It does not apply to bikes with ICBC, though it may with private insurance.
I'm assuming you know what it's for, but in case: It covers replacement value on a newer vehicle so that if you crash it, your not screwed, and you get a brand new one. As we all know when you drive off the lot in your new vehicle it just dropped in value by about 10-20%. :rolleyes
it applies on in your comp coverage, where you declare the value of your bike. So if you declare $15000 for your bike and it gets stolen you get $15000 that is what you are insured for. ICBC will only cover your bike and limited coverage for you helmet.
Private insurance covers you everything including riding gear, helmet, gloves, bike, and trailer if you have one etc...and the cost is less if you qualify like I do. otherwise you are stuck with IC:2upBC
Commercial Union Insurance has a limited depreciation policy that covers a replacement of your bike with the same bike of the current model year for 3 years from the date of purchase. It's a wee bit more expensive, but for 3 years peace of mind it's a good deal.
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