Vehicle rental rates policy
ICBC will authorize only preferred rates except where the exposure owner has deemed a different rate as reasonable under the circumstances.
Policy
Unless there is a note with the Topic of "Rental Vehicle" on the claim, the claims admin (LOU team) can only authorize the rate for a similar-sized vehicle, as outlined in the ICBC rental rate structure and as offered by preferred rental vehicle providers.
Loss of Use coverage
In LOU scenarios, ICBC can specify the make and model of available substitute vehicle when providing alternate transportation to a customer. The expense incurred for the alternate transportation cannot exceed either the per-day limit or the total limit of the coverage purchased by the insured and described in the insured's owner's certificate.
If the customer wants to rent a more expensive vehicle, the LOU representative must confirm with the exposure owner. Otherwise, the customer must pay the difference in price.
Third Party Liability
For customers who do not have LOU coverage but who have a third party liability claim against another ICBC insured, ICBC may cover the cost of renting a similar-sized substitute vehicle up to a daily and total limit deemed reasonable by the exposure owner.