What happens now? ICBC
 

My buddy just got into an accident in his 09 lancer. It was 100% his fault. There's damage to the passenger doors, front bumper, passenger side front quarter panel, hood, headlight. Potential frame damage + wheel/suspention damage. He has the car in a 4 year fianance and if they write off the car , what happens?
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there are a few things that could happen....but somebody's gonna get a hurt real bad.

If he has full coverage + new car replacement option then:
1. get epic dinged for premium
2. get reimbursed toward another Lancer, less the amount still owing, which he continues to pay Mitsubishi's financial institute.

If he has only full coverage then:
1. get less epic dinged for premium for at-fault accident
2. Gets the car repaired if it can be done at under 85%(?) of market value of the car
if not,
2. Get a check paid out to the market value of the Lancer, pay the remaining sum owing to Mitsubishi's financial institute. The difference between the payout and Mitsubishi's remaining terms is then out of your friend's pocket.

If he has 3rd party coverage only then:
1. get dinged for premium anyway
2. gets nothing at all for the heap, and he'd either pay out of his pocket to repair the car, or scrap it. Either way he will have to honor the purchase agreement he made with Mitsubishi.

if they write it off you will get paid how much icbc feels its worth and your friend may/probably will end up still paying the balance of the financing...unless you got extra insurance that pays out the difference from what icbc gave you so you owe nothing

what is your friends insurance discount at??

He has no discount, its under his mom's name, he has fullcoverage but not sure if he has the replacement car option.
Posted via RS Mobile

I don't understand how his premium would be affected any differently in these 2 cases... His level on the claim rated scale is going to go up the same way regardless if he has new car replacement insurance or not.

ICBC will do an estimate of the vehicle. If the vehicle is deemed a write-off, then they will do an evaluation of the value of the vehicle.

If your friend has the Replacement Cost Coverage, then he will get back the same amount he paid for the car or however much it will cost to put him back in the exact same car from the dealer, whichever is cheaper (they will need to provide proof of sale documents to prove how much they paid for the vehicle)

If you friend does not have the Replacement Cost Coverage, then as I said before, an evaluation of the vehicles value will be completed and then presented to the owner of the vehicle.

If the vehicle is leased, then the cheque goes to the leasing company
If the vehicle is financed and there is a lien / outstanding balance on the vehicle, then the cheque will be in both the owners and financial institutions name
If the vehicle is neither leased or financed, then the cheque will be in the owners name

If the owner does not agree with the evaluation of the vehicle, they should do some of their own research and pull ads from papers, buy & sell, etc. etc. with vehicles that are approximately the same as theirs (same year, model, kms, options, etc.) and submit them to the estimator

I hope he is listed as the primary driver.

If not, and ICBC investigates , he is going to be dry raped anally

^werd

i'm going to say ass raped as well

Worst case scenario on top of the monetary loss? Getting charged with insurance fraud.

^ it will 80% go into investigation if
1) his mom is both the owner and principal drive
2) mom has another car which she is the principal driver for

they usually send a letter just 2 confirm that ur mom is principal driver of BOTH vehicles IF the age difference between the 2 ppl/discount of the 2 ppl has a big difference

oh ya, if they can prove ur not the principal driver, it will be insurance fraud = no claim pay out, all insurance is void, they guy he hit will basically have 2 sue for payment
not good...

total bullshit:bullshit:

How much your insurance goes up depends where u sit on the claim scale. Doesnt matter how much or what coverage u buy
http://www.icbc.com/autoplan-insuran...-costs/crs.pdf

it likely wouldn't be insurance fraud btw, it would be breach of insurance policy. still, that means denial of coverage and out-of-pocket expenses for him (or his mom i guess). but that's if icbc thinks your friend is the primary driver. if he only drives the car occasionally and if the icbc adjuster feels generous, then he won't find your friend (and his mom) in breach of the insurance policy. the adjuster will, however, still send out a warning letter and your friend (and his mom) will have to change the insurance papers to reflect more accurately who primarily drives the vehicle.

you guys know that you can declare NO primary driver for a vehicle? you start out at the 0% discount but at least you won't be in breach like Ranterok's friend when you and your mom/dad/brother/sister share a car equally...

sry but thats only for a company vehicle

Has anyone here ever dealt with a generous adjuster?

Getting any sort of compensation from ICBC is like getting blood from a stone.

his insurance price is gonna get fucked

fix'd

the icbc adjuster who told me that seemed to think that it was possible.

you'd be surprised. maybe not so much for material damage claims (like dented fenders, etc) but for bodily injury claims, they hand out more money than you'd think... if only to keep the file from going to trial.

ie: if they think that a judge will side with you and will give you a whole schwack of money because you've been injured from your accident, they'll throw money (obviously less than what they think the file could potentially be worth in court) at you to make sure you don't go to trial over it.

Also if the icbc payout is more than what you still owe on the car, the leasing company will refund you the difference

here's a good thread about ICBC insurance and the issue of who the principal driver is.

http://forums.castanet.net/viewtopic...t&sd=a&start=0

I got into an accident with moms car (she was principle driver, I didnt have a vehicle under my name) and they deemed me 100% at fault (fuckn left turns)....ALSO there was the 10 year minimum driver experience clause in the insurance (that we forgot to take out) so in the end we had to pay $2000 as a fine because of the 10 year driver clause....and I got a 40% premium on my insurance...so now i have to pay $5000 a year when I should only be paying 3k max

as well as they sent us a letter saying this is fraud blah blah and if we ever did something like this again they would not cover any damages to any parties and my insurance would be void

^ ouch

pretty much op is going this route

This should be a warning to all those kids insuring their vehicles in their parents name to save money. You are going to get assfucked and if it's a really bad accident where someone else is seriously hurt you might get fucked so bad (financially) you will be fucked for life when your insurance is voided. It's so not worth it.

OUCH! I just deleted my entire rant against you since you're already going to get ass raped in premiums for the next 16 years (at 5% discount / year). Sad to say, but this is going to be an expensive life lesson. The only thing I can say that might comfort you is that I have a friend that had a 100% at fault accident, and after the additional premiums, they've resorted to public transit. Your driving days for the time being could be at an end unless you can still afford it.

ouch.,. yea NEVER insure a car under parents name...

i drove my moms car and got into an accident.. total loss.. the engine got fire and shit..
my mom lost her GOLD star status... felt really bad.. this was 12 years ago.. i dont think it was on my record.. maybe they changed their policy or something..

im 1 year away from my Gold Star Status so im happy.. i should be down to around $100 per month..