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West Coast => The Wet Coast => Topic started by: 85jettaguy on Dec 17, 08, 12:10

Title: Accelerated depreciation / diminished value updates (May 28, 2018) see last page
Post by: 85jettaguy on Dec 17, 08, 12:10
Updated August 3, 2015 - Updates on last page

CBC Show on accelerated depreciation/diminished value (linked updated August 3, 2015)

check it out http://www.cbc.ca/player/Shows/Shows/Marketplace/Season+38/ID/1803916011/ (http://www.cbc.ca/player/Shows/Shows/Marketplace/Season+38/ID/1803916011/)
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: geForce on Dec 17, 08, 15:43
Oh man, I really hope you're successful with this.  I don't want to be pessimistic about it, but I think this is a near impossible fight with ICBC, but if you're successful, hopefully that will set some sort of precedence for everyone else afterwards.

In my previous car, I was hit on 3 separate occassions which were minor (abour $2000-3000 damage), and then finally got hit a 4th time for a total of $15000 damage (my car was worth $17,500 at the time).  They wanted to fix my car for $15,000 and I told ICBC to screw off, cuz I had already been hit 3 times before and if it gets fixed this time, my car would be worth only about a 1/4 of market value.  I tried to invoke the Accelerated Depreciation thing, and even contacted about 2 or 3 lawyers...  no luck.  ICBC lawyers won't touch it unless it's a personal injury claim...  accelerated depreciation damage is too involved and too much work.

Luckily, I got ICBC to write off my car, but if not I don't know what I would've done.

We are starting to do work with ICBC Lawyers and Accelerated Depreciation of Asset claims.  We touching base with as many lawyers as we can to see if we can be of service.
What I'm looking for is if anyone here knows of an ICBC Lawyer personally that they would be willing to refer them to me?

Please let me know
Rob
604-568-3824
robfournier@cornerstoneconcepts.ca

Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Dec 17, 08, 17:16
Our company provides the reports to ICBC personal injury lawyers on the behalf of their clients, so they can sue for damages.  We write the report declaring the before and after damage values and the lawyers use this in court.

I am really surprised about how hidden this claim process is.  I deal with an lawyer in vancouver that can give advice on how to proceed with these claims.

I'm trying to contact other lawyers offices to offer our services.  i think we will be offering these services to the general public as well.

Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Dec 17, 08, 17:25
For those who don't know this is what Accelerated Depreciation Claims are:

When your vehicle is damaged in an accident, which is not your fault, and significant repairs have to be done on the vehicle, we all know that it is more difficult to sell your vehicle down the road because perspective purchasers are often cautious about buying a vehicle involved in a significant accident.

If you have to accept less money when selling your vehicle because it was involved in an accident, you have suffered a loss called “accelerated depreciation”.

Unfortunately, ICBC has taken the view that they will not compensate anyone for accelerated depreciation claims except in rare circumstances.  The policy reason behind this is obvious.  If ICBC paid everyone for accelerated depreciation the amount of compensation paid out to individuals involved in accidents would skyrocket because pretty well everyone involved in more than just a minor accident and who is not at fault for the accident, would make a claim. There are a few instances where accelerated depreciation claims have gone to Court but the frequency of such litigated claims is relatively limited.  Generally speaking, the Court is not going to award any damages for accelerated depreciation unless there is direct evidence supporting an actual loss suffered by an individual.

In order to establish an accelerated depreciation claim, one must show that he/she actually sold or is in the process of selling the damaged vehicle at a reduced amount.  The fact that you may sell your vehicle in the future would not carry the day in Court.

The other thing that is necessary to prove an accelerated depreciation claim is to have an expert opinion, which specifically says that the existence of the damage to the vehicle has resulted in a lower selling value for the vehicle.  Alternatively, direct evidence on this point may carry the day in Court.  An example of the direct evidence would be testimony from the purchaser who said he/she paid less because of the previous damage to the vehicle.

If you want to pursue an accelerated depreciation claim, ICBC is almost inviting you to proceed to trial on this point because of their policy not to pay such claims.  You must have very strong direct evidence supporting a loss.  In most cases, proving such loss is very difficult.

