Who is allowed to complete a FIN-320 in British Columbia?

The FIN 320 form states it must be completed by a motor dealer registered under the BC Motor Dealer Act, a person authorized to carry on a similar business in another jurisdiction, or "a person whose business it is to appraise motor vehicles." Bulletin PST 308 repeats the same requirement. IC Appraisal BC qualifies under the third category, and the appraiser signs the Part 5 certification on every form.

How does BC decide how much PST you pay on a private vehicle sale?

PST is charged on the greater of the purchase price or the average wholesale value, which Bulletin PST 308 defines as the Canadian Black Book value. If you believe the vehicle is worth less than that, you may provide a completed FIN 320. The bulletin then says that where the appraised value and the purchase price are both below the average wholesale value, PST is calculated on the greater of the appraised value and the purchase price.

What is the difference between a FIN-320 and a FIN-355MV?

The FIN 320 is the appraisal; the FIN 355/MV is the refund application. You present a FIN 320 when you register the vehicle to have PST charged on the appraised value in the first place. If PST has already been paid, the FIN 320 instead becomes an attachment to a FIN 355/MV refund claim, which the Ministry of Finance must receive within 30 days of the registration date.

Can the seller get the appraisal, or does it have to be the buyer?

Either. Bulletin PST 308 states that appraisals "may be obtained by the purchaser or seller of the motor vehicle." In practice the buyer usually orders it, because the buyer is the one paying the PST.

ICBC Actual Cash Value Explained: Why Your Settlement Often Falls Short

When ICBC settles a total loss claim, they pay Actual Cash Value (ACV), the value of your vehicle the moment before the loss. ACV is built from generic data sources that often understate what your specific vehicle was worth. Here is how the calculation works and how to challenge it.

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Why buyers use this page

ACV is the pre-loss value of your specific vehicle, used as the settlement basis
Most ACV calculations rely heavily on Canadian Black Book wholesale values
Wholesale values reflect dealer-to-dealer auction prices, not BC retail replacement cost
Retail comparables and vehicle-specific evidence are what ICBC can reassess the figure against

ICBC Actual Cash Value Explained

Actual Cash Value sounds simple, but the inputs are not. ACV is the value of your vehicle in its pre-loss condition, calculated from data sources that include Canadian Black Book wholesale, region adjusters, and condition assumptions. The output is the dollar amount ICBC offers in a total loss settlement. The disagreement that drives most disputes is between ICBC ACV (built from wholesale data) and replacement cost (what it actually costs to buy a comparable vehicle today on a BC retail lot).

Why first ACV offers are often low

Wholesale values are systematically lower than retail replacement cost because they exclude dealer overhead, reconditioning, warranty, and retail margin. If your vehicle is destroyed, the replacement vehicle you actually buy will come from a BC retail lot at retail prices, not from a wholesale auction. The ACV gap (wholesale to retail) can be $1,000 to $5,000 or more depending on the vehicle. Trim, condition, recent repairs, and low mileage compound the gap further.

What goes into ICBC ACV

The ACV calculation is built from a small number of inputs, each of which can be challenged.

Canadian Black Book wholesale value

The base number, reflecting dealer-to-dealer auction pricing for comparable vehicles. The single biggest driver of low ACV.

Region adjuster

A regional factor applied to reflect differences between markets. BC retail markets often run higher than the regional adjuster reflects.

Condition assumption

A standardized condition assumption based on age and class. Real vehicles vary widely from this assumption.

Trim and option adjustments

Adjustments for trim and options, but the adjustments are often flat values that miss true premium-trim differences.

How to challenge ACV

There is one main lever: document the real BC market value of your specific vehicle.

Document your specific vehicle

Photos, mileage, recent repairs, premium trim, low mileage, well-maintained condition. The more specific the evidence, the harder ICBC has to work to keep ACV low.

Provide retail comparables

Real BC retail listings for comparable vehicles, dated to your loss date, are the foundation of the dispute.

Put it to your claims representative

ICBC will respond to a documented counter-offer, and can increase actual cash value and pay the difference without a formal dispute. If it does not resolve there, the path runs to a supervisor, then a manager, and then arbitration through the ADR Institute of BC at cost to both parties.

How to use an appraisal to dispute ACV

Save the ICBC offer letter, the explanation of how ACV was calculated, and any vehicle history you have.

Gather retail comparables dated to the loss, the trim and options as built, the odometer, and receipts for recent work.

Put those to your claims representative, and respond promptly to any follow-up questions from ICBC.

ICBC Actual Cash Value Explained FAQ

What is Actual Cash Value (ACV)?

ACV is the value of your vehicle the moment before the loss, used by ICBC as the basis for total loss settlements. It is calculated from generic data sources, primarily Canadian Black Book wholesale.

