

   Equipment includes:

   • factory alternative fuel system
   • airport transponder
   • computer, and
   • wheelchair conversion kit, etc.

   Coverage endorsements include Extra Equipment (sold directly on the APV250).