The fact that these losses are generally less than $10,000 makes it uneconomic to hire a lawyer.  If you want to pursue the claim and believe you have direct evidence to prove a loss to you, you can always pursue the claim on your own in Small Claims Court. ICBC will likely hire a lawyer to fight you, however.

Source: ICBCadvice.com is operated and owned by Stainton Ventures Ltd. By accessing this web site, you are agreeing to be bound by this web site's Terms of Use / Disclaimer. If you do not accept the Terms of Use and Disclaimer, do not use this web site. ICBCadvice.com is an online help service offered to ICBC claimants.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: tbird on Dec 21, 08, 18:00
injury to dignity
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: TARGET on Dec 21, 08, 18:20
So now we can all look forward to our insurance skytrocketing becuase no only will everyone and their dog bleed ICBC for personal injuries that may not exist, but will also be sueing for the fact their 91 ford taurus will be harder to sell?
Joy.....
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ckone on Dec 21, 08, 20:32
So now we can all look forward to our insurance skytrocketing becuase no only will everyone and their dog bleed ICBC for personal injuries that may not exist, but will also be sueing for the fact their 91 ford taurus will be harder to sell?
Joy.....

In the case of my bosses car - 2006 Acura TL was rear ended badly, and caused about $20,000 worth of damage (lets just say a whole new rear end was grafted onto the car) and the black book value was $24,000. In this case it would have been less costly to ICBC just to write off the car then to have repaired it. You cannot tell me in the context of $20,000 a 5% increase in cost is going to drive up our premiums that much. I think that this should be applied case by case because in my bosses situation, he will never get the value of the car back when he tries to sell it.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Dec 21, 08, 21:32
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
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Dec 22, 08, 16:57
So now we can all look forward to our insurance skytrocketing becuase no only will everyone and their dog bleed ICBC for personal injuries that may not exist, but will also be sueing for the fact their 91 ford taurus will be harder to sell?
Joy.....

I hardly doubt that older vehicles will be worth the time and engergy for these claims, but for the owner of a 2005 VW that was worth 20,000 and had a $17800 hit and was repaired, i think its worth it to them, especially when the car is worth nothing now and they owe close to $15000.  I think its great that this even exists especially if you were hit by someone while minding your own business. 
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: jettag60 on Dec 22, 08, 17:36
i think in some cases this is fair...

my friend was in an accident that wasn't his fault...$10000 damage to his 3 year old mazada 3, went to sell it 6 months later and took a hit vs other cars in the market for about $5000

why should he loose that money?
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Dec 23, 08, 08:44
for those that think this will somehow raise rates, if newer cars come in and are close to write off there are often things found and done to the vehicle to ensure it is actually written off. 
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Feb 11, 10, 17:49
I posted this a while back and have found some cases where people were awarded damages, figured it was worth posting:

http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2006/2006bcpc280/2006bcpc280.html (http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2006/2006bcpc280/2006bcpc280.html)

http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2006/2006bcpc202/2006bcpc202.html (http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2006/2006bcpc202/2006bcpc202.html)

http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2002/2002bcpc15/2002bcpc15.html (http://www.canlii.org/eliisa/highlight.do?text=accelerated+depreciation&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/bc/bcpc/doc/2002/2002bcpc15/2002bcpc15.html)
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: germanspec on Feb 11, 10, 22:13
Oh man, I really hope you're successful with this.  I don't want to be pessimistic about it, but I think this is a near impossible fight with ICBC, but if you're successful, hopefully that will set some sort of precedence for everyone else afterwards.

In my previous car, I was hit on 3 separate occassions which were minor (abour $2000-3000 damage), and then finally got hit a 4th time for a total of $15000 damage (my car was worth $17,500 at the time).  They wanted to fix my car for $15,000 and I told ICBC to screw off, cuz I had already been hit 3 times before and if it gets fixed this time, my car would be worth only about a 1/4 of market value.  I tried to invoke the Accelerated Depreciation thing, and even contacted about 2 or 3 lawyers...  no luck.  ICBC lawyers won't touch it unless it's a personal injury claim...  accelerated depreciation damage is too involved and too much work.

