For those who still use the multi plate [me] I offer a note of positivity. After increasing the replacement value of 2 of my 5 bikes by 15% and 30% respectively, retaining the value of the other 3, and retaining the $3 million liability, my yearly premium has been reduced $55, 8%. No reason why, but perhaps a re-consolidation of the insurance company's stats on reduced claims against collector plated machines.

Interesting.    Did they not do away with a declared value a few years ago?

They still have the declared value.  I think that’s what Steve meant when he said replacement value.

ICBC uses that value to assess your premium.  You have to try to be as close as you can.  They’ll only pay out a maximum of your declared value.  But they won’t pay out your declared value if they deem it to be less.  So it’s wise to value your bike within the appropriate premium bracket.

  Ross is correct. The value they specifically ask for should be representative of the value you should expect to pay in Canada. Which is usually the lowest you’d pay in the civilized world.