Last updated 2022-01-27
Accelerated depreciation policy
A claims representative must identify and control all accelerated depreciation demands, and immediately notify the Centralized Accelerated Depreciation Team when a customer indicates a concern that their vehicle value may have decreased due to a crash.
Applicability
The date of loss (DOL) determines whether Empty href can be claimed.
Accelerated depreciation may apply to crashes that occur within a jurisdiction outside of B.C. that permits tort claims.
Estimators must refer customers to a claims representative when a customer questions why accelerated depreciation does not apply, as this is a coverage question and ICBC is- only involved when the non-responsible out of province motorist makes an accelerated depreciation claim against the customer's Third Party Liability (TPL) coverage, or
- not involved in the accelerated depreciation portion of a claim when ICBC's customer is making a claim against an out of province responsible motorist.
Accelerated depreciation may apply to losses that occur within or outside of B.C.
Centralized Accelerated Depreciation team's review
The Centralized Accelerated Depreciation team reviews an accelerated depreciation inquiry when
- the vehicle is within five (5) model years or newer at the
- current repaired damages exceed $2000, and
- there are no previous claims that amount to over $2,000 (cumulative), where the customer is not responsible.
Claims not considered
ICBC does not consider accelerated depreciation claims for
- third party insurers,
- garage policies,
- leased vehicles, or
- Own Damage claims, including
- Comprehensive,
- Collision,
- Hit and Run, or
- split (50/50) responsibility.