Author Topic: Accelerated depreciation / diminished value updates (May 28, 2018) see last page  (Read 16541 times)

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yvrnycracer

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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.

there is a way to properly execute this AB/BC thing... students who come out here for 6 months to a year at a time and keep their alberta plates/insurance... Much like having territory X registration here...

Would be interesting to figure out a way where you could do this... but it would be tough...

Could also look at getting a place in point roberts... but there is the whole mess of exporting cars to the states...

That sure as hell is a statement on the way bc is though that people try to look at how to register their cars in other jurisdictions to save money/evade regulations...
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RONDAL

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students are not considered primary residents in the province they are staying and going to school in.  However if they are a year round student ie. not going back between semesters or taking summer off, depending on the jurisdiction the car would have to return after X # of months.

Being a primary AB resident now, I can legally go and work, live in BC for up to 90 days at a time with my car, before my car has to return to AB.  There is no set amount of time the car has to remain in AB, it just has to return to AB once every 90 days.  I've spoken with my insurance company about this when I was looking at moving back recently for some contract work.

if you play with insurance companies you might as well sign your life over to the devil.  consider a break in and getting no coverage getting off lightly.  imagine being in a driving accident where you are liable for third party injury claims like paralyzing them.  you would be so fucking fucked you would be living on the street.  An insurance company would deny your coverage and you'd have the other guys insurance company begin seizing assets on you and your family.

is that really worth it to save $50/mth?
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ericT16v

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students are not considered primary residents in the province they are staying and going to school in.  However if they are a year round student ie. not going back between semesters or taking summer off, depending on the jurisdiction the car would have to return after X # of months.

Being a primary AB resident now, I can legally go and work, live in BC for up to 90 days at a time with my car, before my car has to return to AB.  There is no set amount of time the car has to remain in AB, it just has to return to AB once every 90 days.  I've spoken with my insurance company about this when I was looking at moving back recently for some contract work.

if you play with insurance companies you might as well sign your life over to the devil.  consider a break in and getting no coverage getting off lightly.  imagine being in a driving accident where you are liable for third party injury claims like paralyzing them.  you would be so fucking fucked you would be living on the street.  An insurance company would deny your coverage and you'd have the other guys insurance company begin seizing assets on you and your family.

is that really worth it to save $50/mth?

I try to explain this to people on a daily basis but some people out there are just fucking morons. They come to me to bitch and whine about how ICBC is the devil and out to get them etc etc then they try to fuck around.

Look, by your words ICBC is out to get you. And so you respond to that by trying to fuck them over and lie? The only conclusion I come to is that these people must actually be retarded.

The best is watching the biggest complainers come back and cry because they now owe $100,000+. I've seen it happen three times in just over 2 years, and all I can do is laugh at these idiots. Think ICBC was bad before? Wait until you have to pay them $200/month for the rest of your life just to have a drivers license  :rofl:
I sold all my VWs and I still wont leave...  :suspicious:

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

Sym

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Hey ericT16v the discussion of the out of province stuff made me think of what my dad used to do on his truck, insuring it under Zone Z.

In his situation the primary residence was our home here, but due to work he would often be out of the province most of the year with the truck I'm not sure he got back to BC every 90 days with it, just curious what the requirements of that policy are, I know the rates are the highest of any zone but aside from that don't know much else.

It Doesn't really matter anymore as he's got a company truck and never leaves BC now.

ericT16v

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  • A Rusty Honda and a Toyota Death Trap
Territory Z is an interesting case...

I'm not sure the 90 days counts there if you're working for an employer in BC, but doing the work out of the province. Not positive on that and I'm off work for 4 months so I can't verify it.

I rarely ever see territory z used correctly, and while it's certainly better than declaring somewhere like kelowna, I'd never want to leave my future in the hands of someone at ICBC if I caused an accident where someone was hurt/killed.

People need to remember it's a legally binding contract. If you incorrectly declare even the smallest thing they ultimately can tear up your contract, hand you back your premiums, and tell you to fuck off.
I sold all my VWs and I still wont leave...  :suspicious:

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

AirCooledRules

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I used to insure my Jetta under Territory Z = No Aircare required!!!!!!
Kiełbasa > Kolbasz

85jettaguy

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On February 18th @ 8pm on CBC marketplace, the CBC is doing a show on Accelerated Depreciation/Diminished Value
for those of you that are interested. http://www.cbc.ca/marketplace/
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

the bartender

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I used to insure my Jetta under Territory Z = No Aircare required!!!!!!

If they can easily prove that you predominantly drive it in the city, then you'll have no valid insurance coverage.

word of advice. keep all your gas receipts that are from outside of the aircare umbrella.

TARGET

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People need to remember it's a legally binding contract. If you incorrectly declare even the smallest thing they ultimately can tear up your contract, hand you back your premiums, and tell you to fuck off.