Luckily, I got ICBC to write off my car, but if not I don't know what I would've done.


Just because your car had four claims does not mean that its market value is a 1/4 of what it should be.  However, generally a big claim will reduce a cars value by about 20 percent.  If you own a 20K car that means you would loose about 4K in market value.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: TARGET on Feb 12, 10, 00:03
what the fuck are you smoking? You would spend 16k on a 20k car that has had 4 claims ALL over 2k and one for 15k? I really hope the answer is meth, becuase i have a bridge to sell you if that's not the case....
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: OrdinaryGirl on Feb 12, 10, 00:10
what the fuck are you smoking? You would spend 16k on a 20k car that has had 4 claims ALL over 2k and one for 15k? I really hope the answer is meth, becuase i have a bridge to sell you if that's not the case....

I would not spend that much on a car with that big of a dec on it. There are the statistics used to arrive at the price, and then there's the real world. It would have to be a really, really special car to garner full price like that.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: germanspec on Feb 12, 10, 01:33
what the fuck are you smoking? You would spend 16k on a 20k car that has had 4 claims ALL over 2k and one for 15k? I really hope the answer is meth, becuase i have a bridge to sell you if that's not the case....

I have a little more experience in this area then you, I have been selling cars that have been in accidents for quite some time and know what kind of hit they take.  I think you are the one smoking, so STFU.  First of all, you have been driving real pieces of shit for most of your short career and have no REAL WORLD experience how claims affect newer more expensive cars.  How many cars valued over 20K have you sold yourself?  Probably none, thank you very much.

A lot of you don't realize that any small fender bender on a newer car translates into a 2K+ claim, which means that a high percentage of these cars have decs over 2K.  Anyway, any car with a bigger accident will take a 20-25% plunge in value.  If a car is being sold for half its value, then either it had shitty repairs or has other problems. 

If you think that you will buy a car for 1/4 its retail value just because it had some claims you are dreaming. 
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: strupo on Feb 12, 10, 08:39
I have a little more experience in this area then you, I have been selling cars that have been in accidents for quite some time and know what kind of hit they take.  I think you are the one smoking, so STFU.  First of all, you have been driving real pieces of shit for most of your short career and have no REAL WORLD experience how claims affect newer more expensive cars.  How many cars valued over 20K have you sold yourself?  Probably none, thank you very much.

A lot of you don't realize that any small fender bender on a newer car translates into a 2K+ claim, which means that a high percentage of these cars have decs over 2K.  Anyway, any car with a bigger accident will take a 20-25% plunge in value.  If a car is being sold for half its value, then either it had shitty repairs or has other problems. 

If you think that you will buy a car for 1/4 its retail value just because it had some claims you are dreaming. 


there is a difference between seeing a $2K+ claim, and finding out it was a fender bender and finding a %2K+ claim, and the current owner claiming that it was no big deal and that the $20K spent on repairs were mostly for cosmetic' damage

which one would you be willing to take for $2000 off the regular resale price
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: germanspec on Feb 12, 10, 10:56

there is a difference between seeing a $2K+ claim, and finding out it was a fender bender and finding a %2K+ claim, and the current owner claiming that it was no big deal and that the $20K spent on repairs were mostly for cosmetic' damage

which one would you be willing to take for $2000 off the regular resale price

Its not what I would take or what I would not take, its the reality of the market.  Most people are willing to live with a car that has a couple small claims, no big deal.  There is a small percentage of the market that accepts REBUILT/SALVAGE/BIG CLAIMS cars, these are people that want a fair discount.  What is a fair discount you ask?  Well currently its about 20-30% percent, that may change in 10 years who knows.
It doesn't even matter what I or you think is fair, the market dictates what the price should be.

Its really a percentage thing, I will give you a couple of examples from cars that we are selling or have sold.

