Last updated 2019-07-20
Total loss settlement by Electronic Funds Transfer payment criteria
Prior to issuing a total loss settlement electronic funds transfer (EFT) payment to a customer, specific criteria must first be met.
Criteria
A total loss settlement payment can only be issued once an agreement with the customer on the value of the vehicle has been reached, and all applicable issues have been resolved.
Ensure all of the following criteria are met before issuing the total loss payment:
- actual cash value (ACV) has been presented to the registered owner (RO)
- a settlement amount has been reached
- the Vehicle Ownership Transfer Agreement (CL96) has been signed
- a lien check has been completed and there are no lienholders
- deductible has been applied, when applicable
- all applicable responsibility, breach, and coverage issues are resolved, and
- all ICBC and motor vehicle debt has been paid.
Important: If ICBC or motor vehicle debt exists, you must
- apply only the debt amount by cheque, following the process to apply a payment to debt, and
- make a second payment by EFT for the remainder, to the customer. The EFT payment then uses the debt override reason that the debt payment has been processed as a previous payment.
Note: When the Claims Contact Centre (CCC) processes a claim and the customer did not attend a claims office, you can issue the payment after reaching the settlement amount, but do not release it until the CL96 form has been signed.