Policy on accelerated depreciation

A claims representative must identify and control all accelerated depreciation demands, and immediately notify the Centralized Accelerated Depreciation Team when a customer indicates a concern that their vehicle value may have decreased due to a crash.

Applicability

The date of loss (DOL) determines whether Empty href can be claimed.

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  • Accelerated depreciation may apply to crashes that occur within a jurisdiction outside of B.C. that permits tort claims.

    Estimators must refer customers to a claims representative when a customer questions why accelerated depreciation does not apply, as this is a coverage question and ICBC is
    • only involved when the non-responsible out of province motorist makes an accelerated depreciation claim against the customer's Third Party Liability (TPL) coverage, or
    • not involved in the accelerated depreciation portion of a claim when ICBC's customer is making a claim against an out of province responsible motorist.

  • Accelerated depreciation may apply to losses that occur within or outside of B.C.

Centralized Accelerated Depreciation team's review

The Centralized Accelerated Depreciation team reviews an accelerated depreciation inquiry when
  • the vehicle is within five (5) model years or newer at the
  • current repaired damages exceed $2000, and
  • there are no previous claims that amount to over $2,000 (cumulative), where the customer is not responsible.

Claims not considered

ICBC does not consider accelerated depreciation claims for
  • third party insurers,
  • garage policies,
  • leased vehicles, or
  • Own Damage claims, including
    • Comprehensive,
    • Collision,
    • Hit and Run, or
    • split (50/50) responsibility.
Parent topic: Categories of accelerated depreciation