2007 Bentley GT - REBUILT
Market value appx. $140,000
Our price $100,000
Discount $40,000 or about 25%

2004 VW Jetta TDI - REBUILT
Market value appx. $15,000
Our price $11,000
Discount $4,000 or about 25%

On more expensive cars there is ofcourse a bigger discount but percentage wise its about the same.  REBUILT/SALVAGE cars drop about 20-30% in value on average.  If you have a car with a huge claim on it, it will lose value similar to a SALVAGE car so about 20%.  However cars with big claims that still have a clean title are always selling for a bit more.  If you have one or a couple small claims as long as they are properly fixed they should not affect the car's value too much, maybe about 10-15%.

There are other factors that also have an effect such as, who did the repairs, are the repairs done properly, is the car OK, who is selling the car, warranty, documentation of repairs, pictures of damage, etc....
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: fasthopper on Feb 12, 10, 23:31
How many of you have been to the body shop at annacis auto terminal where the new cars come in, if you've bought a new car there's a possibility you've gotten a previously repaired vehicle and paid the same price you would have paid for one that was delivered with no issues along the way. There is no record of these events available to the public. My point is accidents happen but because we have insurance we are fortunate enough to make the best of a bad situation. I'm sure most of us go to an autoplan agent and purchase our insurance, maybe some of us ask the agent a few questions about what coverage I have or should have, but how many of us ask for a copy of the terms for which the product we are buying and how many of us have ever read that booklet they will give you. I couldn't tell you exactly what it is that my insurance covers and doesn't, it's unfortunate that most of us won't find that out until we need to make a claim. I like to think that my insurance will compensate me for my loss, but it is apparent that as all of us are unique we all have a different perspective of what loss is. I imagine that if you could prove your loss to a judge in a court of law than you probably have a case, but the burden is on you. if you had gone to a dealer and made a contract to trade your car in for a certain amount and then are involved in an accident before being able to carry out the trade in and the dealer is telling you they will not pay you the agreed upon trade in value because of the repaired accident damage, then maybe you have a valid loss. If you are like me and have an older car that serves you well and you probably aren't planning on selling it any time soon and are involved in an accident, your car is repaired and the whole things sucks but at the end of the day you get your car back fixed, have you suffered a loss as far as accelerated depreciation is concerned? You tell me.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Oct 19, 10, 10:12
so I'm bringing this back from the dead.

I re-read the last posts and i'm only posting this because it really is valuable to some people.

I realize that some people will take advantage of this type of report and i think that the courts will filter through those select few, but for some there is a real loss.

Where the courts have been awarding accelerated depreciation, is in the instance where your car was damaged and then fixed and then you proceed to sell it.

I have a client who has a 2007 Tacoma crew cab trd with 40,000km 4wd and his truck was just sitting parked and someone hit it causing $10,000 in damages.  Well he's now wanting to sell it becuase he wants a new car and he didn't realize that when he goes to sell it it will be worth less.

What ICBC and the courts want to see is a definitive loss.  So when he goes to trade his truck in and the dealership gives him less for the truck he can show his financial loss through a bill of sale and an accelerated depreciation report.  A report that states this is what the car was worth before and this is what its worth after the accident.

So for people in this situation where they actually sustain a loss accelearted depreciation is very valuable.

The higher the value of vehicle and the value of damage, the more the loss.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Oct 19, 10, 10:51
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
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ericT16v on Oct 19, 10, 11:02
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: motherofgod on Oct 19, 10, 14:09
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???
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Oct 19, 10, 15:37
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
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Jan 05, 11, 18:20
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: TARGET on Jan 05, 11, 20:20
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: germanspec on Jan 05, 11, 23:52
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: TARGET on Jan 05, 11, 23:56
.......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
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: germanspec on Jan 06, 11, 00:14
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....
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: mithril on Jan 06, 11, 06:21
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Jan 06, 11, 09:59
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.

Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: mithril on Jan 06, 11, 10:15
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:
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: Passthedonuts on Jan 12, 11, 15:52
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ericT16v on Jan 13, 11, 11:49
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:
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: jettag60 on Jan 13, 11, 12:04
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
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: mithril on Jan 13, 11, 12:29
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 03_MK4 on Jan 13, 11, 12:33
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: mithril on Jan 13, 11, 12:39
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ericT16v on Jan 13, 11, 12:46
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:
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 03_MK4 on Jan 13, 11, 12:49
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!
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: yvrnycracer on Jan 13, 11, 12:51
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...
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: RONDAL on Jan 13, 11, 12:59
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?
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ericT16v on Jan 13, 11, 13:11
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:
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: Sym on Jan 13, 11, 13:39
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: ericT16v on Jan 13, 11, 14:37
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: AirCooledRules on Jan 14, 11, 11:12
I used to insure my Jetta under Territory Z = No Aircare required!!!!!!
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Feb 05, 11, 13:02
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/ (http://www.cbc.ca/marketplace/)
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: the bartender on Feb 06, 11, 11:13
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: TARGET on Feb 06, 11, 14:15
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.
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: 85jettaguy on Feb 16, 11, 10:31
heres a preview of friday's show - http://www.cbc.ca/marketplace/2011/crashandburned/ (http://www.cbc.ca/marketplace/2011/crashandburned/)
Title: Re: ICBC Lawyers and Accelerated Depreciation of Assets Claims
Post by: yvrnycracer on Feb 16, 11, 11:46
heres a preview of friday's show - http://www.cbc.ca/marketplace/2011/crashandburned/ (http://www.cbc.ca/marketplace/2011/crashandburned/)

will be watching this!  :thumbup: Good job with this Rob!  :thumbup:
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: 85jettaguy on Feb 19, 11, 15:10
Here is the full show if you missed it - http://www.cbc.ca/marketplace/2011/crashandburned/ (http://www.cbc.ca/marketplace/2011/crashandburned/)
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: 85jettaguy on Apr 11, 11, 13:13
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.
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: 03_MK4 on Apr 11, 11, 14:42
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.
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: 85jettaguy on Apr 11, 11, 14:54
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.
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: 03_MK4 on Apr 11, 11, 15:14
100% agree. I think it's ridiculous to expect MORE money from me on top of the thousands I pay per year already.
Title: Re: Accelerated depreciation / diminished value updates (February 18, 2011)
Post by: rzindubs on Apr 11, 11, 15:30
If I'm involved in a accident, I'd rather have the car written off than to drive or sell it after the accident.
Title: Re: Accelerated depreciation / diminished value updates (May 6, 2011)
Post by: 85jettaguy on May 06, 11, 10:58
bump for updates
Title: Re: Accelerated depreciation / diminished value updates (May 6, 2011)
Post by: Sabin on May 06, 11, 11:46
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.
Title: Re: Accelerated depreciation / diminished value updates (May 6, 2011)
Post by: 85jettaguy on May 20, 11, 15:45
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.

Title: Re: Accelerated depreciation / diminished value updates (May 20, 2011) see last page
Post by: 85jettaguy on Jul 17, 11, 11:52
Its been a while so I figured I would give an update:

As time passes more and more people are contacting us to help with accelerated depreciation/diminished value.  As I learn new things and who can claim accelerated depreciation I post it to my blog - http://reports.wefindityouloveit.com/ (http://reports.wefindityouloveit.com/).  I don't know if its okay to post this link here, if it isn't please let me know and I'll remove it.

but if you have questions about accelerated depreciation/diminished value let me know and i can contact one of the lawyers we are dealing with to get your questions answered for free.

thanks.
Title: Re: Accelerated depreciation / diminished value updates (May 20, 2011) see last page
Post by: 85jettaguy on Nov 16, 12, 09:30
If you have seen the CBC Marketplace episode about accelerated depreciation  called Crash and Burned, you may remember a 2009 Dodge Charge SRT8 Super Bee that was damaged to the tune of $12000.

http://www.cbc.ca/marketplace/2011/crashandburned/ (http://www.cbc.ca/marketplace/2011/crashandburned/) – Here is the show if you've missed it.