This should be the case.... I'm so glad i'm not an adjuster, i'd rape so many people on false insurance claims and the bullshit they pull to get cheaper insurance and get passed things everyone else has to. In my younger days i was one of these retards. But its the only way our rates will go down, start denying policies, if you have 3 kids and 5 cars, you can't be the principle operator on all of them. It's rediculous how much money people feel entitled to when they have improper coverage, or aren't willing to pay extra becuase they put a VR into a mk2 but won't pony up the extra cash to insure it as such.
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dan said:
i wouldn't doubt that the mods have the site set up to email them when you post

85jettaguy

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heres a preview of friday's show - http://www.cbc.ca/marketplace/2011/crashandburned/
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

yvrnycracer

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heres a preview of friday's show - http://www.cbc.ca/marketplace/2011/crashandburned/

will be watching this!  :thumbup: Good job with this Rob!  :thumbup:
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85jettaguy

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

85jettaguy

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I have really been involved in this for a while now and I have had a lot of conversations about it.

This is so far the solution I have and I am focusing my company towards this because I can see it will make a difference for people.

here's the solution or next steps:

ICBC looks at accelerated depreciation above the board, they actually do a full inquiry into the profitability, the workability and the impact of accelerated depreciation.

If it doesn't work properly or doesn't make financial sense, we let it go, but until they do the work to find that out I'm going to be lobbying for this to happen.

I realize like all insurance there will be the people that take advantage of this in a negative way.  We can't stop that, but the people I'm concerned about are the ones who are being impacted severely.

I had an elderly couple contact me recently and their car was involved in a hit and run.  Their 2008 Corolla was involved and it sustained about $10000 in damage.  They no longer feel safe in the car and they want to get rid of it.  They tried to trade it in at the dealership and the were offered $6000 less for the car because of the accident.  So they are paying for someone else hitting them.

I think that this is a valid loss and we should at least look at it.

Also right now ICBC doesn't acknowledge accelerated depreciation. What that means is when they write off vehicles they are over paying. if you have a vehicle that has been in many accidents, its not worth the same as a non-damaged vehicle. When they assess value for write offs they don't take into account accident history. by accepting accelerated depreciation they can start to take it into consideration and this will cause a savings on their part. As well if you make this a optional coverage, with a fee, they could make money, so technically they could come out.  This over payment is costing us more money in premiums.

if you have suggestions, ideas, contacts that could positively impact this or just some general feedback, please I would love to hear it.
« Last Edit: Apr 11, 11, 14:51 by 85jettaguy »
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

03_MK4

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Why should I pay more on my insurance for Accelerated Depreciation, when that's what my insurance is already supposed to cover. They asked me about this the last time I went to insure a vehicle and I almost lost my shit. That's like me going to buy a cheeseburger and being charged extra for the cheese.


Accelerated Depreciation is something that ICBC needs to deal with, and if I ever encouter a case where a vehicle I own experiences it I'll do the same as you, and raise all kinds of hell.
Na-na-na-boo-boo stick your head in doo-doo.

85jettaguy

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Why should I pay more on my insurance for Accelerated Depreciation, when that's what my insurance is already supposed to cover. They asked me about this the last time I went to insure a vehicle and I almost lost my shit. That's like me going to buy a cheeseburger and being charged extra for the cheese.


Accelerated Depreciation is something that ICBC needs to deal with, and if I ever encouter a case where a vehicle I own experiences it I'll do the same as you, and raise all kinds of hell.

I don't think we should have to premiums for it, but that is what a lot of people are suggesting.  I'm open to whatever will have it work.

but realistically this is a cost that should be covered by insurance already.
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

03_MK4

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100% agree. I think it's ridiculous to expect MORE money from me on top of the thousands I pay per year already.
Na-na-na-boo-boo stick your head in doo-doo.

rzindubs

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If I'm involved in a accident, I'd rather have the car written off than to drive or sell it after the accident.

85jettaguy

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bump for updates
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

Sabin

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well that was certainly an eye opener.

Personally, I'd rather receive fair market value for my vehicle instead of worrying about how much I've lost due to something happening that's outside of my control.

85jettaguy

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For those of you who are interested in this here is an update on my progress

I contacted ICBC with a proposal of doing the necessary research to see if having accelerated depreciation included in insurance is necessary, if the people of BC want it, if it could be profitable and what might be the impact on insurance.

The response from ICBC after they told me to submit a proposal - Please keep referring to our website and if a bid opportunity opens for this type of research please submit your proposal then.  Until then we consider this subject closed and there is no need to keep contact us.  That just motivates me more.

I have been in contact with the Transportation Minister Blair Lekstrom and he has forwarded me to the Solicitor General Shirley Bond, whom I'm still waiting for a response from.

I have also started a request for ICBC to release all documents related to their internal research into accelerated depreciation, under the freedom of information act.

What also has happened is I have found a few lawyers that will charge a small fee of a few hundred dollars to walk people through the process and documents necessary to bring these losses to courts.  ICBC doesn't want this going to court, because the more precedence set the harder it is for them.  So they will want to settle out of court.

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