Is ACV the same as replacement cost?

No. Replacement cost is what it costs to buy a comparable vehicle today at BC retail prices. ACV is built from wholesale auction data and is typically lower than retail replacement cost.

Can I dispute the ACV ICBC offered?

Yes. ICBC accepts counter-offers and can adjust ACV when you provide documentation the valuation did not account for, such as factory options or receipts for recent work.

What is the escalation path if ICBC does not move?

Start with your claims representative, then a supervisor, then a manager. If it is still unresolved, arbitration through the ADR Institute of BC is available, at cost to both parties.

Does this work for private optional insurance, not just ICBC Basic?

Yes. BCAA, Intact, and other private optional carriers accept independent appraisals for ACV disputes the same way ICBC does.

Helpful next steps

Use these supporting pages to keep moving.

Get your Canadian Black Book value, free

Total loss appraisal details

Write-off vs total loss explained

Why wholesale data understates value

How to dispute ICBC wholesale value

Key facts, sources and verification

Form: FIN 320, Motor Vehicle Appraisal Form
Governing legislation: Provincial Sales Tax Act (British Columbia)
Value reported: Expected retail value on a private sale. The form states the appraised value is not a trade in figure.
What the value rests on: The specific vehicle: odometer, damage, mechanical condition, whether it runs, and its documented history. Not a lookup from the VIN alone.
Who may complete it: A registered motor dealer, an equivalent business in another jurisdiction, or a person whose business it is to appraise motor vehicles
Area served: All of British Columbia, handled remotely
Provider: IC Appraisal BC
Two different values: Actual cash value is what an insurer offers to settle a claim. Appraised value on a FIN 320 is the expected retail value on a private sale, used for tax. They answer different questions.

Quick answers

Who is allowed to complete a FIN-320 in British Columbia?: The FIN 320 form states it must be completed by a motor dealer registered under the BC Motor Dealer Act, a person authorized to carry on a similar business in another jurisdiction, or "a person whose business it is to appraise motor vehicles." Bulletin PST 308 repeats the same requirement. IC Appraisal BC qualifies under the third category, and the appraiser signs the Part 5 certification on every form.
How does BC decide how much PST you pay on a private vehicle sale?: PST is charged on the greater of the purchase price or the average wholesale value, which Bulletin PST 308 defines as the Canadian Black Book value. If you believe the vehicle is worth less than that, you may provide a completed FIN 320. The bulletin then says that where the appraised value and the purchase price are both below the average wholesale value, PST is calculated on the greater of the appraised value and the purchase price.
What value does a FIN-320 actually report?: Retail value, not a trade in figure. The form itself carries the note that the appraised value "is NOT intended to be trade-in value but represents the expected retail value when a motor vehicle is sold privately." This is the single most common misunderstanding, and quoting a trade-in figure on a FIN 320 is a defect in the form.
What is the difference between a FIN-320 and a FIN-355MV?: The FIN 320 is the appraisal; the FIN 355/MV is the refund application. You present a FIN 320 when you register the vehicle to have PST charged on the appraised value in the first place. If PST has already been paid, the FIN 320 instead becomes an attachment to a FIN 355/MV refund claim, which the Ministry of Finance must receive within 30 days of the registration date.
Can the seller get the appraisal, or does it have to be the buyer?: Either. Bulletin PST 308 states that appraisals "may be obtained by the purchaser or seller of the motor vehicle." In practice the buyer usually orders it, because the buyer is the one paying the PST.

Sources

The statements above are drawn from the following primary documents. Each was checked against the source on the verification date below.

Canadian Black Book returns one number from the VIN. It does not account for kilometres, damage, mechanical condition, or whether the vehicle runs at all. A FIN 320 appraisal is built on those things, which is why it produces a figure the Ministry of Finance accepts. The form itself states the appraised value “is NOT intended to be trade-in value but represents the expected retail value when a motor vehicle is sold privately”.

Verified against the source documents on 1 September 2026.

This page is general information about British Columbia vehicle appraisal and PST, not legal or tax advice. PST is assessed by the BC Ministry of Finance and registration is handled by ICBC and Autoplan brokers, so the amount of tax owing or refunded on any particular vehicle is determined by them, not by the appraiser. Figures quoted from government publications were verified against the source documents on the date shown.

What to do if the offer looks low

The first offer from ICBC is generated from a valuation database rather than an inspection of your vehicle. That means it can miss factory options, recent work, and other things specific to your car. If you produce receipts or point out options the valuation missed, ICBC can increase the actual cash value and pay the difference without a formal dispute. If the number still does not fit, the escalation path runs from your claims representative to a supervisor, and then to a manager. Beyond that, arbitration through the ADR Institute of BC is available, at cost to both parties.