This case settled last week, being paid out by ICBC.

If you or someone you know was involved at a not at fault accident, where your vehicle was damaged and then repaired, there is something you can do to get back that lost value, you just have be willing to do the work.

We have also started to meet with insurance companies to look at underwriting this insurance.

Questions? Post them here.
http://www.findyourlostvalue.com/forumpress/?vasthtmlaction=viewforum&f=2.0 (http://www.findyourlostvalue.com/forumpress/?vasthtmlaction=viewforum&f=2.0)
Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: RONDAL on Nov 18, 12, 15:12
i know this is lost on a lot of people as they simply dont understand it, but its extremely important, and big steps in the right direction
Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: Dulcet on Nov 18, 12, 17:18
very important. i hope its passed as law.
Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: 85jettaguy on Nov 19, 12, 09:47
If either of you were to explain this is layman's terms, how would you do it?  I think I have been in the industry too long that when I explain it to people it doesn't make sense.  I use too much jargon that doesn't communicate?  Any suggestions?
Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: RONDAL on Nov 19, 12, 11:12
Just break it down for people.

If someone were to ask me what it was I would tell them the following;

When your car is in an accident there are costs you see and costs you do not see.  The costs you see are the costs that are repaired by the bodyshop to make your car back to normal.  The costs you don't see are the ones that you only realize a number of years down the road when you try to sell your car and find that because it was in an accident, it is worth less than an otherwise undamaged car.
Regardless of the quality of repair, people aren't willing to pay the same price for a car thats been in an accident vs one that hasn't.  This is known as diminished value or accelerated depreciation.

Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: AirCooledRules on Nov 19, 12, 19:33
Honestly Most vehicles have been in an accident

Wether or not you will ever know about it is a different story
Title: Re: Accelerated depreciation / diminished value updates (Nov 16, 2012) see last page
Post by: 85jettaguy on Jan 07, 13, 13:24
If anyone is interested in trying to get back the accelerated depreciation to their vehicle after a not at fault accident, lawyer Erik Magraken in Victoria has created this step by step process to help:

http://bc-injury-law.com/blog/suing-accelerated-vehicle-depreciation-bc-small-claims-coUrt (http://bc-injury-law.com/blog/suing-accelerated-vehicle-depreciation-bc-small-claims-coUrt)

As I’ve previously written, when a vehicle is involved in a crash and is then repaired it is generally worth less than it would be had it not been damaged.  The reason for this is quite simple, when a buyer is looking to purchase a used vehicle, those that have previously been damaged and repaired carry a stigma.  This stigma generally results in a lower resale value.   You can click here to watch CBC’s Marketplace investigation highlighting this reality.

Although Defendants often are reluctant to acknowledge such a loss, the law in BC recognizes this lost value.  If your vehicle was damaged due the the actions of others you can sue to recover your damages for “accelerated depreciation“.

Often times the cost of hiring a lawyer to advance an accelerated depreciation claim can outweigh the amount of the recovery making it an unrealistic option.  So what can you do?

In BC the Small Claims Court has a current limit of $25,000.   This ceiling is adequate to cover all but the most serious of accelerated depreciation claims.  If you did not suffer a personal injury in your crash and your only loss is accelerated vehicle depreciaton bringing a self represented action in Small Claims Court is a viable option.

The Provincial Court has a useful website explaining the basics of starting a lawsuit.  You can click here to access information about filing your claim.

In addition to this, here are some of the key points to be aware of before getting started:

1.  The claim needs to be against the at-fault party.  The insurance company of the at-fault driver (such as ICBC) is the wrong party to sue.  Typically the action is brought against the driver of the at-fault vehicle along with the registered owner who is ‘vicariously liable‘ for damage caused by people who operate their vehicle with their consent.

2.  The Notice of Claim must describe a ’cause of action’.  In other words you have to sue for a recognized wrong.  Typically car crash   cases deal with ‘negligence’ that is, the at fault motorist caused the crash by careless driving.

