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ICBC relies on a third party company that does North American market research about comparable vehicles. I think the company is Audatex.
When my car was badly damaged it was actually right on the line for a write-off. I was hoping this would be the case, since I had a limited depreciation policy. ICBC (Audatex) actually screwed up the valuation by mistakenly adding options and comparing incorrect versions of my car. They offered me way, way, way too high, which as against my interest at the time. I asked them for their supporting documentation and they sent me a copy of the Audatex results. This is when I found the errors and had things adjusted (although still with a great deal of difficulty).
I don't think ICBC is particularly trying to screw people on vehicle valuation. I think they blindly rely on their third party solution and are far too busy to care about mistakes one way or the other.
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