New Vehicle Replacement Plus | Replacement Cost Coverage | Limited Depreciation
Nothing is more exhilarating than hitting the road in a brand-new vehicle. Make sure the feeling lasts by protecting it with New Vehicle Replacement Plus — ICBC's best protection available for your new car.
New Vehicle Replacement Plus has a unique feature: a lower threshold for replacing a damaged vehicle.
With a standard insurance policy, a vehicle is typically declared a write off when the assessed damage exceeds 75 to 90% of its market value. But with New Vehicle Replacement Plus, a vehicle is written off when the assessed damage exceeds just 50% of market value!
If your new vehicle is written off after a crash, a standard insurance policy will typically only pay you its current market value. Depreciation and inflation aren't covered.
This means your settlement could end up being much less than the actual cost to replace your vehicle.
But with New Vehicle Replacement Plus, if a crash happens during the policy term, you're compensated for depreciation and inflation ("new for old").
If your vehicle is written off in a damage claim, New Vehicle Replacement Plus gives you several options:
ICBC also reimburses any deductible that applies.
New Vehicle Replacement Plus also helps protect your investment when your vehicle can be repaired.
That's because the repairs are done using new parts from the manufacturer (OEM parts), where available.
You also have your choice of repair shop. When you go to an ICBC c.a.r. shop facility, the repairs are fully guaranteed for as long as you own your vehicle.
To purchase New Vehicle Replacement Plus, you must:
The next time you renew or buy an annual Autoplan policy, ask for New Vehicle Replacement Plus. For pricing, eligibility and other details, call your Autoplan broker today!
