Please correct me if needed.
This is just my experience with ICBC, and may not reflect the cases of others.
The declared values and their respective premuims are set per thousand dollars. IE $7000-$7999, $8000-$8999.
So if you have a bike thats worth close to $8k for instance, you can set the value to $7998 and be in the lower premium bracket. I *think* that this worked out to something like $10-20 a month cheaper for me.
Eg. You cant set your value to 11000 and expect ICBC to pay that for a bike if its "fair average "market value is $10k when it is written off.
They will gauge the market value of the bike during the previous (or current) summer.
If you have a rare model or a custom model, then you have to keep receipts of the custom parts and hope that your rare model is priced right.
The ride-away price of the bike at the dealership is NOT "fair average market value". You can probably knock off $500-1000 before you even ride the bike out the door.
Disputing the settled value for the bike.
ICBC can screw you like this:
If you were NOT at fault and your bike was a write-off, then arbritation HAS to be taken to small claims court. A third party reference will NOT suffice.
ONLY when I sent them the letter of reference from my appointed advisor did they tell me that since it was NOT my fault the bike was written off, I would be forced to go through the courts.
Their dispute documents made NO mention of this prior.
Makes zero sense, but thats what I had to deal with.
Perhaps someone can also verify this situation from their own experience.
Rod Colany (sp) was the individual who I dealt with.
Gear is considered "property" and is seperate from the vehicle.
If I recall what I was told by my adjuster is that if you are NOT at fault, then ICBC will pickup the tab for your damaged stuff.
EDIT - If you are at fault (majority?), then you are at ICBC's whim on how much they will replace. Depending on what brand of gum you chew and how the adjusters personal investment portfolio has done in the last little while, there could be a wide discrepancy between cases.