Cash settlement requirements
Requirements for cash settling a vehicle claim.
Vehicle requirements
For a vehicle to qualify for a cash settlement, it must
- be roadworthy
- be operationally safe, and
- have no structural and/or mechanical damage.
| If a vehicle has ... | Then a cash settlement is ... |
|---|---|
Note: Refer to procedure, Unsafe vehicle classification and criteria.
|
not allowed. |
minor damage, such as
|
allowed. |
Customers can request the cash settlement option in certain situations requiring approval, such as
- accepting minimal damage to the vehicle
- repairing the vehicle themselves, or
- having the vehicle repaired privately.
Important: The cash settlement is at the discretion of ICBC.
Approval requirements
Approval of a cash settlement is at the discretion of the
- estimating services manager for
- all hit and run claims
- settlement amounts exceeding $5,000
- any audio, visual, and communications equipment claims, and
- any driveable total loss over $5,000, and
- operations manager for settlement amounts exceeding $15,000.
Note: If the claim is a commercial or heavy equipment claim, the approval process differs. Refer to procedure, Approve commercial claims cash settlement.