3.  The resulting harm needs to be caused by the negligent action.  The Pleadings should reflect that the accelerated depreciation was caused as a result of the at-fault driving of the Defendant.

4.  The loss needs to be proven with admissible evidence.  It is not good enough to baldly suggest that a vehicle sustained an accelerated depreciation.  Some vehicles do not sustain any loss in value following a collision.  It is a good idea to retain a qualified expert to examine the vehicle, the repairs done and to then comment on what the vehicle’s lost value is compared to its natural depreciation at the time of the collision.  The expert should be prepared to come to court to testify as to his opinion and the expert’s report needs to be served in compliance with the Rules of Court.   While it does cost money to retain an expert it is worth keeping in mind that the Small Claims Court does have the discretion to order reimbursement of reasonable disbursements if the claim is successful making such expenses a worthwhile investment.

5.  You must bring your lawsuit in time.  If you wait beyond the applicable limitation period before starting your lawsuit the claim will be dismissed.

6.  If you have personal injuries but fail to sue for these and only claim for accelerated depreciation you may be barred from bringing a personal injury action later.  It is important to claim damages for all losses resulting from the crash.
Title: Re: Accelerated depreciation / diminished value updates (Jan 7, 2013) see last page
Post by: 85jettaguy on Jan 29, 13, 18:27
We have some movement forward...

1 - We have been working with an insurance company that is looking at offering accelerated depreciation coverage for the first time in Canadian history in the 3rd quarter of 2013 - keep an eye out here for updates.
2 - We have created a petition to bring to the insurance companies and the minister of transportation requesting they add it into insurance.
If you would like to add your name to this petition feel free to sign here - http://www.thepetitionsite.com/569/084/325/make-accelerated-depreciation-coverage-part-of-car-insurance/ (http://www.thepetitionsite.com/569/084/325/make-accelerated-depreciation-coverage-part-of-car-insurance/)
3 - We have approached the 2013 Vancouver International Auto Show about being there to promote accelerated depreciation.  Our goal is to have people be aware that this is a loss that are legally entitled to in the province of BC.  If you are interested in this cause and would like to support us in being at the show please feel free to contribute on our indiegogo page - http://www.indiegogo.com/thecarwhisperers (http://www.indiegogo.com/thecarwhisperers)

Title: Re: Accelerated depreciation / diminished value updates (Jan 29, 2013) see last page
Post by: 85jettaguy on Feb 07, 17, 12:50
It has been a long time and it is time for an update.

To make a claim for accelerated depreciation you just have to tell your ICBC adjuster you are pursing a claim for accelerated depreciation.

A few factors, you must:

Not be at fault in the accident
The owner of the vehicle
The accident was in the last two years
Have at least basic ICBC insurance
The other driver has to have basic ICBC insurance

There was a court case last year that awarded accelerated deprecation on a Toyota Matrix.  In the conversations I've had with people in insurance, this case opened the gates.  It no longer makes sense to litigate these claims and ICBC is paying them out at the adjuster level.  If you were injured that complicates it a bit.

http://www.courts.gov.bc.ca/jdb-txt/sc/16/05/2016BCSC0554.htm#SCJTITLEBookMark850 (http://www.courts.gov.bc.ca/jdb-txt/sc/16/05/2016BCSC0554.htm#SCJTITLEBookMark850)

One of the concerns I had heard on this forum before was that if these claims start to go through, this is another cost to BC Drivers.  An yes that is true.  The way that we have been approaching is that this can be used to help reduce litigation against ICBC, which is a huge problem for them.  If they treat people well on the material damage part of a claim, our belief is this is one less reason to litigate.  Will this stop all claims, no, but if it can reduce them by 10% or 20% that equates to 3000 - 6000 less lawsuits per year. 


Title: Re: Accelerated depreciation / diminished value updates (Feb 7, 2017) see last page
Post by: 85jettaguy on May 29, 18, 10:43
CBC Just produced another show on Diminished Value in Canada, for those interested.

http://www.cbc.ca/player/play/1243263043751 (http://www.cbc.ca/player/play/1243263043751)