Ferrari owner suing ICBC for repair costs, insurer says it’s already paid

[tokugawa]

https://globalnews.ca/news/4074858/...r-repair-costs-insurer-says-its-already-paid/

By Jeremy Lye
Senior Reporter CKNW

Court action between ICBC and the owner of a rare Ferrari F40 that was damaged after crashing into a pole in 2012 continues, with both sides arguing how much is owed for repairs.

The rare supercar is now fixed, according to the insurer, but according to court documents the owner alleges ICBC is acting in bad faith.

In a Notice of Civil Claim, the owner is seeking more money for the costs of repairing the car.

ICBC has paid $790,000, but according to court documents the total cost could be as high as $982,000

The car itself is valued at $696,000.

A Supreme Court judge has already rejected ICBC’s move to sever the allegations of bad faith the owner made over the length of time it took to fix the vehicle, which he claims prevented him buying more “collector vehicles on advantageous terms.”

In a statement, ICBC said the car has been repaired, adding, “the plaintiff is seeking compensation for the repair costs beyond what was covered by his insurance policy.”

None of these allegations has been tested in court.

Unbelievable! Car is valued at $696,000. ICBC has already paid out $790,000 for repairs but total costs could be as high as $982,000 - more than the value of the car!

Plus the car was crashed into a pole? Sounds like the driver's fault.

Unbelievable that drivers who have 0 at fault accidents and 0 driving infractions for 20/30 years have to subsidize bad drivers and these type of claims!

Have a look at ICBC's Rate Fairness Initiative - take the questionnaire: http://engage.gov.bc.ca/ratefairness/

Anyway, it's positive to hear that ICBC will stop insuring luxury vehicles like the above. It's a start. See the video in the link.

 

[masterblaster]

Anybody dumb enough to crash a Ferrari into a pole shouldn't be bitchimg about the repair costs.

 

[badbadboy]

Cars in this value category should be paying a significantly more in premiums. Not subsidized by the other's.

Also, in addition to annual insurance, I think having a bond say 33% of the assessed value is fair.

No accidents and they sell the car; they get their bond back.

 

[westwoody]

A real F40 is worth a lot more than 600k.
1 million Euros at Sotheby's in 2016.
https://rmsothebys.com/en/auctions/PA16/Paris/lots/r108-1989-ferrari-f40/175219

For something this valuable a very high premium should be added to their insurance.
People who are attracted to this type of car are usually high risk drivers as well.
There have been lots of supercar crashes in the lower mainland in the last couple of years.
Often the drivers are rich kids acting like idiots.

 

[take8easy]

Ohhhh now I know where $90 increase to my 12 year old Honda civic went.

Thanks!!!

 

[rayrice]

https://globalnews.ca/news/4074858/...r-repair-costs-insurer-says-its-already-paid/



Unbelievable! Car is valued at $696,000. ICBC has already paid out $790,000 for repairs but total costs could be as high as $982,000 - more than the value of the car!

Plus the car was crashed into a pole? Sounds like the driver's fault.

Unbelievable that drivers who have 0 at fault accidents and 0 driving infractions for 20/30 years have to subsidize bad drivers and these type of claims!

Have a look at ICBC's Rate Fairness Initiative - take the questionnaire: http://engage.gov.bc.ca/ratefairness/

Anyway, it's positive to hear that ICBC will stop insuring luxury vehicles like the above. It's a start. See the video in the link.

Remember this story. If I remember right he crashed it leaving the exotic car show at Vandusen Gardens and weather and a inexperienced driver were part of the reason for crash. http://driving.ca/auto-news/news/be...ecked-ferraris-vibrating-ads-and-bike-crashes

 

[westwoody]

That Ferrari is going to cost a fortune to fix.
It was a very limited production car and replacement parts have to be made to order.

I support any car over 150k having to buy insurance privately. These super expensive cars distort the market and affect owners of normal cars unfairly.

 

[tokugawa]

Remember this story. If I remember right he crashed it leaving the exotic car show at Vandusen Gardens and weather and a inexperienced driver were part of the reason for crash. http://driving.ca/auto-news/news/be...ecked-ferraris-vibrating-ads-and-bike-crashes

Wow it wasn't even the owner that did the damage! It was his/her doofus friend. So based on the way ICBC works now, the owner of the car and people like me take the hit with premiums as a result. Meanwhile, doofus gets away with things until he/she gets their own insurance and starts making claims. Even when doofus gets his/her insurance for the first time, he/she starts at 0 - as if he/she has done nothing. Correct me if I am wrong.

