Close X
Tuesday, November 26, 2024
ADVT 
National

ICBC Spends $800,000 In Damage Claims For Ferrari That Crashed Into Pole

The Canadian Press, 12 Mar, 2018 11:00 AM
    VANCOUVER — British Columbia's public auto insurer says it has spent $789,375 in damage claims for a Ferrari that crashed into a pole.
     
     
    The Insurance Corp. of B.C. is embroiled in a court battle over the claims and repairs, which it says could cost more than $982,000 in total.
     
     
    According to documents filed in B.C. Supreme Court, the plaintiff accidentally drove the 1990 Ferrari F40 into a utility pole on Sept. 9, 2012, leaving it badly damaged.
     
     
    The repairs have yet to be completed according to a judgment in the case, though ICBC said it's done its part.
     
     
    The driver argued in the documents that ICBC breached an implied duty to process his claim and carry out the repairs in good faith and a timely manner.
     
     
    "He alleges further that ICBC acted in bad faith in refusing, at least for a time, to approve and arrange the needed repair work and that delay has caused him various kinds of harm," a judgment in the case reads.
     
     
    Following an investigation, ICBC eventually admitted coverage and agreed to cover most of the cost of repairs. But it said it already paid enough toward the claim, since its payments exceed the cash value of the car — which an arbitrator pinned at $696,061 in 2014.
     
     
    The case is ongoing.
     
     
    Kris Sims, B.C. director for the Canadian Taxpayers Federation, said the case is a perfect example of why the province should do away with the Crown corporation and leave auto insurance to private companies.
     
     
    "We end up with this swamp of ineptitude and delays. This perfectly highlights it — here we've got someone who has $900,000 worth of repairs needed and a government monopoly not equipped to do it," Sims said.
     
     
    She said private insurers are better equipped to insure cars because competition gives them incentive to expediate both claim and court processes, with legal teams, estimators, repair specialists on hand.
     
     
    Taxpayers should be responsible for neither the damage claims nor the court costs, Sims said.
     
     
    "We're unfortunately all in this together, whether we like it or not," she said.
     
     
    Last week, the province introduced an online survey on major shifts being considered to modernize ICBC.
     
     
    The provincial budget forecast a $1.3-billion deficit at the Crown corporation this year and Attorney General David Eby described the situation as a "dumpster fire" he said he inherited from the former Liberal government.
     
     
    An Ernst and Young report commissioned by the Liberals last year suggested charging higher rates for luxury vehicles, among a suite of options for reducing losses at ICBC.

    MORE National ARTICLES

    B.C. Tech Advocate To Help Boost Federal Funding For Innovative Projects

    B.C. Tech Advocate To Help Boost Federal Funding For Innovative Projects
    VICTORIA — British Columbia has appointed its first innovation commissioner to advocate for the province's technology sector in Ottawa, Washington state and abroad.

    B.C. Tech Advocate To Help Boost Federal Funding For Innovative Projects

    India's Surya Sekhar Roy Choudhury Wins Silver At International Young Chef Olympiad 2018

    India's Surya Sekhar Roy Choudhury Wins Silver At International Young Chef Olympiad 2018
    It is the first time that we've got the trophy back home. It is an honour. I hoped I could live up to the expectations I had on my shoulders to perform

    India's Surya Sekhar Roy Choudhury Wins Silver At International Young Chef Olympiad 2018

    Woman Tells Court Toronto Police Officer Sexually Assaulted Her In 2008

    Woman Tells Court Toronto Police Officer Sexually Assaulted Her In 2008
    TORONTO — The sexual assault trial of a Toronto police officer is hearing today from a woman who alleges she was forced to have sex with him.

    Woman Tells Court Toronto Police Officer Sexually Assaulted Her In 2008

    New Mortgage Rules Sending Borrowers Down The Credit Ladder To Alternatives

    Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada's banking regulator imposed a new stress test for home buyers who don't need mortgage insurance.

    New Mortgage Rules Sending Borrowers Down The Credit Ladder To Alternatives

    Mother Dead, Boy In Critical Condition After Being Struck By Car In Montreal Lot

    Mother Dead, Boy In Critical Condition After Being Struck By Car In Montreal Lot
    MONTREAL — An accident that claimed the life of a woman and left her young son in critical condition is highlighting the issue of aging seniors behind the wheel.

    Mother Dead, Boy In Critical Condition After Being Struck By Car In Montreal Lot

    Officers Cleared After Arresting Suspect In B.C. Constable John Davidson's Death

    Officers Cleared After Arresting Suspect In B.C. Constable John Davidson's Death
    ABBOTSFORD, B.C. — British Columbia's police watchdog has cleared officers of wrongdoing after a man suspected of fatally shooting a constable was injured during his arrest.

    Officers Cleared After Arresting Suspect In B.C. Constable John Davidson's Death