Author Topic: Accelerated depreciation / diminished value updates (May 28, 2018) see last page  (Read 16508 times)

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RONDAL

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it makes no sense though, you're not going to see the same loss on a 1 year old car as that same car down the road.  ie. the % loss you take due to a collision will decrease over time because people discount it more.  So all ICBC is doing is paying out less in the end.

You're always going to see the loss, but the sooner you claim it the higher % you are going to see
TEAM HIGHSCHOOL
I find intelligence inhibits my ability to enjoy dubberz.  It's like playing chess at a go-fish tournament

ericT16v

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it makes no sense though, you're not going to see the same loss on a 1 year old car as that same car down the road.  ie. the % loss you take due to a collision will decrease over time because people discount it more.  So all ICBC is doing is paying out less in the end.

You're always going to see the loss, but the sooner you claim it the higher % you are going to see

And this is also why it's so hard to get ICBC to pay it. Unless you can prove you were going to sell the car in the near future, it looks like you're just trying to cash in (and I guarantee that thousands of people in the province would do it fraudulently if the process were easier)

To whoever said that insurance companies do it for other assets and therefore ICBC should, are these all assets that have such a steep depreciation curve as the automobile? I doubt it.
I sold all my VWs and I still wont leave...  :suspicious:

 Cause a mk6 is fresh? Its a mkv with a new grill.

motherofgod

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accelerated depreciation of an asset is pretty standard in any other type of property insurance.  why ICBC feels the need to cheap out on it is beyond me

Ya how much PROFIT did they make last year???

RONDAL

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i said that other companies do it for other assets.
but you build it into your cost of service model.
if you're running a model and charging a cost that doesn't line up with your actual business, than you're either a) subsidizing a struggling business, or b) undercharging.

ICBC is notorious for not charging what they should be, be it for risk groups, or repeat accidents.
they have the most piece of shit business model i have ever seen
TEAM HIGHSCHOOL
I find intelligence inhibits my ability to enjoy dubberz.  It's like playing chess at a go-fish tournament

85jettaguy

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So there is an update on this.

CBC Marketplace is doing a piece on accelerated depreciation.  They are interviewing me, a dealership owner, a personal injury lawyer and we need a person or persons who are currently trying to get back accelerated depreciation from ICBC.

if you know of anyone who is currently trying to get money back and is willing to go one air, this will be aired in the next month, throughout Canada.
pm me if you know of anyone.

thanks.
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

TARGET

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i said that other companies do it for other assets.
but you build it into your cost of service model.
if you're running a model and charging a cost that doesn't line up with your actual business, than you're either a) subsidizing a struggling business, or b) undercharging.

ICBC is notorious for not charging what they should be, be it for risk groups, or repeat accidents.
they have the most piece of shit business model i have ever seen

As much as everyone hates ICBC, i do to, and i have had a shitty run with it to say the least, you also have to look at how much they TRULY over award. No one pays more for a car than ICBC in a write off (unless you have a lot of aftermarket stuff on it, but then you should take out a bigger policy not just assume your mk2 jetta with a 20k engine swap etc in it should be compensated at 100 dollar a month rates). ICBC also pays STUPID amounts for injury that really isn't warranted. Oh you broke your TOE and work at McDonald's, yah its worth like 5 grand becuase of the 2 weeks of physio you didn't need but totally faked, and the mental anguish it caused.

I love the complaints that everyone launches into the air about ICBC but treats it as a pay day when they get "whiplash." Seriously Whinecouver should really pull their heads out of their asses about things.
-Hellgti is some kind of bird...
dan said:
i wouldn't doubt that the mods have the site set up to email them when you post

germanspec

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As much as everyone hates ICBC, i do to, and i have had a shitty run with it to say the least, you also have to look at how much they TRULY over award. No one pays more for a car than ICBC in a write off (unless you have a lot of aftermarket stuff on it, but then you should take out a bigger policy not just assume your mk2 jetta with a 20k engine swap etc in it should be compensated at 100 dollar a month rates). ICBC also pays STUPID amounts for injury that really isn't warranted. Oh you broke your TOE and work at McDonald's, yah its worth like 5 grand becuase of the 2 weeks of physio you didn't need but totally faked, and the mental anguish it caused.

