Canadian Underwriter

ICBC introduces new “write-off” program

March 31, 2008   by

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The Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, allowing a vehicle to be written off if the damage exceeds 50% of its market value. Program members suffering a write-off would receive a new version of their vehicle or the cash equivalent. Many new car owners don’t want a vehicle back that has had major repairs, so we are providing these customers with another option, said Kellee Irwin, vice-president of underwriting at ICBC. “We’ve lowered the threshold for New Vehicle Replacement Plus customers to give them the peace of mind in knowing that if they get in a major crash they are still going to have a brand new vehicle.” •

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