Last updated 2024-10-15
Total loss settlement documentation for dealership, rental, and garage
Summary of the total loss settlement documentation requirements involving a new or used vehicle owned by a dealership, rental provider or garage service operator.
Documentation requirements
When a claim involves a vehicle owned by the dealership, rental provider or garage service operator, the required documentation is provided as proof of purchase:
| Type of vehicle | Required documentation |
|---|---|
| new vehicle | manufacturer’s invoice/purchase agreement indicates the exact cost to the dealership before any mark-ups are added to the price. |
| used vehicle | inventory card indicates the purchase price, and repair work completed on the vehicle. |
Total loss settlement
The total loss settlement of a vehicle owned by the dealership, rental provider or garage service operator
- is at the actual cost, and
-
is not to exceed the retail replacement value, which includes
- all covered additional equipment, and
- all substantiated work completed by the dealership.
Note: Dealerships, rental providers, and garage service operators are registered for both GST and PST. They must obtain an input tax credit for the GST they paid on the vehicle and not paid any PST on the vehicle (if held for resale). The settlement should not include allowance for taxes.
Important: Refer to the ICBC Autoplan Optional Policy, Division 5, Section 5.8.
Vehicle and wholesale resources
Automobile dealerships, rental providers or garage service operators, purchase vehicles from the:
- vehicle manufacturer
- public/private auto auctions, or
- general public.
The resources available to confirm or establish the actual wholesale cost:
- Vancouver Auto Auction
- Lawrence Auto Auction
- Black/Red Book wholesale listings, and
- competing dealerships.