I love the complaints that everyone launches into the air about ICBC but treats it as a pay day when they get "whiplash." Seriously Whinecouver should really pull their heads out of their asses about things.
You have some good points there, but you have to also understand that ICBC favours bad drivers and therefore the good drivers get hammered with big insurance bills as well.  For example does it make sense to you that say a 35 year old guy that has had no accidents and drives a newer GTI pays $2000 for full coverage per year while a 20 year old FOB asian student having no driving experience and running a brand new 80K BMW M3 will pay only a few hundred dollars more per year? That does not make any sense at all.

The bad and new drivers should be paying more and the good ones should get more discount, at the end of the day even if ICBC would pay out higher premiums they would still be ahead financially.

TARGET

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.......newer GTI pays $2000 for full coverage per year while a 20 year old FOB asian student having no driving experience and running a brand new 80K BMW M3 will pay only a few hundred dollars more per year? That does not make any sense at all.

That is ridiculous under-estimation of coverage costs pulled right the factual land of thin air
-Hellgti is some kind of bird...
dan said:
i wouldn't doubt that the mods have the site set up to email them when you post

germanspec

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That is ridiculous under-estimation of coverage costs pulled right the factual land of thin air
Yes, its just a loose example not really factual.  But, remember that I register and insure a multitude of cars every month for the business and customers and often can see what people are paying for insurance.  I know this to be a fact that a lot of drivers with expensive cars that have eaither no driving experience or have had multiple accidents do get a break from ICBC.  These drivers would be paying quite a bit more for insurance in places like Alberta, etc....

mithril

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Ya how much PROFIT did they make last year???

As soon as 2020 rolls to a close we'll let you know....

Yes, its just a loose example not really factual.  But, remember that I register and insure a multitude of cars every month for the business and customers and often can see what people are paying for insurance.  I know this to be a fact that a lot of drivers with expensive cars that have eaither no driving experience or have had multiple accidents do get a break from ICBC.  These drivers would be paying quite a bit more for insurance in places like Alberta, etc....

Bingo.  Not having any competition or an insurance system that considers real risk factors ultimately is what screws the experienced driver with a clean history in this province.  BC is a great place to insure a car if you're male and under 25 or like to crash a lot..... for everyone else it's the most expensive in the country.
Dear Lord. If we give you Justine Bieber and Miley Cyrus, would you consider sending us back Dimebag Darrell?

RONDAL

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truth.

I pay $75/mth for my 2002 audi s4 with full coverage and stupid low $250 deductibles. 

My parents pay $175/YEAR for their 2004 toyota highlander.
My dad pays $80/YEAR for his 1974 triumph TR6

Both have spotless records for the last decade.

I was paying over $400/mth when i first swapped from BC to AB though 5 years ago when I had a driving without due care and attention ticket.  Was only paying $250/mth in BC.  Was a jump of almost double.
A clean record since then, being over 24, owning a house, having university degree (it makes a difference), and my rates plummeted.

TEAM HIGHSCHOOL
I find intelligence inhibits my ability to enjoy dubberz.  It's like playing chess at a go-fish tournament

mithril

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Pretty much.  A good friend of mine moved back to Edmonton from Van last spring.  Here he was was paying $140/month after max possible discount on his 2006 V8 Touareg.  Back in Edmonton he's paying $120/mon for his Touareg, his 1993 Corrado, his 2007 Triumph Bonneville and his house (single detached, not condo or townhome).

We get ass raped in this province on insurance because there is no real competition here that forces companies to recognize and reward people with good driving histories at the expense of those morons that can't drive without getting a shiteload of tickets and/or hitting everything in sight.  If you are involved in an accident you don't have an advocate working for your best interests in order to minimize the cost to their company, you have a single company representing both sides which means it's in ICBC's interest to equally share the blame as it recovers their outlay faster from higher premiums.  Thank you idiotic socialist scheme that decided first that everyone is entitled to "affordable" insurance regardless of how much of a drooling incompetent they are and secondly that a single crown corp should have the monopoly on that insurance.    God forbid there actually be some capitalist influences in the utopia that is BC :rolleyes:
« Last Edit: Jan 06, 11, 10:18 by mithril »
Dear Lord. If we give you Justine Bieber and Miley Cyrus, would you consider sending us back Dimebag Darrell?

