What happen to the ICBC Collector Agreed Value Policy?
The ICBC Collector Motor Vehicle Agreed Value Policy (APV348) Special Coverage Policy was discontinued on January 1, 2014. After detailed analysis and consideration, ICBC discontinued the Collector Motor Vehicle Agreed Value Policy (APV348) Special Coverage Policy at the end of 2013. The decision to discontinue this product was made based on the volume and premium income associated with the policy, as well as the availability of alternative products .
Effective January 1, 2014, the Collector Motor Vehicle Agreed Value Policy (APV348) Special Coverage Policy will no longer be offered
Starting October 1, 2013, ICBC will notified, by mail, customers who currently have this coverage that they will not be able to renew it after January 1, 2014. Policies issued prior to this date will remain active until the policy’s expiration date.
When I purchase the Pelling Collector
Car Insurance Plan do I still have to get my "Basic
Insurance" from ICBC ?
"Yes, you would still have to
Basic insurance. This is mandatory for all vehicles driven
on the road in British Columbia, it includes your plates, decal and $200,000
third party liability. Your optional coverages, increase in
liability, collision and comprehensive is purchased through
I usually only buy my ICBC insurance for
6 months, what do I do when when my decal expires?
"Our policy is valid for 12 months, when
your ICBC policy expires our policy automatically becomes a
"Storage Policy" so you do not have to buy one from ICBC."
With the Collector Motor Vehicle Agreed
Value Policy (APV348) Special Coverage Policy being eliminated,
what criteria will ICBC be using in the event of a claim to
determine the vehicle's value?
"Total loss claim payments
reflect the vehicle’s actual cash value, which means the
value of the vehicle and its equipment at the time of the
loss, so while it won’t be a predetermined amount, collector
vehicles will be covered for the market value."