ICBC (Insurance Corporation of British Columbia):
Government entity that provides universal auto insurance to BC motorists. It is also responsible for driver licensing, and vehicle licensing and registration.
ICBC Transfer Form:
See APV9T Transfer/Tax Form
ICBC Vehicle Damage Inquiry:
Commonly called a vehicle history report. A report from Insurance Corporation of British Columbia (ICBC) detailing claims filed against the Vehicle Identification Number (VIN). This report details only claims filed in BC through ICBC. The report will also show the status of the vehicle. For…
ICBC Vehicle Status Inquiry:
A limited, free ICBC report that shows if a vehicle is normal, rebuild or rebuilt, salvage, or altered.
Implied Warranty:
An unspoken promise about every vehicle sold by a dealer. This promise is that the vehicle may be used for transportation. The only exception to this promise if the vehicle is sold for parts only. A buyer can waive this promise.
Independent Mechanical Inspection:
A checkup on the mechanical function of a vehicle by a qualified mechanic. This inspection is more detailed than a Private Vehicle Inspection (PVI).
Insurance:
Coverage provided for payments related to vehicle damage and loss or financing.
There are many types of coverage associated with a vehicle purchase. Each type has conditions and limits. See: vehicle insurance, disability insurance, life insurance, and etching theft insurance.
Interest-free Period:
The time during which no interest adds up on a vehicle loan. A dealer
is not entitled to any interest for this period. This means no interest under any circumstances, even if a buyer misses payment(s).
Internet Sales:
see distance sales.