Passthedonuts

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Funny enough, my wife and I are finalizing our move to Ontario (Greater Toronto area) and will be paying slightly more to insure 2 vehicles under the private system (2007 Civic, 2006 Audi A3). Married, over 25, clean records.

Not complaining really, because the overall cost of living will still be quite a bit lower, but I was still surprised.

ericT16v

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Funny enough, my wife and I are finalizing our move to Ontario (Greater Toronto area) and will be paying slightly more to insure 2 vehicles under the private system (2007 Civic, 2006 Audi A3). Married, over 25, clean records.

Not complaining really, because the overall cost of living will still be quite a bit lower, but I was still surprised.

Everyone likes to compare us to Alberta, which isn't really a fair comparison. When compared to Ontario the rates in BC are actually very similar.

For ICBC to reduce the rates, we first would need to stop people from demanding thousands in injuries for an accident that in most jurisdictions, the insurance company would give you 100 dollars and tell you to shut the fuck up.

Everyone in this province who has ever had an insurance payout is at fault for our rates. And whenever someone brags to me about the payout they got I want to re-arrange their facial features with a cricket bat  :yes:
I sold all my VWs and I still wont leave...  :suspicious:

 Cause a mk6 is fresh? Its a mkv with a new grill.

jettag60

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i'd almost buy a place in alberta, rent it out to pay for itself, and use that address as your insurance


i know some one that's done that for the past 5+ years for multiple cars


and no front plate required

mithril

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i'd almost buy a place in alberta, rent it out to pay for itself, and use that address as your insurance


i know some one that's done that for the past 5+ years for multiple cars


and no front plate required

That would only work if that AB property is actually your primary residence.  If you were in an accident and the insurance company discovered you actually live in BC most/all of the time your policy would be invalidated and you'd be SOL.
Dear Lord. If we give you Justine Bieber and Miley Cyrus, would you consider sending us back Dimebag Darrell?

03_MK4

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not sure if that would the same situation as my following story, but it sounds close:

A friend of mine had the bright idea to insure his car under his grand fathers address, which is located in Kelowna. He told me that the insurance rate was something like $50.00 a month cheaper had he done it with the kelowna address instead of his apartment in new west...several years of doing this, so he's making out fine. Now his car gets broken into and fucked, I mean fucked up, stole everything they possibly could and just trashed it; broke most of the windows and what not. ICBC did a bit of investigating (which wasn't hard as it got broken into outside his work, in Vancouver) and determined that he had $0 in coverage as he had false insurance.

I couldn't confirm, but would assume Alberta insurance would do much of the same if you owned a home there, but worked and lived here for a period of time, but again couldn't be sure.
Na-na-na-boo-boo stick your head in doo-doo.

mithril

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I would expect that the AB insurance would be fine if you lived the majority of the year at your AB address but came into BC (or any other province) on business for extended periods.  What jettaG60 described though would be considered insurance fraud and would invalidate your policy.
Dear Lord. If we give you Justine Bieber and Miley Cyrus, would you consider sending us back Dimebag Darrell?

ericT16v

  • Posts: 1976
  • A Rusty Honda and a Toyota Death Trap
I would expect that the AB insurance would be fine if you lived the majority of the year at your AB address but came into BC (or any other province) on business for extended periods.  What jettaG60 described though would be considered insurance fraud and would invalidate your policy.

Yup, it would be fraud. Not only that, you would have to deal with a private insurance company from alberta. If you think it's hard to get ICBC to cover sketchy claims, you've obviously never dealt with private (they will ruin your life for fun)

The situation explained by 03_mk4 is considered a breach by ICBC, but that said, the FIRST time they found you in that situation, you would be charged 10x the premium difference for the claim to be settled. Any subsequent breaches and you wouldn't be covered at all.

Example: You insure as Kelowna, which is $600 a year less than Coquitlam. You have a claim, and ICBC will cover you, but only after you pay them $6000  :thumbup:
I sold all my VWs and I still wont leave...  :suspicious:

 Cause a mk6 is fresh? Its a mkv with a new grill.

03_MK4

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which I guess woule leave the majority of the population SOL, as $6,000 isn't just sitting in most bank accounts... I didn't know that there was even a possibility of that, never heard it. Thanks for the info!
Na-na-na-boo-boo stick your head in doo-doo.