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Old 09-22-2013, 11:11 AM   #1
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icbc question

Hey all,

I am looking for an answer to a question my friend had asked me earlier, and I am hoping someone here can help her out. When she first bought her used vehicle, she had it gifted from the seller to avoid paying tax on the purchase. However, she was involved in an accident recently and ICBC had declared it as a write-off. During the accident reporting process, she mentioned to the ICBC agent the actual price she spent on the vehicle during the sale.

I told her Icbc may not cover the cost of her car because this may be considered fraud. What do you guys think?
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Old 09-22-2013, 11:45 AM   #2
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Whatever bad happens, it's called karma.

Just let her find out the hard way
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Old 09-22-2013, 11:56 AM   #3
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Quote:
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Hey all, I have a question that my friend had asked me that I am hoping someone here can help her out. She made a mistake when she fist got her car by having it gifted over. The car was involved in an accident and was a write off. However, when she reported the accident, she mentioned the value she spent on the vehicle during the sale. I told her Icbc may not cover the cost of her car because this may be considered fraud. What do you guys think?
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Old 09-22-2013, 11:57 AM   #4
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Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.
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Old 09-22-2013, 12:00 PM   #5
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Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.
But if you crashed or whatever, doesnt ICBC have the option to just give you the amount you paid for the vehicle instead of just fixing it?
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Old 09-22-2013, 12:02 PM   #6
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So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.
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Old 09-22-2013, 12:08 PM   #7
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So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.
Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.
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Old 09-22-2013, 12:09 PM   #8
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pretty sure you just get market value for your car... Could be wrong though
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Old 09-22-2013, 12:09 PM   #9
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But if you crashed or whatever, doesnt ICBC have the option to just give you the amount you paid for the vehicle instead of just fixing it?
I'm not sure what the fine print allows ICBC to do in that situation, though I'm sure there's a clause that allows that.

That said, it seems a little silly if that's the case. I could pick up a car for dirt cheap, say $600, because it wasn't running. I'd then dump a bunch of money into making it road worthy and it would suddenly be worth $10,000 on the open market. If I crashed it, would ICBC be required to pay me out the $600 for the original purchase or $10,000 for the fair market value?

That was the situation I found myself in with my example above. I bought a car with a blown engine and transmission. I had a spare set laying in the garage so I swapped it in, fixed up the interior, and increased the value by thousands of dollars. A faulty charging system caused an engine fire and since ICBC found I wasn't at fault for it, they paid me out with a cheque that went above the typical market value. /shrug
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Old 09-22-2013, 12:11 PM   #10
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Thanks Lomac, good shit to know!
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Old 09-22-2013, 12:15 PM   #11
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tax isn't ICBC's concern... it's CRA and they put the hammer down if they find out.
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Old 09-22-2013, 02:39 PM   #12
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Doesn't matter what you paid for a car. All that matters is what it was worth prior to the accident.
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Old 09-22-2013, 02:43 PM   #13
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Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.
Thanks for the reply, good to know.
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Old 09-22-2013, 02:48 PM   #14
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If it is private sale or gift exemption it's really up to consumer taxation branch (CTB), if they audit the tax situation.
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Old 09-22-2013, 02:51 PM   #15
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Whatever bad happens, it's called karma.

Just let her find out the hard way
I suppose it could be one expensive lesson.

Quote:
Originally Posted by parm104 View Post
I told myself I was going to be nicer on RevScene and I was gonna start that trend with your thread but WTF are you talking about??
I am sorry it was hard to understand, will fix it now that I am on a computer.

Quote:
Originally Posted by dinosaur View Post
So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.
That was not my intention. I was here to ask what ICBC would do in this scenario. This information might be beneficial to others who find themselves in this situation in the future.


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Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.
Exactly.

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Doesn't matter what you paid for a car. All that matters is what it was worth prior to the accident.
Good to know, thanks.
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Old 09-22-2013, 03:00 PM   #16
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Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.
depends if shes 7/10 or not.
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Old 09-22-2013, 03:01 PM   #17
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xilley'd
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Old 09-22-2013, 03:05 PM   #18
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is she hot?
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Old 09-22-2013, 03:07 PM   #19
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I'll fuk her if icbc doesnt
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Old 09-22-2013, 03:22 PM   #20
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depends if shes 7/10 or not.
Lol, don't know if I can tell you that here. Too many friends on Revscene that will make things awkward haha.
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Old 09-22-2013, 03:22 PM   #21
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Old 09-22-2013, 03:52 PM   #22
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Nevermind chuki's friend, I want to see pic of this chick Saucywoman is talking about in the other thread.
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Old 09-22-2013, 03:59 PM   #23
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Old 09-22-2013, 04:13 PM   #24
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ICBC can't refuse coverage for reasons of tax fraud.

However, ICBC can send this information to CRA or whoever deals with the tax form to have her investigated.

Either way, your friend's problem is two separate issues.
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Old 09-22-2013, 04:55 PM   #25
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^^she's pretty hot......... looks like she has bruised lips from chucki's woody, LOLOLOLOLOLOL
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