Getting the highest valuation possible from ICBC

[Lomac]

Originally Posted by underscore

And how do you guys deal with modified cars? Will ICBC add value for mods or no? What's the beat way to prove the real value of the car to them?

Typically a car isn't worth more to ICBC if it's been modified. The only way they'll consider a higher price is if it's been previously appraised and you've got the documentation to prove it. Installing Works rims, a turbo or even doing custom bodywork doesn't change the value in ICBC's eyes.

The best way to get the maximum value for your car is to keep full documentation of all repairs completed on your vehicle. I've had ICBC pay me the full cost of certain types of repairs on my car after it was totalled. Sure, a couple were pro-rated, but in their eyes it increased the value of the car, so they were willing to part with the extra cash as part of my settlement.

[underscore]

Originally Posted by Lomac

Typically a car isn't worth more to ICBC if it's been modified. The only way they'll consider a higher price is if it's been previously appraised and you've got the documentation to prove it. Installing Works rims, a turbo or even doing custom bodywork doesn't change the value in ICBC's eyes.

The best way to get the maximum value for your car is to keep full documentation of all repairs completed on your vehicle. I've had ICBC pay me the full cost of certain types of repairs on my car after it was totalled. Sure, a couple were pro-rated, but in their eyes it increased the value of the car, so they were willing to part with the cash as part of my settlement.

Makes sense, so how do I go about getting it appraised? Because the price they told me wouldn't even get a rolling chassis.

[dared3vil0]

Originally Posted by Lomac

Typically a car isn't worth more to ICBC if it's been modified. The only way they'll consider a higher price is if it's been previously appraised and you've got the documentation to prove it. Installing Works rims, a turbo or even doing custom bodywork doesn't change the value in ICBC's eyes.

The best way to get the maximum value for your car is to keep full documentation of all repairs completed on your vehicle. I've had ICBC pay me the full cost of certain types of repairs on my car after it was totalled. Sure, a couple were pro-rated, but in their eyes it increased the value of the car, so they were willing to part with the extra cash as part of my settlement.

They do pay out for certain modifications, when the Jeep was totalled i was reimbursed $988/$1064 for a set of tires i had put on a week prior, after i faxed the receipt in. As long as it's not general maintenance, and you have the receipt for a mod i believe they do pay (pro-rated) for some mods.

[SSM_DC5]

Originally Posted by underscore

Makes sense, so how do I go about getting it appraised? Because the price they told me wouldn't even get a rolling chassis.

There are companies that will appraise the car, but you can expect to pay ~$500 for a report that is presentable to ICBC. Even with the report, ICBC doesn't have to give you what the report says, they will just use it as part of the valuation process should they choose to do so. Only thing/entity/authority...whatever the proper term is, that can force ICBC to pay a certain amount is arbitration.

[Lomac]

Originally Posted by dared3vil0

They do pay out for certain modifications, when the Jeep was totalled i was reimbursed $988/$1064 for a set of tires i had put on a week prior, after i faxed the receipt in. As long as it's not general maintenance, and you have the receipt for a mod i believe they do pay (pro-rated) for some mods.

My definition of modifications are more along the lines of body kits, FI installations, engine swaps, etc. Not saying they wont consider paying out for some of these things but it's not something they'll immediately look at and say, "Hey, let's give this guy more money because he installed an Ebay CAI and a neon underglow kit!." When my Mazda was written off, it had tires that were literally less than 12 hours old and they gave me full value for them, despite the fact that the front two were melted beyond use. They also paid for some repair upgrades I had done within the month leading up to the vehicle catching fire. I did all the install labour on those repairs, so they just considered the value of the parts themselves. But since I had all the receipts and even had photo documentation of the installs, they had no issue giving me a decent pro-rated payout for them.

[xpl0sive]

Just having an appraisal will not get you more money for your car. You need to be paying a higher premium for your insurance if you want to make sure that your car is fully covered. If you have a 1995 Civic with $50k in mods, but you're paying insurance premiums based on the price of your average 1995 Civic, ICBC will pay you for an average 1995 Civic if it gets totaled.

[MWR34]

when my skyline got stolen, my dealings with icbc was tiring.

i provided roughly 25,000 in receipts. the car was an 1989.

they then initially gave me an evaluation of 8500. they compared my GTR to a GTS listing.

i noticed the engine size and other details in the comparison, and complained.

a week later they offered 12,500.

still not happy because GTR's were 10-15K roughly at the time.

they said all the receipts i had besides my DVD stereo didnt help unless they were rebuilding or maintenance repair bills.

Example, they wanted to see, Engine repair/rebuild receipts, transmission overhauls, new brakes, new parts for the functionality of the car.

after more complaining, they gave me $1000 for stereo/accessories, and 5,000 for added value of new paint, panels, wheels, tires, brakes, etc. etc..

so i got 18,500 from an mistaken 8,500 to 12,500 evaluation.

[hsh4]

Recently my parent's 1994 toyota camry has been written off by ICBC. The damages are very minor (just scratches and bumps on the door and front bumper). However, my parents really like the car. So I'm wondering if anyone tried asking dealers to purchase the car back from the ICBC car auctions?

[underscore]

^ that would be in violation of what the guys who can purchase from ICBC are allowed to do.

[the_law82]

Originally Posted by hsh4

Recently my parent's 1994 toyota camry has been written off by ICBC. The damages are very minor (just scratches and bumps on the door and front bumper). However, my parents really like the car. So I'm wondering if anyone tried asking dealers to purchase the car back from the ICBC car auctions?

Don't sign the release waiver yet. You still own the car until you sign it off to ICBC. Tell your adjuster that you want to purchase the salvage car back. They will give you a cheque for the market value, less the salvage value of the car. You will be responsible of towing it away from their lot if it's not driveable.

I did this about a year ago with a car I bought back to sell for parts, ended up getting a bit more return than what ICBC was offering as a settlement, even after negotiating the cash amount.

Good luck.