Last updated 2021-05-01
Page ID: SKP3B6

Policy on depreciation

Customers must contribute to the costs required to repair or replace damaged or worn parts, when applicable, regardless of their responsibility for a crash, for claims with a date of loss (DOL) on May 1, 2021, or later.


Basic Vehicle Damage coverage and Optional coveragepay for repairs, subject to depreciation, when applicable.

Depreciation applies to
  • major mechanical and electronic components
  • parts
  • convertible tops, and
  • the vehicle’s paint condition.
Estimators must apply depreciation, when applicable, to all claims regardless of responsibility.
Exception: Depreciation does not apply when a customer has a special endorsement, such as
  • Replacement Cost Endorsement APV286A
  • New Vehicle Replacement Plus coverage, or
  • Limited Depreciation Endorsement APV297A.

Applicable policy or legislation

ICBC Optional Autoplan Optional Policy, Division 8, Section 5 (6) Requirements if loss or damage to vehicle

Basic Vehicle Damage Coverage Regulation, Section 15 (3), Indemnification for damage to
or loss of eligible vehicle