Last updated 2020-04-15
Page ID: 2XBBEL
Total losses and salvage
Section topics
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Process
Obtaining a valuation
Obtain a valuation for a potential total loss.
Obtain a valuation for a potential total loss.
Concept
Actual cash value policy
When a vehicle is a total loss, ICBC representatives have five working days from the date the vehicle is confirmed as one to present the actual cash value (ACV) to the registered owner (RO) in the form of a total loss settlement.
When a vehicle is a total loss, ICBC representatives have five working days from the date the vehicle is confirmed as one to present the actual cash value (ACV) to the registered owner (RO) in the form of a total loss settlement.
Procedure
Determine a total loss at the collision repair program facility
An estimator reviews a total loss notification in WorkCenter (WC) and determines if a physical inspection of the vehicle is required or estimate can be approved.
An estimator reviews a total loss notification in WorkCenter (WC) and determines if a physical inspection of the vehicle is required or estimate can be approved.
Procedure
Settle total loss with endorsement
Steps to settle a total loss vehicle with an endorsement.
Steps to settle a total loss vehicle with an endorsement.
Procedure
Total loss settlement on a leased vehicle
Steps on settling a total loss on a leased vehicle.
Steps on settling a total loss on a leased vehicle.
Principle
Policy on total loss settlement for government vehicles
Policy on total loss settlement for government vehicles.
Policy on total loss settlement for government vehicles.
Concept
Declared value vehicles
List of declared value vehicles and their declared value ranges.
List of declared value vehicles and their declared value ranges.
Concept
Policy on total loss settlement
Claims representatives must ensure total losses are settled in accordance with ICBC requirements, to ensure a fair and prompt settlement for the customer.
Claims representatives must ensure total losses are settled in accordance with ICBC requirements, to ensure a fair and prompt settlement for the customer.
Principle
Conditions for issuing a total loss settlement cheque
Specific conditions must be met before a total loss settlement cheque is issued to a customer.
Specific conditions must be met before a total loss settlement cheque is issued to a customer.
Topic
Lien search policy
All confirmed total losses must have a lien search ordered or conducted within 30 days of the settlement payment.
All confirmed total losses must have a lien search ordered or conducted within 30 days of the settlement payment.
Concept
Plate cancellation or transfer of a policy
Summary of the requirements and benefits for transferring an insurance policy.
Summary of the requirements and benefits for transferring an insurance policy.
Topic
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.
Prior to issuing a total loss settlement electronic funds transfer (EFT) payment to a customer, specific criteria must first be met.
Principle
Total loss settlement dispute policy
The original claim owner assigned to settle a customer's total loss must also handle any resulting total loss settlement disputes raised by the customer.
The original claim owner assigned to settle a customer's total loss must also handle any resulting total loss settlement disputes raised by the customer.
Topic
Procedure
Complete a taxi total loss settlement
Steps on completing a taxi total loss settlement.
Steps on completing a taxi total loss settlement.