Author Topic: Accelerated depreciation / diminished value updates (May 28, 2018) see last page  (Read 14604 times)

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85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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/.  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.
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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/ – 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
« Last Edit: Nov 16, 12, 09:47 by 85jettaguy »
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

RONDAL

  • Posts: 18835
  • Smurf Tamer
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
TEAM HIGHSCHOOL
I find intelligence inhibits my ability to enjoy dubberz.  It's like playing chess at a go-fish tournament

Dulcet

  • Posts: 1925
  • Drummer
very important. i hope its passed as law.
- 5P4RK4 "no man would admit to having sex with that wombat on any basis."

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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?
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

RONDAL

  • Posts: 18835
  • Smurf Tamer
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.

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

AirCooledRules

  • Posts: 5500
  • Salmon S3X Pink Metallic
Honestly Most vehicles have been in an accident

Wether or not you will ever know about it is a different story
Kiełbasa > Kolbasz

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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

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

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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/
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

« Last Edit: Jan 29, 13, 19:07 by 85jettaguy »
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
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

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. 


« Last Edit: Feb 07, 17, 13:05 by 85jettaguy »
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat

85jettaguy

  • Posts: 168
    • The Fournier Auto Group
CBC Just produced another show on Diminished Value in Canada, for those interested.

http://www.cbc.ca/player/play/1243263043751
Past VWs
1985 Jetta, 1985 GTI, 1990 Jetta, 1992 Jetta Coupe,
1998 Passat, 2001 Jetta GLX, 2002 Passat