Last updated 2024-12-23
Page ID: 42d4
Rules on owner buy back of salvage
As a general rule, ICBC does not allow Beneficial Owners or Lessees to purchase their total loss vehicles unless there are extenuating circumstances.
Eligibility
The policy applies to all total loss vehicles and when a Beneficial Owner or Lessee wants to keep their vehicle salvage after it has been declared a total loss by ICBC.
Note: There are subtle differences between owner buy back and owner retention. For more information, refer to Owner retention and owner buy back comparison.
Policy
ICBC does not allow Beneficial Owners or Lessees to buy back their total loss vehicles.
ICBC does not allow owner buy back for Lessees or Renters on non-owned, out of province (OOP) vehicles. In some cases ICBC may cash settle at actual cash value (ACV), less salvage value with the out of province owner.
All potential payees of the settlement proposal must be advised in advance. They must also agree to the proposal in order for the net payment amount to be enough for all insureds and lienholders. In addition, ICBC does not send copies of the settlement cheques to payees. Cheque numbers may be released, but only after at least one day from the date the cheque is issued.
Note: If there is a dispute about the settlement proposal, refer to Policy on total loss settlement disputes.
A salvage vehicle must be sold
- using the ICBC salvage procedures to ensure an appropriate recovery is completed
- with the proper designation applied and notice of the vehicle registration status given to the Vehicle Registration Support (VRS) department, and
- with consideration to any potential environmental risk for which ICBC could be held responsible.
Exceptions
The applicable Estimating Services manager, or designate may permit an owner buy back on an exception-only basis under extenuating circumstances, such as but not limited to when the vehicle
- has a special value to the owner:
- a collector vehicle
- a vehicle with specialized equipment, or
- a fleet operator vehicle
- poses no environmental risk or health safety risk, and
- owner acknowledges and agrees that the:
- vehicle’s registration will be changed as appropriate, and
- Vehicle Registration Support (VRS) Department will be informed of the required vehicle status change to Salvage or Non-repairable, and will process the change before any payment is issued by the claim office.