 

[theimp]

Wow, an f40, I want to cry. There are way too many idiots with money. As a builder of some fairly extreme cars, I have actually refused to sell a build to someone I felt wasn't ready. My last car was a carbon fibre monster pushing just shy of 550 awhp and weighing next to nothing. I used to joke that if you wiggled your right big toe, you would be up to 150kph. My first answer to a sales ad was some kid, about 18 or 19 with an N who brought his dad, ridiculous. I took the father aside and talked him out of it, then took them for a run and scared the shit out of them( heehee ). What are these people thinking? My ad was very clear as to power levels etc. And not cheap, either. Too many people with too much money and too little intelligence.

 

[johnsmit]

I think there was some thing wrong with the whole insuring and paying to get this car fixed.
There should of been privite insurance required to cover the excess value off this car.
And also if you have to pay out more than the car claimed value then it should of been written off not repairs by ICBC

 

[Cock Throppled]

If you look closely at the video, the area under the car is still dry, meaning whatever moisture on the road before the accident was almost non-existant.

Basically, a completely unqualified and negligent driver has ended up costing all of us for his, and the owner's combined stupidity.

ICBC should have fought the claim, let alone give in to the owner's extra demands.

 

[johnsmit]

Maybe there should be more if an investigation on the actual accident and who own this car ..are they getting special treatment because they are some one with pull or know some one in ICBC..
None of this sound right to me.. Some one trying to scam ICBC.

He is fighting so hard to get this fixed just right because he went to see it ,and prob. Has a buyer. So it has to be just right.

 

[tokugawa]

Turns out the owner is Vancouver neurosurgeon ........

See: https://bc.ctvnews.ca/800k-spent-by-icbc-on-ferrari-repairs-not-enough-owner-says-1.3839383

 

[felixthecat]

https://bc.ctvnews.ca/800k-spent-by-icbc-on-ferrari-repairs-not-enough-owner-says-1.3839383

"CTV investigation found that a $700,000 Ferrari would pay only four times the premium of a $16,000 Honda Civic, even though the car is worth some 40 times more"

Wow.

"$900,000 worth of repairs needed and a government monopoly not equipped to do it"

It's not a monopoly for optional insurance. Driving into a pole should fall under Collision, that is the optional part, no?

 

[cktc9]

Back in 2012-2013, the ICBC rates did jump for these cars, especially the newer ones over ~$200k (working from memory here)
Remember though, ICBC pays for fixing and repairing humans, which is much more expensive than repairing metal and paint.

Weird story though, there has to be more than a few lawyers involved.

 

[badbadboy]

"CTV investigation found that a $700,000 Ferrari would pay only four times the premium of a $16,000 Honda Civic, even though the car is worth some 40 times more"

Wow.

"$900,000 worth of repairs needed and a government monopoly not equipped to do it"

It's not a monopoly for optional insurance. Driving into a pole should fall under Collision, that is the optional part, no?

That is so fucked up.

ICBC has been around since the 1970's; you would figure they would know how to charge the right premium vs the market value of the asset.

Dumpster fire indeed.

 

[sybian]

I'm surprised that an F40 is worth that little. I thought they'd be well over $1M.

After frame straightening, after market parts, and some body work....it may be worth even less.

 

[westwoody]

I'm surprised that an F40 is worth that little. I thought they'd be well over $1M.

See my earlier post. An F40 is worth at least a million and as more get crashed the remainder become rarer and more valuable.

There is one for sale in the US for $1.5 million in American dollars.

I want to know where CTV got the $700k appraisal.
That is just stupid.

 

[summerbreeze]

part of the underwriter's playbook is to put up as much difficulty in a claim payout because in most cases people give up

its more profitable for them

independent of this conversation

agree that the more exotic cars should probably not be covered by ICBC. Rather, one of the other insurers who might be a bit less political.

blue book value for these vehicles not as representative of true market value due, especially with cross boarder markets

 

[LM987]

To paint all exotic car drivers in the same brush for rates.
I think when someone with an N drives a car with more than 200hp, their rates should be exponentially adjusted up.
I had a car with 400hp, 481 torque and light. Never light my kids drive it, nor let any friends even try it.
As above sort of posted, you sneeze you do 160.
Generally the older exotic owners are passionate about their cars and not doofuses street racing.
I do believe certain high power newer cars are starting with very high ICBC rates. Which I think is okay, but if you only driver your Ferrari 3,000 km a year, $20,000/year in premiums is insane.
Thankfully mine didn't make this list.

http://www.icbc.com/autoplan/optional/Documents/vehicle-list.pdf

Yeah I may push mine, but not even close to what it is capable of ( limited to 280kph).