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

[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.

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).

This is one of the reasons I thought a bonding type system for cars of high value might work.

Not all drivers of high end cars are street racers. Some have a passion for the vehicle and treat it with respect. For those people who own a million dollar car posting a bond might work for them. If they sell the car, they get the bond back. If they street race it down Knight St at 4 AM and put it through a front yard, they lose the bond. In that way, the driver is penalized and 'we' are not covering the total replacement cost for their stupidity.

I have owned very fast sports cars and have tracked them. I knew if I totalled my car on a track, ICBC does not cover it. Some tracks sell insurance for "the day" which will cover you if somehow you miss a turn and hit a wall. It's not cheap but insurance rarely ever is inexpensive.

 

[rlock]

Well, at least the driver of the car was not some 19 year old student whose daddy (the purchaser) was not even here in BC.

Simple enough to cap the ordinary limit on "totalled" car payouts at $200000, and after that, you're on the hook for any damage done to it where you're at fault. That way, they don't get soaked for repairing any of those supercars.

I love supercars, but let's be honest that there's no BC road where you can legally use them to their full potential, and most of the time, the traffic will suck so bad that even if you wanted to "stretch their muscles" you'll never be able to.

Also, LM987 is right - one touch and they jump like a scalded cat. Owners really need training to handle it, that few people actually have.

 

[summerbreeze]

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).

pretty tricky in marginal weather conditions like we get here quite often

my sports car has great cornering traction until a certain point after which it completely loses it. over powered, weight distribution, tires, clearance etc. all contribute to great performance until marginal traction conditions, then very tricky to drive

got so I just didn't go out if it was constant rain and forget snow, or semi freezing conditions

summertime when the first series of hot days come out the asphalt has an oily layer on top, add a bit of rain to this and very slippery

 

[80watts]

#5 Hwy up to Merrit. hit it around supper time, not too many people driving then. There are places you can take the car up to 280 km/h. the nice slow easy curving parts of the road. You need to know the road before driving that fast. slow down when passing other cars, you never know when someone want to pass at your most inconvenient time....
Or some type of race track.

The oil on the road, although asphalt is the leftovers of oil, the oil mostly comes from cars that have leaks. Since oil and water don't mix well and the oil sits on top of water and when it rains; yes its slippery!

 

[80watts]

As to ICBC, not just the medical side of things they have to worry about, but the fixing side of the cars.
Some time ago, I got into an accident (not my fault), the other car owner asked me to get a quote and he would pay for the car damages. Being young and stupid I took it to a collision place to get a quote, I told the guy giving the quote my situation. The guy there told me to take it to ICBC. Reason being if he gave me a quote of 1000.00 and it actually cost 1500.00, the other car owner wont pay the extra 500.00; cause I already told hime it would cost 1000.00. Take it to ICBC and no matter what it cost; ICBC would pay for it and get reimbursed through other guys insurance. The other guy would be given the option to pay for full amount or it could go on his insurance (which would go up).

When ICBC is paying for the fix up of vehicles, they depend on the companies being honest. Shop rates 100- 160 hr. Mechanic 60/hr. parts guy 30/hr (15 min work). rest go to shop. It takes 10 hours to fix car. the shop charges 15 hours plus parts. then they tack on other service (need oil fill up - 35.00, oil cost 12.50 and its filled by mechanic in the 10 hour car fix). In other words ICBC has lost control of what they pay to have a car fixed.

Most people have newer cars, buy one every 5 to 9 years. Cars cost 40000 to 60000. Someone totals a 2 yr old car (not their fault) ICBC pay for replacement cost of that vehicle (maybe 30000 to 50000 whatever the bluebook value is), all they get back is the deductible from the other guys car insurance ..

If you have a 8 to 15 year old car, ICBC makes money... because they will only pay the bluebook value of your old car for a replacement car.

There are more cars on the road now. More accidents. I remember years ago (10) when you got past Abbottsford on #1 you could pass other cars fairly simply. Now the fast lane barely goes 10 km/h over the speed limit and forget about passing.

People nowdays are offensive drivers not defensive, they go like a bat out of hell, asshole lanechangers, no signalling, and weaving in and out of traffic, because again too much traffic on the roads.

If your a person that gets a new car every 3 to 5 years (trade it in), have a car loan from a bank with their "replacement insurance" and its an accident (car is totalled) that is not your fault, your in the good. If you own a older car and it is totalled, you basicly get nothing.

ICBC is loosing money on the newer cars being written off and on the expensive cars over 80,000 that need fixing.

 

[80watts]

Parking lots accidents.

Park far away from other cars..

You don't know who hit you.
Or you do, get their information, take pictures of everything, and write it down when it happens. A friend of mine's car was parked, he was coming out of the store, a guy backing out of his stall, backed into his parked car. Paint scratch. Cops don't come to little fender benders. He got the guys information and took pictures of both cars. When he called ICBC up the other guy lied and said it was my friends fault, that my friend caused the accident. My friend asked if they wanted pictures of the incident... In the end my friend was not found to be at fault.

Moral of the story: Drive an 1970s truck built like a tank; and trash everything on the road that f***s with you......