Last updated 2025-05-29
Dealership, rental provider, garage service operator, or lessor (closed lease)
Summary of the total loss settlement information required for claims involving a new or used vehicle owned by a dealership, rental provider, garage service operator, or lessor with a closed lease agreement.
Requirements
The required documentation or information when a claim involves a vehicle owned by a
- dealership
- rental provider
- garage service operator, or
- lessor with a closed lease agreement.
| Type of vehicle | Required information |
|---|---|
| New vehicle | Manufacturer’s invoice or purchase agreement indicating the exact cost to the dealership before any mark-ups are added to the price. |
| Used vehicle |
The vehicle's wholesale value. Important: When the wholesale value is not accepted, an inventory card indicating the purchase price, and repair work completed on the vehicle is considered.
|
| Service vehicle, such as a demo vehicle, courtesy vehicle, or closed leased vehicle |
The vehicle's wholesale value. Important: When the wholesale value is not accepted, documentation that provides depreciated costs is considered.
|
Important: ICBC's wholesale resource is the Canadian Black Book, which is available on Broker Connect.
Total loss settlement
The total loss settlement of a vehicle owned by the dealership, rental provider, garage service operator, or lessor with a closed lease agreement is
- at the actual cost to replace, and
- not to exceed the retail replacement value, which includes all
- covered additional equipment, and
- substantiated work completed by the dealership.
Note: Dealerships, rental providers, garage service operators, and lessors with a closed lease agreement are registered for both goods and services tax (GST) and provincial sales tax (PST). They must obtain an input tax credit for the GST they paid on the vehicle, and not paid any PST on the vehicle, that is if held for resale. The settlement should not include allowance for taxes.
Important: Do not include the lessee's name on cheques for closed leased settlements.